Tata Technologies unveil financial assistance for employees during COVID-19

Majority of Indian companies did a fantastic job of addressing their employees’ needs of safety, stability, and security during the first phase of the pandemic. But remember, the employee needs are evolving and require more sophisticated approach from organisations as second wave of pandemic envelops the country.

The second phase of COVID-19 has been an opportune time for companies to create more tailored responses to workplaces challenges and leading Engineering services organisation, Tata Technologies Limited has seized the opportunity by taking concrete employee-benefitting initiatives expanding on the goodwill and camaraderie earned in the first phase of the pandemic.

The pandemic has shown us how financial security is crucial during these testing times, while the Tata Technologies have initiated multiple activities to address the fears of health & well-being, job security in a meaningful way, the core being the financial assistance to its work-force.

Tata Technologies already existing financial, medical and mental health benefits were well designed to help employees through this crisis — and they have been expanded further tailored to this specific crisis.

 From an offerings standpoint, Tata Technologies followed a clear journey of moving from health insurance to wellness to wellbeing. As part of this journey, Tata Technologies have instituted several programs to improve overall wellbeing within the organization. These have included mindfulness sessions as well as instituting a comprehensive Employee Assistance Partner (EAP) partner program for employees.

Everything Tata Technologies did was through the lens of care and support.

• Financial Assistance over and above Group Term-Life Policy - Currently, the group term life insurance cover enables a total amount of two years annual fixed salary to be paid out to the families of departed colleagues. As an immediate step for the rest of the fiscal year (till 31st March 2022), we will be topping up the sum insured with one more year of total annual fixed salary as employer contribution to ease the burden on affected families. Families of departed colleagues will hence receive a total of three years annual fixed salary. This will also cover the families of recently departed colleagues.
• Immediate pay-out of variable pay to families of departed colleagues – Families of affected colleagues will receive an immediate pro-rata payment of 100% of their eligible Variable Pay.
• Extended medical cover for core family – As an organization, we are extending and sponsoring the medical cover for families of affected colleagues for the next 10 years or till their children reach the age of 18, whichever comes later. Premium towards the same would be paid by the Company
• Employee Deposit Linked Insurance (EDLI) – In addition to the above, the families of these colleagues will also receive payments under the Employee Deposit Linked Insurance (EDLI) scheme which applies to all employees who contribute to PF. This scheme provides a total lump sum payment of INR 702,000 to the beneficiary. 
• COVID Relief Fund where employees can contribute to support the employees & families impacted by COVID-19.

Tata Technologies Limited provides services in engineering and design, product lifecycle management, manufacturing, product development, and IT service management to automotive and aerospace original equipment manufacturers and their suppliers