Social Security Schemes
The Company offers the following unique and extremely
attractive social security schemes to its employees and
their nominees.
-
Medical Separation Scheme
A permanent employee who has put in a minimum of 5 years of continuous service and is below 58 years of age, may apply for settlement under the Medical Separation Scheme on being found unfit for his/her job. On settlement under the above scheme, the employee will be eligible for substantial ex-gratia payment as per rules. In addition to ex-gratia payment, the employee will be eligible for payment under the life cover scheme (20 times basic + DA), notional gratuity, PF, farewell gift and medical facilities for self, spouse and dependant parents in the company’s hospital and dispensaries.
-
Employees'
Family Benefit Scheme
All permanent employees, having completed a year’s permanent service, on separation from the company, due to death/ permanent total disablement/ permanent medical unfitness and those found unfit for their jobs, will be eligible for benefits under this scheme.
The nominee/ the employee as the case may be on depositing his entire PF and gratuity amount with the company, would be entitled to a monthly payment, which would be equivalent to the employee’s last drawn basic plus DA as per the scheme. Such monthly payment would continue till the normal date of superannuation i.e. 60 years of age of the employee. On the date of superannuation of the employee, the monthly payment under the scheme would cease and the amount deposited with the company under this scheme would be refunded to the depositor or the nominee as the case may be, without any interest on the PF and gratuity amounts.
The employee/nominee availing the benefit under the scheme would require to confirm that they have neither availed nor intend to avail of the benefit of employment of their wards in the company and agree to accept Rs 60,000 only under the life cover scheme of the company.
The application for this scheme must be submitted within one year from the date of death of the employee/unfitness
Family
Benefit Scheme
The objective of this scheme is to provide monetary benefit in lieu of employment to the family members of an employee who dies due to an accident while on duty or on his way or back from work. Under this scheme, the nominee / spouse will be eligible for a monthly pension equivalent to the deceased employee’s last drawn salary i.e. basic + DA till the nominee/spouse attains 60 years of age.
In addition, the spouse will also be paid PF, gratuity unpaid wages, encashment of unavailed leave of the deceased employee as per rules and payment under the life cover scheme ( 20 times basic + DA) and accident compensation as permissible.
|
