Most of us might be spending around half of our lives at our workplaces, the team at Razorpay notes in a recent update.
Razorpay points out that it might be better if our workplaces are “not just spaces that enhance professional growth, are fulfilling and enjoyable but also an environment that creates meaning and value for our families?”
At Razorpay, they claim to have always desired “to create an ecosystem where every Razor truly belongs and now [they’ve] made a few efforts to include their families too.”
As a company, they have been “disrupting how age-old finance works and have been relentlessly working towards building a robust financial services ecosystem for small businesses, and [they] know that none of this would be possible without [their] teams being empowered by their families at every step of the way.”
This policy is their way to reiterate their commitment to their teams’ wellbeing and extend their contributions to the lives of their Razor families.
In an effort to build an inclusive, empathetic, diverse and a safe workplace not just for our Razors but their families too, Razorpay is now announcing a Family Assurance Benefits Policy that will “cover all Razors and their families.”
The Fintech firm hopes this small step will be of great help and assistance to their Razors’ family members in the unfortunate event of a team member’s demise.
Losing a family member is “never easy,” the company noted while adding that as families grieve the loss of a loved one, “the stress of how they would manage their lives (financially) further on also dawns upon the family members.”
Razorpay says that it aims “to help them in every way possible and this initiative is a move towards creating a work culture that cares and values team members and their families alike.”
For Razorpay, every Razor’s family is “our family,” the firm noted.
They added that all full-time team members of Razorpay “will be eligible to be covered under this term insurance policy.”
As explained in the update, “in the unfortunate event of a team member’s passing away,” the nominee will receive:
- 3X of the Last drawn annual CTC (Cost to company)
- Accelerated vesting of all unvested ESOP units (Applicable only if ESOP was allocated)
- Prorated 100% Variable pay for the current Performance cycle
- Prorated Gratuity for the tenure at Razorpay
- Continuation of medical insurance coverage for the rest of the policy term in the financial year for the nominees as per the Group Medical Cover policy.
ESOPs have been “a source of significant wealth creation for team members in the startup ecosystem and Razorpay strongly believes that its team members are quintessential to the overall development of the business and ESOP are one of the many tangible ways in which”
Razorpay extends its gratitude to its team members. Paying tribute to the team member’s contributions further, Razorpay’s ESOP policy now “makes the nominee of the deceased Razorpay team member eligible for accelerated vesting of all unvested ESOP units.”
For more details on this update, check here.