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IDFC FIRST Bank announces 4 times annual CTC and salary for 2 yrs to covid deceased employee dependents

IDFC FIRST Bank has decided to offer compensation equivalent to four times of the CTC as well as the continuation of salary for two years to the families of the employees who lost their lives due to the coronavirus.Besides, the bank has also announced a loan waiver of such employees to alleviate economic pressure on the families.

"If an employee has taken a personal loan, car loan, two-wheeler loan or education loan, etc, that is 100% waived by the bank. Housing loan waiver is up to Rs.25 lakh (before June 30, 2021)," V Vaidyanathan, Managing Director, and CEO, IDFC FIRST Bank said.

Suppose, if an employee had taken a Rs.30 lakh loan, IDFC FIRST will waive 25 lakh and the residual loan will become 5 lakh, Vaidyanathan explained.

 "The family can pay the reduced EMI from the salary credits we will make to them for 2 years. We are asking employees to insure their loans going forward (after June)," he said.

According to the IDFC First CEO, around 20 employees of the bank have lost their lives to Covid.

Further, the bank has also made provision of scholarship of Rs.10,000 monthly to two children up to graduation, funeral expenses up to Rs.30,000, relocation assistance of Rs.50,000, as well as pro-rata bonus payout for the period, served this year by the deceased employee under its 'Employee Covid Care Scheme 2021'.

Recently, the bank also announced the launch of the "Ghar Ghar Ration" programme for its low-income customers whose livelihoods are affected by the Covid-19 pandemic.

 Under this, the bank employees will supply ration kits to 50,000 low-income customers whose livelihood has been impacted by the pandemic.