IT major Tata Consultancy Service (TCS) has set aside Rs 1,100 crore interest free cash advances as relief for TCS employees in Chennai, which saw one of the worst floods in the last 100 years. The money will be disbursed towards loans to employees, grants and for other purposes.
A few days back, Cognizant announced $40 million (Rs 260 crore) to help residents, its employees and business partners in Chennai, with relief and rehabilitation in the aftermath of the recent flooding.
In a letter to TCS employees in Chennai, N Chandrasekaran, Chief Executive Officer and Managing Director, said following the devastating flooding in Chennai, many of the employees have suffered significant losses.
To help them recover, rebuild and reboot their lives quickly, TCS has decided to offer various relief measures to all TCSers based in Chennai. TCS will make available up to Rs 1,100 crore for interest free cash advances in the range of Rs 1 lakh and up to a maximum of equivalent to three months Gross Salary. Advances will be disbursed from the week of December 14 to those who apply.
The company has 13 centres in and around Chennai and over 60,000 employees in these centres. Recovery of the advances will start after April 1, 2016 for 12 months and a special Chennai page is being set up on Ultimatix to facilitate this payment process.
In addition, TCS is setting aside Rs 50 crore for direct grants to deserving recipients including employees who have suffered extensive damage to their homes, ex-gratia grant of one month's salary up to a maximum of Rs 15,000 for TCS support and service staff who have been impacted, reimbursement of medical or hospitalisation expenses (over and above TCS medical insurance claims) for those employees and their families who have been impacted directly by the floods.
The company said bus transportation until December 31 will be at no cost 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 held till December 31.
For immediate relief and rehabilitation in the community, the company TCS has formed a core team, which is working on relief measures for the citizens in Chennai including providing food relief to people in distress, installation of multiple RO Plants to provide fresh potable water in hamlets and communities in need of water, medical camps and assistance including distribution of first aid kits in these areas, distribution of school kits with notebooks and books to children to in these areas
The TCS Foundation will collaborate with partners including the Tata Sustainability Group and NGOs for implementing these projects, he said.
"Many of our colleagues and our support staff have shown the greatest spirit and commitment in these challenging times to display all that is great about this company. We hope these measures will help them and many others get back on their feet quickly and put this traumatic experience behind us, said Chandrasekaran in his letter.