Tata Consultancy Services (TCS), India's largest IT firm, is set to give Rs 1,100 crore as interest free cash advances to its employees in Chennai, as the city recently witnessed one of the worst floods in the past several decades.
The earmarked money will be given to the employees in the form of loans and grants by the IT giant.
TCS' move comes just a few days after Cognizant Technology Services (CTS) announced to spend $40 million (Rs 260 crore) to help flood victims, its employees and business partners in the flood-hit capital city of Tamil Nadu.
"Following the devastating flooding in Chennai, many of the employees have suffered significant losses," said N Chandrasekaran, Chief Executive Officer and Managing Director of TCS, in a letter to the company's employees.
Under the Rs 1,100 crore relief fund, the Mumbai-based IT major will extend interest free cash advances to its employees advances "in the range of Rs 1 lakh and up to a maximum of equivalent to three months Gross Salary."
The company said that it would start disbursing advances from the week of 14 December and it also created a "special Chennai page" for this purpose. TCS employs more than 60,000 people across its 13 centres in Chennai.
TCS will recover advances given to its employees in 12 months after 1 April, 2016, Business Standard reported.
The company is also providing free of cost bus transportation for all of its employees in Chennai until 31 December.
"Many of our colleagues and our support staff have shown the greatest spirit and commitment in these challenging times to display all that is great about this company. We hope these measures will help them and many others get back on their feet quickly and put this traumatic experience behind us," said Chandrasekaran in his letter.
