Bereavement support for Covid-hit families: THIS company offers 8 months' salary, term insurance payout, free education for children and more

Several companies are providing necessary support to their employees during the ongoing second wave of the coronavirus pandemic. 

Joining the list, OYO on Wednesday announced a slew of welfare benefits for the families of its employees, deceased due to Covid-19, as a part of its bereavement support.

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As per a report by IANS, quoting the company's statement, "In the unfortunate event of the death of an employee due to Covid-19, the company will support the family of the deceased with 8 months' pay in full and a term insurance payout which equals three years of their annual pay."

OYO will also sponsor the education of the employee's children (up to two) and extend medical coverage of up to Rs 3 lakh for the spouse and children for a period of 5 years, the report added.

Besides statutory benefits, the employee's legal heirs or nominee will be granted an opportunity to liquidate and settle the vested options or exercised shares upon the occurrence of the next liquidity event.
The company is further extending support to OYO alumni and providing them with access to a slew of Covid-related resources.

Founder and Group CEO, Ritesh Agarwal, in a tweet, said "COVID-19's second wave has been devastating for many. During this time, the wellbeing of OYOpreneurs & their families is our utmost priority. Unfortunately, some of our colleagues have lost their battle with COVID-19 & we hope that our bereavement support will help their kin"

"Over 200 OYO volunteers across 50+ cities continue to help our current employees & we are further extending COVID support & resources ranging from oxygen concentrators to medical supplies round the clock to OYO Alumni & their families," he added.

He further added "We won't stop here. In addition to our existing COVID employee policies, we want to do more, not just for OYOpreneurs but also for our extended OYO family. Now more than ever we need to support those who built OYO into what it is today."