Razorpay said it has introduced a ‘Family Assurance Benefits Policy’ for all its full-time employees and their families to build an employee-centric work culture.
Under the policy, the India-based payment and banking platform for businesses looks to provide financial support to the employee’s immediate family in case of an unfortunate demise.
Razorpay further said it would offer three times the last drawn annual CTC (Cost To Company) to the kin of a deceased employee.
The benefits are prorated 100% variable pay for the current performance cycle, prorated gratuity for the employee’s tenure at Razorpay, and continuation of medical insurance coverage for the rest of the policy term in the same financial year for the nominees as per the Group Medical Cover policy.
The firm said the Family Assurance Benefits Policy applies to all its full-time employees. The company further said that this initiative would act as a safety net for its employees’ family members in times of need and help employees during the period of crisis.
“No-Meeting Days”, “Pet Days”, and “Wellness Leaves” are some of the employee-first initiatives and benefits introduced by Razorpay.
In June, the start-up also revamped its Employee Health Insurance Policy to include live-in partners, same-gender partners, and those who identify as LGBTQIA+.