New Delhi, Mar 25 (IANS): Student housing company Stanza Living said on Wednesday that is has set up an employee contingency fund to cover the basic medical expenses for of its employees in case they are affected by the of coronavirus infection.

In a statement, the company said that the fund is based on voluntary contributions from the employees and Rs 10 lakh has been collected so far.

"Employees of the company across 10+ cities have come forward to pledge a part of their salaries to the fund, with the co-founders pledging 50 per cent contribution to the fund collection. This dedicated fund has been set up to cover the basic medical expenses for any employee in need, in the unfortunate incidence of contraction of COVID-19," it said.

Among other initiatives undertaken by the company, its ground operations teams are taking care of residents who are currently staying back at its centre, following health and safety protocols including wearing masks and gloves, stringent practice of social distancing and personal hygiene.

"Thermal screening measures have also been instituted across residences for the team and the residents' benefit," it said.

Further, it has relaxed the annual sick leave quota for the employees till April, and said that it may be extended based on situation assessment in the next two weeks.

Speaking about their initiatives, Anindya Dutta, MD and Co-founder, Stanza Living, said: "Businesses have been going through a tough time with the COVID-19 pandemic spreading, and the co-living space has been no different.

"A key focus area for preparedness is the safety of our workforce, as they ensure we stay agile and be adaptive to external factors, while continuing to deliver a seamless and safe living experience to our residents."