Kotak Mahindra Group (Kotak) announced the introduction of a Pandemic Benevolent Policy for its employees.
Under the policy, family members or nominee of deceased employees, who lost their life after April 1, 2020, and subsequent cases up to March 31, 2022, will receive full monthly fixed salary (cost to company) for two years beginning June 2021, said a statement from the bank.
Further, this policy is applicable to families or nominee of all deceased employees, irrespective of the cause of death – whether pertaining to Covid-19 or any other cause not related to the Covid-19 pandemic.
The family or nominee of deceased employees eligible for annual bonus will also receive the annual year-end bonus for FY2020-21. In addition, Kotak’s Mediclaim Insurance will cover the spouse and minor children of the deceased employee for FY2021-22.
To help and support employees across the country in their fight against the pandemic, Kotak has put in place a series of emergency measures including tie-ups for medical emergency response services, isolation facilities, telemedicine services, financial assistance for medical expenses as well as the formation of internal volunteer teams across the country to assist employees and their families with critical resources.