TVS Motor Company has rolled out several benefits for its employees in the face of the deadly COVID-19 pandemic that is gripping India. Of the many challenges that employees may face, one is the sheer financial impact of medical expenses from possible hospitalisation. According to a statement from the company, in the event of a need for an employee to avail hospitalisation arising out of COVID-19, the company will cover the entire expenses. These employee-centric measures are in addition to the support TVS has announced to curb the spread of the COVID-19 pandemic.
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TVS Motor Company is India's second largest exporter of motorcycles
For employees, 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. As an immediate relief on the monetary front, the company will provide compensation as ex-gratia to the legal heir of the deceased employee. This compensation will be commensurate with the numbers of years of service and will be up to three times the gross annual salary.
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The ex-gratia is in addition to the standard TVS Motor Company Family Welfare Fund and other statuary benefits applicable to deceased employees and their families. Additionally, the medical insurance benefits will be extended to the bereaved family for the next three years. To ensure stable future for the children and to ease the burden on the dependent family, the company will provide educational assistance for up to two children till they finish under-graduation.
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TVS Motor Company has already vaccinated all employees above 45 years with an aim and focus on achieving immunity for the workforce. In the second phase of vaccination, the company is ramping up its effort to extend the free vaccination drive to all employees above 18 years.
