IDFC FIRST Bank will offer four times the CTC, of an employee who dies of COVID-19, to his/her surviving family. The family will also continue to receive the deceased employee’s salary for two years, so that they remain financially stable.
The private-sector bank will also waive off the loans of employees so that their families are free of the burden of repayment. These waivers include personal loans, two-wheeler or four-wheeler loans, educational loans, etc. Housing loan up to Rs 25 lakh (before June 30, 2021) will also be waived off. These measures were recently announced by V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.
Employees have been instructed to insure their loans in the future. The families of the deceased employees are being explained these entitlements. The spouses will also be offered jobs based on their qualification and merit. In case they do not qualify, Rs 2 lakhs will be offered for their skilling and training.
This compensation will be applicable retrospectively and will continue as long as the pandemic continues.
Additionally, the Company will also offer scholarship to the children of the deceased employees, to the tune of Rs 10,000 a month, till they graduate. Funeral expenses will be borne by the Bank up to a sum of Rs 30,000. The family will be eligible for relocation assistance of Rs 50,000 along with pro-rata bonus for the tenure of the deceased employee.