Chola to pay salaries for 24 months to COVID victims’ families
CHENNAI, June 17 (The CONNECT) - Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, announced a series of pandemic support measures for its employees including financial, education and medical benefits.
The support initiatives are aimed towards enabling Chola employees to wade through the unsettling spread of Coronavirus and the impact it has had on their lives. The benefit programme also looks at providing support to the dependents of employees.
Vellayan Subbiah, Chairman, Cholamandalam Investment & Finance Company Limited said, “The unexpected challenges of the pandemic provided an opportunity to find our ways and means to stay united, stand strong against the viral chaos. I would like to take this opportunity to thank all our employees across levels for standing strong with us during these trying and testing times. And we firmly believe that this could be possible only with their respective families standing strong behind them. Hence all initiatives under our Pandemic Support Programme are aimed at ensuring that our employees and their families continue to be safe and healthy. We will continue to actively engage with them to ensure that they get the necessary care and support.”
The Chola’s Pandemic Support Programme includes:
§ Monthly gross salary credit to the family of deceased employees up to 24 months
§ Employment opportunity on merit for the eligible dependents
§ Support education of deceased frontline field employees’ children up to graduation
§ Risk protection by way of Hospitalization benefits (Medical insurance up to Rs 2.5lacs) – for the employee and his family, Immediate cash facility on impacted by COVID, Company hospitalization tie-up program for COVID affected employees and family, Death cover on account of the pandemic, term life insurance providing 50 times of monthly gross and continued insurance coverage for the rest of the family members for a period of 12 months.
§ Interest-free loans for COVID affected employees and family on easy repayment terms
§ Cash benefit for immediate relief of COVID affected employees
§ Additional Death Cover on account of the pandemic
§ Special paid leave for COVID affected employees
§ Mission “Zero-COVID in my branch” program
§ Centralized COVID war room in every region to identify hospital beds, oxygen and medication for employees and their families
§ Doctor on call 24/7
§ Vaccination Support program & exclusive drives
§ Webinars on guided meditation and practices to improve respiratory functions
Chola operates from 1137 branches across India with assets under management above INR 76,000 Crores.