New Delhi, Dec 11: Country's largest software services firm Tata Consultancy Services (TCS) has set aside Rs 1,100 crore for providing interest free salary advances to its employees in flood-struck Chennai.
In a communication to employees, CEO and Managing Director N Chandrasekaran said the company will offer interest free cash advances in the range of Rs one lakh and up to a maximum of equivalent to three months gross salary.
TCS will make available up to Rs 1,100 crore for the same and the advances will be disbursed from the week of December 14 to those who apply, it added.
Besides, TCS has also set aside Rs 50 crore for direct grants to its employees who have suffered extensive damage to their homes.
"Ex-gratia of one month's salary up to a maximum of Rs 15,000 for TCS support and service staff who have been impacted," the communication said. TCS will also reimburse medical and hospitalisation expenses (over and above TCS medical insurance claims), it said.
"To decide on a course of action for the medium term, TCS is conducting a survey of dwellings in hamlets in and around Chennai for damage assessment. Development of a plan of action for rehabilitation and rebuilding of the surveyed areas is currently underway," it said.
Earlier this month, incessant rains in Chennai had forced companies to remain closed. However, IT companies, including TCS, had said there was no disruption to work on critical projects and 24x7 operations support.
Another IT firm Cognizant, which is one of the largest employers in the region recruiting more than 60,000 people at its 11 facilities, has committed Rs 260 crore (USD 40 million) to undertake relief and rehabilitation in Chennai.