Speak for those who cannot speak for themselves
Fight for those who cannot fight for them selves
Never thought that we will be writing this article. We were fighting for our (Bankers in service ) benefits while in service with government and IBA. There are organisations as well as individuals fighting (struggling )for the welfare of the retirees. But we are leaving one class (i.e deceased employees and their families) who can’t speak for then selves or lobby for their demands and its time to speak up or them.
We did witness a few sorrow demises of our young colleagues. We were silent spectators for the ordeals their families have to go through the difficult times.
Adult mortality rate in india as per the census is 3.6% Per annum ( Aged 15 to 29 ) and it goes as high as 52.6% when it comes to age of 30 to 69 years. It’s a tad higher when it comes to Banking Industry.
The following are the benefits available to the family members of a deceased employee
- SPF or NPS amount.
- Leave Encashment.
- Benefits from benevolent funds of unions and societies.
- Group Insurance policy of banks.
| Benefit | Officer with service of 5 years | Officer with service of 25 years |
| SPF/NPS | 5 lacs | 8 lacs |
| Gratuaity | 2 lacs | 9 lacs |
| Leave Encashment | 1 lacs | 5 lacs |
| Benefits from unions and Banks | 5 lacs | 5 lacs |
| Group Insuance ( In case of accident only) | 4 alcs | 4lacs |
| TOTAL | 17 LACS | 31 LACS |
The benefits of group insurance changes from bank to bank.
Normally bank employees are known for their indebtedness. We take each and every possible loan. Thanks to the management for their generosity in increasing the Housing Loan and Vehicle loan quantum. We were indebted for eternity. The following are the normal loans that each and every employee avails, and the probable monthly instalment.
| Benefit | Loan amount | Instalement |
| Housing Loan | 50 lacs | 25000/- |
| Car Loan | 8 lacs | 6500/- |
| Clean loan | 5 lacs | 6000/- |
| Loans from society | 5 lacs | 5000/- |
| TOTAL | 68 LACS | 42500/- |
All the above loans are common for a middle aged bankers. Now with reduced eligibility in total service even the officers with service of less than 3 years are eligible for all the loans.
| Benefit | Officer with service of 5 years | Officer with service of 25 years |
| Family Pension | 12483/- ( For first 7 years and after that pension will be reduced by 50% ) | 23112/- ( For first 7 years and after that pension will be reduced by 50% ) |
| Salary for the Family Member (Compassionate Appointment ) | 21423/- | 21423/- |
| TOTAL | 33906/- | 44535/- |
It is very clear from the above tables that the family will be virtually on roads, if the employee is under insured.
Now lets see some of the welfare measures/policies by different banks.
The best is the Liability insurance for all the loans availed by staff. In case of any unforeseen event the total liability will be cleared by the insurance companies. In some banks the cost is totally borne by the banks.
In some banks it is compulsory but the premium is to be paid by the employees them selves.
But in majority of the banks there are no such compulsions and it is totally voluntary.
Now we suggest the following and should be our demands for the upcoming Eleventh Bipartite Settlement.
- All the loans should be covered under the liability insurance and the premium should be borne by the bank.
- For all the employees Term Insurance policy should be mandatory to the extent of 120 times of their monthly gross salary. The premium should be paid by the bank.
