The company will offer interest-free cash advances to a maximum of Rs 1 lakh for each employee or three months’ salary, whichever is lower.
Tata Consultancy Service has come up with hoards of special packages for its employees based out of Chennai. The company has kept aside Rs 1,100 crore for employees who were victims of the devastating Chennai floods. The amount will be used for providing interest-free salary advances to the affected employees.
In an internal communication to the employees, N Chandrasekaran, CEO and MD, TCS, said that following the devastating flooding in Chennai, many of the employees have suffered significant losses. This is why, the company will offer interest-free cash advances to a maximum of Rs 1 lakh for each employee or three months’ salary, whichever is lower. The advances will be disbursed from the week of December 14, to those who apply. The repayment of this loan will only start in April 2016 and employees will get 12 months’ time to do so.
TCS employs around 60,000 people in Chennai and has 13 centres in and around the city.
It has also set aside another Rs 50 crore for direct grants to its employees who have suffered extensive damage to their homes.
In addition, TCS will also reimburse medical and hospitalisation expenses of those affected, over and above the TCS medical insurance claims. Free medical camps, including help for counselling, will also be available till the end of the month.
The internal communication announced that an ex-gratia of one month’s salary up to a maximum of Rs 15,000 for affected TCS support and service staff, will be given.
The company declared that bus transportation until December 31, will be at no cost to all employees, as difficulties with public and personal transportation continue in the aftermath of the flooding.
Another IT company, Cognizant, has also committed Rs 195 crore to assist with the immediate and longer-term recovery needs of its employees and business partners, as part of a Rs 260 crore flood-relief package.