New Delhi, May 19 : Ramping up efforts to provide the necessary support for employees during the ongoing second wave of Covid-19, OYO on Wednesday announced a slew of welfare benefits for the families of its employees, deceased due to Covid-19, as a part of its bereavement support. "In the unfortunate event of the death of an employee due to Covid-19, the company will support the family of the deceased with 8 months' pay in full and a term insurance payout which equals three years of their annual pay," said a company statement. OYO will also sponsor the education of the employee's children (up to two) and extend medical coverage of up to Rs 3 lakh for the spouse and children for a period of 5 years. Besides statutory benefits, the employee's legal heirs or nominee will be granted an opportunity to liquidate and settle the vested options or exercised shares upon the occurrence of the next liquidity event. The company is further extending support to OYO alumni and providing them with access to a slew of Covid-related resources. Founder & Group CEO,Ritesh Agarwal, in a tweet, said: "COVID-19's second wave has been devastating for many. During this time, the wellbeing of OYOpreneurs & their families is our utmost priority. Unfortunately, some of our colleagues have lost their battle with COVID-19 & we hope that our bereavement support will help their kin" He also said that over 200 OYO volunteers across more than 50 cities continue to help its current employees and the company is further extending Covid support, ranging from oxygen concentrators to medical supplies round the clock, to OYO alumni and their families. "We won't stop here. In addition to our existing Covid employee policies, we want to do more, not just for OYOpreneurs but also for our extended OYO family. Now more than ever we need to support those who built OYO into what it is today," said another tweet. OYO recently facilitated and concluded a Covid-19 vaccination drive in partnership with Max Healthcare for Delhi NCR. Over 500 members were vaccinated, including OYOprenuers and their families. The company is in the process of setting up more camps for its employees across the country. These initiatives come after the company introduced a 4-day work week for the month of May and flexible offs until July. /IANS