Tata Consultancy Services will make up to ₹1,100 crore interest-free cash advance to help its employees tide over the damage caused by the floods in Chennai.
TCS has over 60,000 employees in Chennai but it is yet to ascertain the number of employees affected by the floods. In a communication to them from its CEO and Managing Director N Chandrasekaran said the cash advance will be in the range of ₹1 lakh and up to a maximum of equivalent to three months gross salary.
Following the devastating flooding in Chennai, many TCS employees suffered significant losses. To help them recover, rebuild and reboot their lives, the company has decided to offer various facilities , he said.
The letter said advances will be disbursed from the week of December 14. The recovery of the advances will start after April 1, 2016 for 12 months.
In addition, TCS has set aside ₹50 crore for direct grants to employees who have suffered extensive damage to their homes, ex-gratia grant of one month’s salary up to a maximum of ₹15,000 for TCS support and service staff and reimbursement of medical or hospitalisation expenses (over and above TCS medical insurance claims) for those employees and their families directly hit by the floods. Till December 31, free bus transportation will be provided to all employees as difficulties with public and personal transportation continue in the aftermath of the flooding. Free medical camps, including help for counselling, will be available till the month-end.
Core team formedFor immediate relief and rehabilitation in the community, TCS has formed a core team, which is working on relief measures for the citizens in Chennai. To decide on a course of action for the medium term, TCS will conduct a survey of dwellings in hamlets for damage assessment.
The announcement by TCS comes two days after the US-based IT company Cognizant committed ₹195 crore to assist with the immediate and longer-term recovery needs of its employees and business partners, as part of a ₹260 crore flood-relief package.