Homegrown two-wheeler and three-wheeler manufacturer TVS Motor Company announced that it will pay up to three times the gross annual salary to the family of an employee who dies due to COVID-19 and fund the education of the employee's two children till they finish under-graduation.
"In case of an unfortunate eventuality, the company will step in to ensure that the bereaved family is provided with a complete support system to help them cope with the loss and grief," TVS said in a statement.
This ex-gratia is in addition to the company's Family Welfare Fund and other statuary benefits applicable to deceased employees, as per a Moneycontrol report. "As an immediate relief the company will provide compensation as ex-gratia to the legal heir of the deceased employee," it added.
Apart from bearing the hospitalisation costs of COVID-19 treatment, TVS Motor also promises to pay for medical insurance to the bereaved family for three years.
It had also extended free COVID-19 vaccination for all employees and their immediate family members. This vaccination drive is in line with the ongoing government guidelines and will cover around 35,000 direct and indirect employees across India, TVS said in a statement.
Recently, Bajaj Auto also rolled out a similar assistance programme for its employees and promised to pay up to Rs 2 lakh per month for two years of educational assistance for up to two children. It promised to cover up to Rs 1 lakh per annum up to the 12th standard and Rs 5 lakh per annum for graduation per child.
Even pharmaceutical giant Sun Pharma and glassware brand Borosil have also offered similar assistance programmes for their respective employees.