MSD India Launches Personalised Benefits Program For Its Employees
MSD (known as Merck & Co., in U.S. and Canada) recently launched a personalised and flexible benefits program, ‘My Benefits My Choice,’ for its employees in India. Under this new program, employees will have the flexibility to create their own benefits package by choosing from 25+ benefits depending on their personal needs and priorities. This new program which was effective from July 1, 2023, ensures that all employees have the protection, support and resources needed to support their own and their family’s needs. The ‘My Benefits My Choice’ program is on top of the base insurance plan offered by the company to its employees, which covers an employee’s immediate family including spouse, children and parents.
MSD India engaged with its employees via surveys and conversations to understand what matters most to them. In partnership with employees, the company identified over 25 benefits including medical coverage for parents-in-law, elder care support, coverage for critical illness, vaccination support, OPD coverage, genome testing for children, gender affirmation surgery, coverage for differently abled children and more, which now form a part of the company’s robust and comprehensive offerings. Each employee can choose from these available benefits to design their own personalized and individual benefits package. With their evolving life stage and needs, the employees will have the flexibility to update their benefits annually.
Rehan A. Khan, Managing Director, MSD India said, “At MSD, our people are our greatest asset, and we want to empower and support them in their professional achievements and personal well-being. Our new employee benefits program cuts away from the traditional one-size-fits-all to an individualized, inclusive, and flexible approach that empowers our employees to choose what is most important for them and their family. We want our employees to lead a happier and healthier life and know that the company is with them on this journey.”
Bhargavi Kakunuri, Director and Head – Human Resources, MSD India, said, “We are committed to helping our employees and their families improve their health and well-being. Our new flexible benefits program is just one of the many ways we’re living up to this commitment. This new program is inclusive of the many needs of our people, whether it is taking care of elders or children, gender reassignment surgery, vaccination or OPD coverage, and they can not only choose the benefits most important to them but also update those as their life stage and priorities change.”
Ashley Dsilva, Head of Health Solutions for India at Aon, said, “Aon is truly delighted to have collaborated with MSD India to develop their flexible benefits offering in India. As a health and benefits advisor, we worked closely with MSD India to provide data-driven insights and solutions to help them make better decisions to engage their employees and drive workforce resilience. With our deep global expertise in flexible benefits and strong local delivery capabilities, we believe a data and an insights-driven solution will make a significant difference in how MSD India employees engage with and avail benefits going forward.”
The company also continues to offer 12 weeks of paternity leave and a monthly childcare allowance to employees having children between 6 months to 6 years. MSD India also supports its people on their mental well-being through an employee assistance program, a 24x7 support helpline and access to resources designed to aid sleep and lower stress and anxiety.
