Companies

Covid crisis: TVS Motor announces financial support measures for employees

Our Bureau Chennai | Updated on May 13, 2021

The steps include covering of expenses in case of hospitalisation

Leading two-wheeler and three-wheeler manufacturer TVS Motor Company has announced a slew of support measures for employees to overcome the challenges arising out of Covid-19.

“Of the many challenges that employees may face, one is the sheer financial impact of medical expenses from possible hospitalisation. In the event of need for an employee to avail hospitalisation arising out of Covid-19, the company will cover the entire expenses,” said a company statement.

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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 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. 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, it said.

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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.

TVS Motor Company has already vaccinated all employees above 45 years. In the second phase, the company will ramp up its effort to extend free vaccination to all employees above 18 years.

Published on May 13, 2021

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