Mahindra & Mahindra Limited (M&M), the flagship company of the Mahindra Group, will pay salary for the next five years besides a one-time payment of twice the annual compensation in case any of its employees succumbing to COVID-19 under a family assistance programme. This was stated according to a letter by Mahindra Group Managing Director and CEO Anish Shah to its employees.
M&M has initiated a family assistance policy for its staff, under which the company will also support children's education till Class XII with the provision of up to Rs 2 lakh per annum per child for its deceased employees.
''We are here to help share and lighten the burden of families who have been impacted by COVID-19. A few families had to cope with the sudden loss of a loved one and assume the unexpected responsibility of running a home. We want you to know that you are not alone, and we are here to support you,'' Shah wrote to M&M employees numbering around 25,000.
The 'Family Assistance Policy', he said further enhances the support of one-time payment of twice the annual compensation that the company has provided over the past year, he added.
''A significant addition is a financial support in the unfortunate event of the demise of a colleague, we will pay salary for the next five years; over and above the one-time payment of 2x annual compensation,'' he said.
The salary will be paid to the spouse or dependents of the deceased as per defined guidelines. Stating that M&M has taken several steps to combat COVID-19 and keeps its employees safe, he said the company through tie-ups with medical providers will enable a smoother process of vaccination apart from covering the cost of vaccines.
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