Myntra rolls out a family support policy for employees

Myntra, a fashion e-commerce company rolls out a family support policy. The company will provide financial and non-financial support to the families of deceased employees.

Advertisement

The family support policy is not COVID specific but applies to all causes of death of any employee.

Apart from other support efforts, Myntra’s this policy is effective from January 2021 in the form of immediate financial assistance to the immediate family of a deceased employee. Support policy includes as below-

• 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.

According to ET report, the company will also provide one-time, free-of-cost financial planning assistance. All unvested grants shall be vested immediately and transferred to the nominee.

Advertisement

Amit Mathur, VP-HR, Myntra said,”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.”

Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007 to sell personalized gift items. In May 2014, Myntra.com was acquired by Flipkart.

Advertisement