Tata Consultancy Services (TCS) has decided to make available a sum of upto Rs 1,100 crore as interest- free cash advances, to help its employees recover and rebuild themselves in the aftermath of devastating floods in Chennai.
The advances, ranging from Rs 1 lakh and to a maximum equivalent of three months’ gross salary, will be disbursed from the week of December 14, to those who apply, N Chandrasekaran, MD & CEO, on Thursday wrote in a mail to the employees based in Chennai.
The recovery of the advances will start after April 1, 2016 for 12 months. TCS has close to 60,000 employees working in different locations, in and around Chennai. This comes close on the heels of Cognizant’s commitment of $40 million (R260 crore) to help residents, its employees and business partners in Chennai with relief and rehabilitation.
In addition, TCS is setting aside R50 crore for direct grants to TCS staff who have suffered extensive damage to their homes, 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. TCS bus transportation until December 31 will be free for all employees.
Besides, as part of TCS’ assistance for the local community, the IT major has formed a core team, which is working on relief measures for the citizens in Chennai.The TCS Foundation will collaborate with partners including the Tata Sustainability Group and NGOs for implementing these projects.
“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,” Chandrasekaran said.