M&M to provide financial assistance to families of staff succumbing to Covid-19
Mahindra & Mahindra (M&M) will pay salary for the next five years besides a one-time payment of twice the annual compensation in case of any of its staff succumbing to Covid-19 under a family assistance programme, according to a letter by Mahindra Group Managing Director and CEO Anish Shah to its employees.
M&M has initiated a family assistance policy for its employees, under which the company will also support children’s education till Class XII with provision of up to Rs 2 lakh per annum per child for its deceased employees.
“We are here to help share and lighten the burden of families who have been impacted by Covid-19. A few families had to cope with the sudden loss of a loved one and assume the unexpected responsibility of running a home. We want you to know that you are not alone, and we are here to support you,” Shah wrote to M&M employees numbering around 25,000.
The ‘Family Assistance Policy’, he said further enhances the support of one-time payment of twice the annual compensation that the company has provided over the past year, he added.
“A significant addition is a financial support in the unfortunate event of the demise of a colleague, we will pay salary for the next five years; over and above the one-time payment of 2x annual compensation,” he said.
The salary will be paid to the spouse or dependents of the deceased as per defined guidelines.
Shah also said M&M will support children’s education till Class 12″ with Rs 2 lakh per annum per child along with financial planning assistance through advisory services.
Stating that M&M has taken several steps to combat Covid-19 and keeps its employees safe, he said the company through tie-ups with medical providers will enable a smoother process of vaccination apart from covering the cost of vaccines.
The company has achieved almost 100 per cent vaccination of employees above 45 years of age by April-end, he said adding “we are now working with multiple hospitals to set up vaccination clinics across the country”.
M&M has also made available a team of 27 doctors across India for its employees in case of any staff or family members showing symptoms and the company will “arrange for RT-PCR and antigen tests on priority, including home visits”, Shah added.
In case hospitalisation is required, he said, “We will cover all expenses plus provide Rs 1000 per day as an allowance towards miscellaneous expenses. All costs for quarantine and hospitalisation will be covered for the immediate family. And for other dependent family members, we will provide financial assistance only in specific need-based cases, per defined guidelines.”
“Further, we have also supported its dealers and their 80,000 employees by covering vaccination expenses, providing medical insurance, home quarantine, and ex-gratia payment in the unfortunate event of death”, Shah said.
M&M had earlier announced that in case of the demise of a dealership employee due to the pandemic, a sum of Rs 5 lakh will be provided to the family of the deceased with the company and its dealer contributing an equal sum of Rs 2.5 lakh each.