Mankind Pharma on Monday said it has rolled out a COVID protection policy to support the families of its employees.
With the launch of this new policy, the company intends to support the families of its employees amid the second wave of the coronavirus pandemic, Mankind Pharma said in a statement.
Under the COVID Protection Policy, the company will contribute an amount equivalent to five years of the last drawn gross annual salary to the dependents of the deceased employee with a maximum limit of Rs 50 lakh, it added.
Besides, the drug firm noted that each employee would be covered under the Employee Deposit Link Insurance (EDLI) scheme and the legal nominees will be paid an amount of Rs 7 lakh in case of death of the employee.
Further, the company will continue to provide medical cover to the dependents of the employee registered in the Group Mediclaim Policy for three years post the demise of the employee, it added.
"We hope that passing these cumulative supports will help the bereaved family members of the deceased employee to overcome the financial burden. The company is committed to its employees and considers them as its assets and intends to take care of them in all possible ways," Mankind Pharma Executive Chairman R C Juneja said.
The policy has already come into effect, he noted.
Mankind Pharma employs around 14,000 people. It markets various brands across pharma and over the counter segments.
The Delhi-based company has a presence in therapeutic segments such as cardiovascular, antibiotics, gastrointestinal and also sells OTC brands like Manforce Condoms, Manforce Tablets, Manforce Staylong Gel, Unwanted 72, Prega News, Gas-O-Fast, among others. PTI MSS BAL BAL