Bajaj Allianz, Tata Motors, StanChart, offer significant financial support to staff

Bajaj Allianz has offered Rs 1 crore to the dependents of deceased employees, while Tata Motors will pay 50% of basic salary every month till the retirement age of the deceased employee

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As the pandemic continues to rage, organisations are coming forward to help their employees deal with the emergency. While some are offering financial support, others are helping them with their hospitalisation needs.

Bajaj Allianz Life: The insurance company has promised to offer up to Rs 1 crore to the family of any employee who dies of COVID-19. This amount will be given in addition to the group term life insurance plan.

The Company has also promised to provide educational assistance of up to Rs 2 lakhs a year, to two children of the deceased employee, till they graduate.

It has already hiked the minimum term life cover benefit from Rs 10 lakh to Rs 20 lakh and has offered an additional Rs 1 lakh COVID health insurance cover to its employees, over and above the existing mediclaim policy cover. It will pay Rs 20,000 to each employee via the mediclaim policy, to cover costs of tele-medicines, consultation, testing and so on, during quarantine.

Tata Motors: The automotive company will pay half the basic salary to the families of employees who have lost their lives to COVID. The dependents will keep receiving this payment till the retirement age of the deceased employee. This will be in addition to the one-time payment of 20 months’ basic salary, offered as immediate relief. The Company has lost about 47 employees to the pandemic so far.

Standard Chartered: The Bank has come forward to help its Indian employees, including the global back-office staff, by offering reimbursement of expenses incurred towards COVID-19 related medical treatment for parents and parent-in laws of an employee up to Rs 250,000 per patient with ICU admission and up to Rs 125,000 per patient with any other hospitalisation for COVID-19 treatment. Interest-free salary advances of up to six months’ gross pay has also been offered to take care of medical expenses. In case an employee loses his or her life to COVID, the immediate dependents will be paid four times the annual salary of the employee.

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