October 18, 2021

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Shriram Group to provide financial security to employees in case of unforeseen situations

Shriram Group has rolled out an initiative to provide financial security and a safety net to employees and their families to cope with situations arising due to the pandemic.

The ‘We Care‘ programme has been introduced with the organisation recognising that employee benefits can be life-changing for its workforce, especially those centered around 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 tenure with the organisation. The deceased who served Shriram Group for up to five years will receive an amount ranging from 12-24 months of the last drawn gross monthly salary.

For those having served a duration of more than five years, a compensation amounting to 15 days’ basic salary multiplied by age, irrespective of the role and designation, as a one-time lump sum financial support to the family, up to Rs 25 lakhs, will be paid.

Additionally, children of the deceased employees will also be supported; their education expenses till graduation will be reimbursed. Accordingly, the family is paid Rs. 1 lakh per child per annum up to 12th Std. and Rs. 2 lakhs per child per annum for graduation. This benefit is 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 spouse and two children of the deceased employee for two years. For those who succumbed to Covid, SAMIL will provide the complete basic annual salary to the employee’s family and sponsor the education of two children till the 12th class through the company’s scholarship programme.

“These initiatives are applicable to all employees and their families working in the companies under the Shriram Group,” said Y S Chakravarti, MD and CEO Shriram City Union Finance. “This crisis has forced many changes in our working style and shed light on how we better understand and support each other. The organisation aims to remain committed to the health and welfare facilities of our employees and their families. Economic support can help families nurture children bereft of caregivers and help avoid drop-outs from schools.”

Shriram Capital is the holding company for the financial services and insurance entities of the Shriram Group and has around 74,500 employees across 3,950 branches.

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