The decision in this regard was taken at the CPI(m)'s state commitee meeting, a press release said.
Junaid's family had recently met the Chief Minister along with CPI(M) Polit Bureau member Brinda Karat at Kerala House in Delhi and had narrated the problems being faced by the family.
The family had sought financial help for the education of their children, the release said.
The amount would be handed over to the family through the central committee.