CHENNAI: Following Cognizant’s $40 million relief for the city, Tata Consultancy Services has set aside Rs 1,100 crore for interest free cash advances for its employees affected by the floods.
In an internal communique to its employees in the city, TCS CEO and Managing Director N Chandrasekaran said many of its employees had suffered significant losses during the devastating floods. It is to help them “recover, rebuild and reboot their lives quickly, that TCS has decided to offer various relief measures to all TCSers based in Chennai.”
As per the package, TCS would make available up to Rs 1,100 crore for interest free cash advances - in the range of Rs 1 lakh to a maximum of three months Gross Salary. These advances would be disbursed from December 14 to those who apply.
TCS is also setting aside Rs 50 crore for direct grants for extensive damage to homes, including an ex-gratia grant of one month’s salary up to a maximum of Rs 15,000 for impacted TCS support and service staff, reimbursement of medical and hospitalisation expenses for employees and families.