Shriram Group to provide financial security to employees in case of unforeseen situations
The “We Care” program was introduced with the organization, recognizing that benefits can be life-changing for its employees, especially those focused on care, flexibility and mental health.
The group companies, which includes Shriram City Union Finance and Shriram Housing Finance, have introduced the ‘Compassionate Benevolent Scheme’.
This policy will provide financial support to the family of deceased employees, where the death is due to non-accidental reasons, including Covid. The compensation amount could be up to Rs 25 lakhs, depending on the employee’s salary and seniority in the organization. The deceased who served the Shriram group for up to five years will receive an amount ranging from 12 to 24 months of the last gross monthly salary received.
For those who have served a term of more than five years, an allowance amounting to 15 days of basic salary multiplied by age, regardless of role and designation, as a one-time lump sum financial support to the family , up to Rs 25 lakhs, will be paid.
In addition, the children of deceased employees will also be supported; their tuition fees up to graduation will be reimbursed. As a result, the family receives Rs. 1 lakh per child per year till 12th Std. and Rs. 2 lakhs per child per year for graduation. This benefit is valid for up to two children.
Used vehicle auction platform Shriram Automall India (SAMIL) under its Covid-19 relief plan for employees and their families will extend medical insurance coverage to the employee’s spouse and two children died for two years. For those who have succumbed to Covid, SAMIL will provide the full basic annual salary to the employee’s family and sponsor the education of two children up to 12th grade through the company’s scholarship program.
“These initiatives apply to all employees and their families working in Shriram Group companies,” said YS Chakravarti, MD and CEO of Shriram City Union Finance. “This crisis has forced many changes in our style of working and has shed light on how we better understand and support each other. The organization aims to remain committed to the health and wellness facilities of our employees and their families. Economic support can help families raise their children without caregivers and avoid school dropouts.
Shriram Capital is the holding company for the financial services and insurance entities of the Shriram Group and has approximately 74,500 employees across 3,950 branches.