Dear CiteHR Senior Members.
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BENEVOLANT FUND / ADARSHA NIDHI-
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It is a Welfare Fund contributed by both the employees & the Company to help Family/Nominee of a Deceased Employee. When all other Benefits takes time to reach the Dependent/ Nominee of the deceased employee; part of this Fund (say Rs. 10-30,000 is released to them same day of the incident to take care of immediate Expenses.
This Scheme would be a great help & employees will feel a sense of belonging. Many Central Govt. Cos. have this Scheme whereas; it is not available in many Pvt.Cos. It is not clear if there is any specific reason for HR not introducing this Scheme in many Cos. Since lot of employees work in Pvt.Cos. & incidents of death is also there including accidental death outside the Co.premises; in which case Co. may not extend help as obliged to do in case of on duty accidental death; implementing such Welfare Scheme in Cos. where min.100 employees are working; can give immediate help to the Family members / Relatives of the deceased at a critical time.
If the employee is covered under ESI; then; in case of Death, ESI will pay Rs.10,000 towards Funeral expenses. Some Companies also pays Funeral expenses.
Request; Senior Members to give suggestions, comments about HR introducing the Benevolant / Adarsh Nidhi Fund as a Welfare Scheme in Pvt. Cos
HR Consultant, Hospet 4.2.18
From India, Mumbai
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BENEVOLANT FUND / ADARSHA NIDHI-
===============================
It is a Welfare Fund contributed by both the employees & the Company to help Family/Nominee of a Deceased Employee. When all other Benefits takes time to reach the Dependent/ Nominee of the deceased employee; part of this Fund (say Rs. 10-30,000 is released to them same day of the incident to take care of immediate Expenses.
This Scheme would be a great help & employees will feel a sense of belonging. Many Central Govt. Cos. have this Scheme whereas; it is not available in many Pvt.Cos. It is not clear if there is any specific reason for HR not introducing this Scheme in many Cos. Since lot of employees work in Pvt.Cos. & incidents of death is also there including accidental death outside the Co.premises; in which case Co. may not extend help as obliged to do in case of on duty accidental death; implementing such Welfare Scheme in Cos. where min.100 employees are working; can give immediate help to the Family members / Relatives of the deceased at a critical time.
If the employee is covered under ESI; then; in case of Death, ESI will pay Rs.10,000 towards Funeral expenses. Some Companies also pays Funeral expenses.
Request; Senior Members to give suggestions, comments about HR introducing the Benevolant / Adarsh Nidhi Fund as a Welfare Scheme in Pvt. Cos
From India, Mumbai
This is indeed a very good welfare scheme. There are two methods of doing this, one is to make a standard contribution of say Rs. 50/- per month (to be decided on the basis of average number of deaths in the last 3/5 years, the capacity of members to pay, the relief amount proposed, the number of employees opting etc) and the net amount is deposited in the bank and the moment death of an employee is informed the relief amount is handed over to the bereaved family by the representatives of the Welfare Committee and the other method is to make monthly deduction depending on the number of deaths taking place in the month, but the management advances the relief amount only to be recouped from the salary of the contributing members. Both has its own advantages/disadvantages. But immediate relief and a substantial amount to meet the sudden ecpenses would be big help to the relieved family. My experience with the second method has been highly satisfying.
From India, Mumbai
From India, Mumbai
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