New Delhi: Expanding its pandemic cover, Vedanta has said that it will provide salaries to the families of employees dying of COVID-19 until the age of retirement. The conglomerate has said that the last drawn fixed salary will be provided to deceased employees' families till the notional date of retirement. It has also announced an ex gratia payment of Rs 10 lakh each to the families of the deceased business partners and spending of around Rs 12.6 crore on the procurement of vaccines in bulk for the Vedanta family and all its business partners.
In an official statement released on Monday, Vedanta said that medical insurance cover has also been enhanced to 1.5 times the existing eligibility while the COVID Kawach Insurance will be provided to business partners. "Under the aegis of Vedanta Cares COVID relief initiatives, the company announces long-term HR benefits, on its commitment to ensuring the health and well-being of its people to include enhanced COVID insurance for its employees, their families, and business partners," it said.
Vedanta will provide COVID Kawach Insurance for their business partners which will include term life and hospitalisation and an ex-gratia amount of Rs 10 lakh to be paid to the family members of the deceased business partner employee. "Considering the fatalities due to COVID-19 and the recent black fungus epidemic the company is providing benefits for family members of the deceased employees in the form of continued payments of last drawn fixed salary till the notional date of retirement," it said.
"In continuation, Mediclaim Insurance coverage will be extended till the notional date of retirement and education assistance for two children till graduation," said Vedanta in the statement.
Vedanta Chairman Anil Agarwal said, "At Vedanta, our employees and our extended family of business partners have always been our greatest resource and their safety and wellbeing is our foremost priority. Keeping the repercussions of the second wave in mind, we are bolstering our efforts towards ensuring optimum protection for our people," he said.
Vedanta is also extending all support that is required and a corporate floater cover is introduced for any employee that exceeds their eligibility. This also includes enhanced medical insurance to cover all expenses, including reimbursement for home treatment. The company also provides a best-in-class life insurance policy equivalent to five times of annual fixed payments, said the statement.
In response to the devastating second wave of COVID infections, Vedanta is producing and supplying medical-grade oxygen, procuring oxygen cylinders, and setting up field hospitals, beds, portable ventilators, and treatment isolation units.
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