Tata Technologies rolls out support to families of departed employees
Tata Technologies, leading global engineering, and product development digital services company has announced relief measures for the families of employees who lost their lives battling deadly coronavirus.
The relief measures announced by the company are as follows-
- Financial Assistance over and above Group Term-Life Policy: Currently, the group term life insurance cover enables a total amount of two years annual fixed salary to be paid out to the families of departed colleagues. As an immediate step for the rest of the fiscal year (till 31 March 2022), we will be topping up the sum insured with one more year of total annual fixed salary as an employer contribution to ease the burden on affected families. Families of departed colleagues will hence receive a total of three years’ annual fixed salary. This will also cover the families of recently departed colleagues.
- Immediate pay-out of variable pay to families of departed colleagues: Families of affected colleagues will receive an immediate pro-rata payment of 100% of their eligible Variable Pay.
- Extended medical cover for core family: As an organization, we are extending and sponsoring the medical cover for families of affected colleagues for the next 10 years or till their children reach the age of 18, whichever comes later. Premium towards the same would be paid by the Company
- Employee Deposit Linked Insurance (EDLI): In addition to the above, the families of these colleagues will also receive payments under the Employee Deposit Linked Insurance (EDLI) scheme which applies to all employees who contribute to PF. This scheme provides a total lump sum payment of INR 702,000 to the beneficiary.
The company has also started a COVID Relief Fund where employees can contribute to support the employees and families impacted by COVID-19.
Tata Technologies Limited is a company in the Tata Group that provides services in engineering and design, product lifecycle management, manufacturing, product development, and IT service management to automotive and aerospace original equipment manufacturers and their suppliers.