Multi Commodity Exchange of India Ltd (MCX) has come with key employee-centric initiatives to incentivize employees to perform to their optimum levels in the wake of covid-19 pandemic outbreak.
As part of a broader initiative to boost employee morale, MCX has offered an incentive of up to three times the regular salary to employees who have been working from the office for over a week in the midst of the covid-19 crisis.
MCX is the only exchange in the country to offer such an incentive structure to its workforce. The exchange has around 400 employees across the country with 300 employees based in their Mumbai-based headquarters.
With a view to incentivize the employees for their risk-taking endeavor, the nomination and remuneration committee of the exchange approved a new reward/compensation program wherein the exchange will offer them double their salary which may go to up to 3 times in some cases.
Adequate financial compensation will also be offered to other support staff working on contract employment.
MCX has tied up with Religare Health Insurance to provide insurance cover to its employees against covid-19 under the “Group Cover Covid-19” policy. It is one of the first exchanges in the country to offer an insurance policy for Covid-19 for its employees. It would cover the MCX employees for a period of one year and is not linked to the Group Mediclaim cover already provided by the exchange for its employees.
The health policy will cover a sum insured of Rs 5 lakh per employee. Under this, an employee can avail of insurance cover only for Covid-19. It does not extend to home isolation or quarantine measures. Only employees whose test has been confirmed positive by a qualified medical practitioner is eligible for claim settlement under the policy. If tested positive, pre and post-hospitalization charges will be covered for a period of 30 and 60 days.
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