IT software firm Intuit India has rolled out new compensations and health benefits for its employees, including increased maternity benefits, coverage for surrogacy and infertility treatment as well as additional medical cover for parents-in-law.
Intuit’s new medical plan provides increased maternity coverage for its over 900 employees and dependents. Coverage for normal deliveries has been increased to Rs 60,000 from Rs 50,000. For Csection, the company will cover expenses up to Rs 75,000. The company has also extended medical cover to the third and fourth child. Surrogacy and infertility treatments will also now be covered under the new plan.
Under the company’s new group insurance plan, coverage in case of death and accident has been enhanced to three times the base salary from twice earlier. Additionally, staff will be covered for 12 critical health conditions, including major burns, aorta surgery, major organ/bone marrow transplant, and loss of limbs due to injury or disease, for up to Rs 10 lakh.
The plan also allows Intuit staff to purchase additional medical cover for their parents-in-law
“One of the highlights of the new plan is the income protection clause, under which financial coverage is provided during extended hospitalisation and time away from work for medical reasons,” said ShikhaVerma, C&B leader, India and APAC. “For prolonged medical treatments, employees end up having to go on long periods of leave without pay. Under this clause, their financial well-being will be taken care of.” For up to three months of extended leave, an amount equivalent to three times the employee’s monthly salary will be provided, or Rs 60,000, whichever is lower.
“The new group medical plan caters to different life-stages for our employees, whom we count as our biggest and most important investment,” said SomnathBaishya, director and head-HR. “We’ve kept in mind changing demographics and have taken a diverse and intuitive approach to cover for actual realities that our employees face.”
While a few of the benefits were rolled out in August, many are new, including the income protection clause. The mailer that went out to Intuit employees last week, which was viewed by The Economic Times, states “Life, as someone once said, is like a box of chocolates. You never know what you’re going to get… At Intuit, no matter what, we’ve #gotyoucovered”.
Many of the new changes have been brought into effect after consultations with employees, said SriniwasanRamaswami, talent engagement leader, India and APAC
“While insurance policies at the majority of companies provide coverage for employees’ parents, Intuit has taken a bold step by allowing for in-laws to be covered as well. This will provide a safety cushion on top of additional medical expenses that may be incurred for aged and/or ailing parents and in-laws,” said UmeshBelludi, CEO of BrainTree HR Consulting. “The new benefits at Intuit will make an impact towards retention of employees, besides showing them that they are well taken care of.”