IDFC FIRST Bank has taken a commendable step. The bank has announced compensation equal to four times of CTC and salary for two years to the families of its employees who have lost their lives due to corona virus.
New Delhi: There has been an outcry across the country due to the increasing infection of Corona. Meanwhile, the private sector IDFC First Bank has taken a commendable step. The bank has announced compensation equal to four times of CTC and salary for two years to the families of its employees who have lost their lives due to Coronavirus. This big decision of the bank will help the families to become financially strong.
Bank took commendable step
Not only this, the bank has also given loan waivers to all the employees so that the family gets convenience. V Vaidyanathan, managing director and CEO of IDFC First Bank, said that most of the employees of the bank are young. His family is currently battling with a huge crisis. So we have created a composite program to cover all the issues. We will provide a grant amount equal to four times of their annual CTC to the family of our lost employees and will continue to pay salary for two years.
100% loan waiver
Vaidyanathan said that the bank will continuously contact the families of its deceased employees and will also give information about the bank offers so that the family can avail the benefits. Not only this, if an employee has taken a personal loan, car loan, two-wheeler loan or education loan, then the bank will provide them 100% loan waiver. For housing loans (before June 30, 2021), a rebate of up to Rs 25 lakh will be available.
Will give employment to the spouse too
Vaidyanathan said that about 20 employees of the bank have died due to Kovid. We will also give employment to the spouses of our employees. If he would be eligible for it. If they are not eligible, then Rs 2 lakh will be given to make them experts. Under the Employee Covid Care Scheme 2021, the bank will provide a monthly scholarship of Rs 10,000 for two children till graduation. Rs 30,000 will be given for the last rites, Rs 50,000 will be given as re-location assistance. Apart from this, pro-rata bonus payment will also be given for the period of work done by the deceased employees this year.
