IDFC FIRST Bank offers four times annual CTC, salary continuation for two years to corona affected employees’ families: MD

The private sector offers the families of employees who have lost their lives to the coronavirus infection a compensation amounting to four times the CTC as well as continued salary payments for two years.

Among other things, the bank offers such employees a loan waiver so that their families do not feel pressured by the economic burden.

“The bank’s employees are usually young people. Their families are taken from the shock. So we put together a composite program that covers all aspects. We pass on four times the annual CTC as compensation plus the salary for two more years, so that the family has time to recover economically, “V Vaidyanathan, Managing Director and CEO of IDFC FIRST Bank, told PTI.

The bank is taking the initiative to contact the families of the deceased and inform them of the bank’s offers, he added.

“Among other things, we are foregoing employee loans as part of this program, otherwise the families will have to bear the burden. When an employee waives cents from the bank on a personal loan, a car loan, a two-wheeler loan or an education loan, etc. The home loan waiver is up to Rs 25 lakh (by June 30, 2021), “Vaidyanathan said.

Assuming an employee took out a loan of Rs 30 lakh,

FIRST waives Rs 25 lakh and the remaining loan will be 5 lakh, he explained.

“The family can pay the reduced EMI from the salary credits we give them for 2 years. We ask employees to insure their loans for the future (after June), ”he said.

According to Vaidyanathan, around 20 employees of the bank were killed by Covid.

“We will contact the families of the deceased employees and inform them that you are entitled to do so. We will give the spouse employment if they are eligible based on their performance, if not we will give them Rs 2 lakh for qualification. ” he said.

The compensation is retroactive and applies as long as the pandemic lasts.

As part of this “Covid Care Scheme for Employees 2021”, the lender has provided a stipend of 10,000 rupees per month for two children up to graduation, funeral costs up to 30,000 rupees, relocation assistance of 50,000 rupees and a pro-rata bonus payment for this year’s length of service of the deceased employee.

Aside from that, said Vaidyanathan, the bank employees themselves have taken an initiative to help needy customers from the low-income group by generating a corpus out of their salaries.

As part of this employee-funded Ghar Ghar Ration program, bank employees will deliver rationing kits to 50,000 low-income customers whose livelihoods have been impacted by the pandemic.

The employees get ration packages with 10 kg of rice / flour, 2 kg of lentils, 1 kg of sugar and salt, 1 kg of cooking oil, 5 packets of spices, tea, biscuits and other important items, he said, adding that the staff had one day at a time have contributed monthly salary for it.

He said that up to 16,000 accomplishments were achieved in Rajasthan, MP, Maharashtra, Odisha, Gujarat, Karnataka, Haryana, Tamil Nadu, Andhra Pradesh and Chhattisgarh under this recently launched program.

The lender has also identified 250 families at risk who, in a partnership with Give India, lost a high income family member to Covid-19 with a cash grant of Rs 10,000

source https://collegeeducationnewsllc.com/idfc-first-bank-offers-four-times-annual-ctc-salary-continuation-for-two-years-to-corona-affected-employees-families-md/