Muthoot Finance Launches a New Welfare Scheme to Support Families

Muthoot Finance is India’s largest gold loan NBFC. The company’s management has decided to support the families of those employees who unfortunately lost their lives due to Covid-19 in South India.

The company has been initiating various steps to protect its employees from this dangerous pandemic. Repeated instructions have also been issued to internal employees emphasizing the need to take precautions in the form of social distancing, wearing of mask, importance of sanitization etc.

George Alexander Muthoot, Managing Director, Muthoot Finance Ltd. said, “Our organization is trying to protect all its employees in every possible way and has been checking with each employee personally to ensure that precautions to safeguard themselves from the threat of Covid-19 pandemic have been carried out”

The salient features of the new employee welfare scheme are as indicated below:-

1) In respect of employees dying in harness due to Covid-19, who have completed a total service of 3 years and above, Company will pay monthly salary for the next 24 months to the spouse/ mother of the deceased employee.

2) In respect of employees whose total period of service is less than 3 years, the payout will be limited to the next 12 months.

3) With regard to employees on contract employment /fixed term employment, the period of monthly compensation will be limited to 12 months irrespective of the total period of the engagement in the Company.

This will be in addition to the terminal benefits offered by Muthoot Finance including one-time compassionate payment, payable to the family/dependents of deceased employees. The company will continue to ensure that each employee and their family member is safe and protected.

To promote and motivate the employees to take vaccination against COVID-19, company has decided to reimburse the amount of vaccination for employees and their dependents, if they produce the copy of the vaccination certificate.


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