Siemens announces measures to support employees, relief work amid pandemic

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Updated: May 21, 2021 1:12 PM

In April 2020, Siemens had pledged a contribution of Rs 20 crore in the fight against COVID-19.

We maintain our ‘hold’ rating on the stock and arrive at an SoTP-based target price of `2,156 per share, implying 50x P/E to FY23E earnings.We maintain our ‘hold’ rating on the stock and arrive at an SoTP-based target price of `2,156 per share, implying 50x P/E to FY23E earnings.

Siemens has announced several measures to support its employees as well as various relief work amid the COVID-19 pandemic with a contribution of Rs 40 crore so far.

Following the second wave of COVID-19, which has resulted in stretching the healthcare infrastructure in the country, Siemens has announced an additional contribution of Rs 20 crore, taking the total contribution to Rs 40 crore, a company statement said. In April 2020, Siemens had pledged a contribution of Rs 20 crore in the fight against COVID-19.

Interventions range from providing government hospitals across the country with COVID-19 testing lab, state-of-the-art computer tomography scanner, testing kits, ventilators, oxygen concentrators, oxygen generators, medical supplies and gear.

The company also provided migrant and daily wage workers with dry rations and hygiene kits. These efforts have been supported by the Siemens Caring Hands Foundation in Germany, it added.

To support families of employees, who lost their lives to COVID-19, Siemens announced a lumpsum financial assistance of Rs 25 lakh in addition to one year’s salary of the employee. Furthermore, support towards school fees and continued medical insurance for immediate family members will be given, it added.

Siemens will grant supplemental leave for colleagues recovering from COVID-19, and additional 10 days Wellness Leave for every employee. These measures are in addition to Siemens’ commitment to facilitate vaccinations for all employees and their families, it said.

“In these difficult and exceptional circumstances, the community and our employees need concrete measures for their well-being. We will continue to support every employee and their family at this very difficult time. The organization is doing everything possible to ensure that every employee feels safe and cared for,” said Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd in the statement.

Siemens Ltd focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete and hybrid manufacturing industries.

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