Myntra’s New Policies Focus on Employees’ Families
Over a year into the pandemic, we are still coming to terms with the increased uncertainties of life. What keeps us afloat during these tough times is the strength we draw from each other, especially from our families. Myntra is here to ensure that its employees feel secure about the future of their families lest any harm befalls them.
Myntra has introduced a list of measures for supporting families and dependents of its employees in the event of their untimely death. Whether this unfortunate death is by way of COVID-19, any other illness, or an accident amidst other reasons, the Family Support Policy shall take care of the immediate and long-term financial needs of the family. The goal is to secure their standard of living and help them meet some of their most important necessities. Announced on 9th June, this policy is in effect retrospectively starting January 1, 2021. Here’s what the measures entail:
The first hurdle- immediate financial assistance
A one-time payment of a lump sum amount equivalent to five times the total cost to the company (CTC) of the deceased employee shall be made to the family, ensuring a sense of immediate financial security. It shall also be assured that such coverage would offer a minimum of INR 25 lakhs.
The way forward for the children—educational assistance
Towards securing the future of the children in the family, Myntra will cover the cost of education of deceased employees’ children until they turn 22 years of age. An annual sum of INR 1.2 lakhs per child for up to two children shall be provided to the family to cover the education expenses.
Health comes first—medical insurance
Starting from the month of the demise of the employee, their medical insurance shall be extended to cover the medical expenses of the family for the next five years.
Planning for the future—professional financial assistance
To support strong and independent financial planning for the future, Myntra will also facilitate professional financial assistance programs for the family of the deceased employee.
Investments that make a difference—accelerated ESOP vesting
Investment is undoubtedly a crucial step towards achieving financial independence. All the unvested grants of the employee under the Employee Stock Ownership Plan (ESOP) shall be vested immediately and transferred to the family. Along with this, the nominee shall be given an opportunity to participate in the future repurchase programme.
Back to the basics—Gratuity and provident fund
There is no question that these new policies will also cover the good old gratuity and provident fund. The amounts from the gratuity and provident fund shall be made available to the family as per the requirements of the law.
Myntra expresses grief for the employees we lost recently due to COVID or other reasons and stands with their families. And while it’s no match to the loss of a human life, we hope these measures help shape a better tomorrow for these families.