Standard Chartered to reimburse Covid expenses of 25,000 employees

Standard Chartered Bank on Tuesday said it will reimburse the medical expenses of its over 25,000 employees in the bank and  the global business services unit and their family members for Covid treatment.


Many Indian firms have announced similar schemes for their employees. Bankers, in particular, are vulnerable as the work involves dealing with people on a daily basis. More than 1,000 bankers have already died of Covid, according to the Indian Banks’ Association.


The bank said the benefit scheme will cover the employees' parents and parent-in laws for up to Rs 2,50,000 per patient with intensive care unit (ICU) hospitalisation. Those who do not require ICU will get reimbursement up to Rs 1,25,000 per patient. The employees are already under a separate staff medical scheme.


Primarily these new interventions are aimed at junior- and mid-level employees and are over and above the already existing benefits covering such employees and their immediate family members, the bank said in a statement.


In case an employee passes away due to the condition, the family will receive four times the annual gross compensation. This scheme covers all employees.


The bank will give an interest-free salary advance of up to six months’ gross pay to meet the expenses incurred on account of Covid-related medical emergencies, with a six-month moratorium on repayment.


It has set up a medical team to assist in the hospitalisation process and vaccination drives are being organised in multiple office premises for employees and their family members, it said in its statement.

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