- The new policy allows for accelerated vesting of all unvested ESOP units to employee’s family members
- Family members will be given 3x of the last drawn CTC of the deceased employee
- This comes right after the company’s efforts to expand its health insurance policy to include LGBTQIA+ and live-in partners on account in June 2022
INDIA, Bangalore – 11th Oct 2022: Razorpay, India’s Leading Payments and Banking Platform for Businesses, furthers its mission towards building an employee-centric work culture with the introduction of the ‘Family Assurance Benefits Policy’ for all its full-time employees and their families today. Under the policy, Razorpay will provide continued financial support to the employee’s immediate family in case of an unfortunate demise.
Losing a family member is never easy. While 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. We desire to help them in every way possible and this initiative is a step forward in that direction. Under such unfortunate circumstances, the nominee of a Razorpay employee will be eligible for:
- 3X of the last drawn annual CTC (Cost To Company) of the deceased employee
- Accelerated vesting of all unvested ESOP (Employee Stock Ownership Plan) units to the nominee, if ESOP was allocated
- Prorated 100% variable pay for the current performance cycle
- Prorated Gratuity for employee’s tenure at Razorpay
- Continuation of Medical Insurance Coverage for the rest of the policy term in the same financial year for the nominees as per the Group Medical Cover policy.
ESOPs have been a source of significant wealth creation for employees in the startup ecosystem and Razorpay strongly believes that its employees are quintessential to the overall development of the business and ESOPs are one of the many tangible ways in which Razorpay extends its gratitude to its employees. Paying tribute to the employee’s contributions further, Razorpay’s ESOP policy now makes the nominee of the deceased Razorpay employee eligible for accelerated vesting of all unvested ESOP units. In May 2022, Razorpay became one of India’s youngest startups to facilitate the ESOP sale consecutively for three years, the benefits of which were sought by current and former employees who held vested stocks of the company.
The Family Assurance Benefits Policy is applicable to all Full-time employees of Razorpay. The company hopes this initiative will act as a safety net for its employees’ family members in times of need and help employees continue to build their dreams with one less thing to worry about.
Chitbhanu Nagri, Senior Vice President – People Operations, Razorpay said, “Since we all spend a large portion of our lives at our workplace, we at Razorpay have made greater efforts to create an ecosystem where every Razor truly belongs. While we continue to disrupt and relentlessly work towards building a robust financial services ecosystem, none of it would be possible without our teams being empowered by their families at every step of the way. This policy is our way to reiterate our commitment to our teams’ wellbeing and extend our contributions to the lives of our Razor families.”
In June this year, Razorpay revamped its Employee Health Insurance Policy to include live-in partners, same-gender partners, and those who identify as LGBTQIA+, making it the first Fintech unicorn in India to introduce a highly inclusive insurance policy for its team members. This initiative had its origins in believing that caregiving is not always limited to immediate family members as done traditionally but also transcends through our loved ones, irrespective of one’s identity.
In the past few years, Razorpay has been the pioneer in several employee-first initiatives and benefits including “No-Meeting Days”, “Pet Days”, “Wellness Leaves” to name a few. With its employee-centric approach, Razorpay endeavors to make the workplace a safe, productive, enabling, and conducive environment where employees can achieve not only their career goals but their mental, emotional, physical, and financial well-being as well.