After Flipkart, Myntra rolls out family support policy for employees

New Delhi: Myntra, under its family support policy, will provide financial and non-financial support to the families of deceased employees. The move by the online fashion retailer follows a similar initiative by parent Flipkart.

This policy is effective January 2021 in the form of immediate financial assistance to the immediate family of a deceased employee, apart from other support efforts. The plan isn’t covid-specific but applies to all causes of death.

The inclusions under the family support policy include

  • A lump sum payment of five times the total annual salary of the deceased employee to the family, with a minimum coverage of Rs 25 lakh.
  • A one-time lump sum payout of Rs 1.2 lakh towards the education of up to two children. This support will be extended until the child turns 22.
  • From the month of the employee’s demise, for the next five years, the company will continue to sponsor and extend medical insurance for the family.

The company will also provide a one-time, free-of-cost financial planning assistance.

“All unvested grants shall be vested immediately and transferred to the nominee. Additionally, the opportunity for the nominee to participate in the future repurchase programme,” the company shared in an email with ET.

“The wellbeing of our employees and their families is paramount to us in every situation. While human loss is irreplaceable and we cannot fathom the trauma of these families, we stay committed to their overall wellbeing,” said Amit Mathur, vice president (human capital) at Myntra.


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