If an employee in Tata Motors dies in an accident, the dependent family will now get Rs 1 crore as compensation. The agreement was reached after a meeting in this regard between the company management and the union. The family of the deceased employee will get more than Rs 82 lakh including group insurance, life cover scheme, service fund. Adding the employee’s settlement (PF, gratuity etc.) the amount would go up to Rs. 1 crore.
Tata Motors’ employees get Rs 50 lakh under group insurance, a minimum of Rs 6 lakh under life cover scheme and Rs 27 lakh under service fund. Employees also get benefits of PF, gratuity etc. Additionally, under the grade revision agreement between the management and the Union, the wife of the deceased employee would basic, 50 per cent of the DA, Rs 3500 in pension till the date of the deceased’s job and two girls ‘ education expenses separately.
In cases of natural death, the family of Tata Motors’ employee would get around Rs 43 lakh. This includes Rs 10 lakh from group insurance, Rs 27 lakh of service fund and about Rs 6 lakh for life cover scheme. In addition, they would also get the employee’s pf, gratuity and other amounts separately.
Tata Motors Workers Union president Gurmeet Singh Parrots, general secretary R.K. Singh, in a meeting with the company’s IR head Deepak Kumar on Wednesday, agreed to increase the accident insurance amount from Rs 32 lakh to Rs 40 lakh and the general insurance amount from Rs 8 lakh to Rs 10 lakh. All Tata Motors workers will be covered with insurance of Rs 50 lakh. The union says that from now, in any untoward incident, the family would get 50 lakh insurance cover. This money will be in addition to the employee’s money and service fund. In case of an accident, the amount of general insurance will be Rs 10 lakh and accident insurance amounting to Rs 40 lakh. Currently, the family of the Tata Motors’ employee gets about Rs 7 lakh on the death of a worker. The amount of service fund was only 32 thousand. After the new union came into existence, the service fund has been increased from Rs 32,000 to Rs 27 lakh.
