Vedanta, the diversified natural resources company, has announced that in case an employee or business partner loses his/her life to COVID, the surviving family will receive the last-drawn salary till what would have been the deceased employee’s date of retirement. This is over and above the ex-gratia amount of Rs 10 lakh that the mining conglomerate will pay to the families of each of the deceased employees. That is not all, Vedanta has also increased the medical insurance cover 1.5 times the existing amount.
The Company has spent about Rs 12.6 crore to obtain vaccines in bulk for the inoculation of its employees, business partners and their family members / dependents.
The COVID Kawach Insurance being offered to all the business partners, includes term life and hospitalisation and an ex-gratia amount of Rs 10 lakhs to the family members of the deceased business partner employee. Mediclaim Insurance coverage will also be extended till the notional date of retirement of the deceased employee. Financial support will be given for the education of two children of the deceased till they graduate.
Vedanta recently made headlines when it revealed its plans to invest about Rs 100 crore for the implementation of Vedanta Spark, an initiative to build technological capabilities in collaboration with startups.
The initiative has already attracted over 1,350 registrations from across 19 countries with more than 250 overseas startups.