In a major initiative aimed at bolstering the financial safety net for its workforce, the Jharkhand government has entered into a strategic partnership with a public sector bank. The state administration, led by Chief Minister Hemant Soren, signed a Memorandum of Understanding (MoU) with the Bank of India (BoI) in Ranchi on Tuesday.
A Comprehensive Safety Package for Employees
The landmark agreement promises a robust insurance package for the state's regular employees who maintain their salary accounts with Bank of India. The scheme offers a substantial insurance cover of up to Rs 2 crores in case of death due to an air accident. For other personal accidents, the cover extends to Rs 1 crore.
Beyond life cover, the policy includes significant support for disabilities. Employees will be eligible for Rs 1 crore in case of permanent disability and Rs 50 lakhs for partial disability. Adding layers to this security blanket, the package also provides Rs 10 lakh insurance cover on debit cards and a dedicated provision of Rs 10 lakhs for children's education. This education fund is specifically designed to ensure that an employee's children can continue their studies without financial hindrance during difficult times.
Inclusive Benefits for Contract Staff and Pensioners
Demonstrating an inclusive approach, the benefits of this MoU are not restricted to regular employees alone. The state government has ensured that contractual employees who receive their salaries from government funds, as well as pensioners, will also be covered under various insurance schemes. The only prerequisite is that they must hold an account with the Bank of India.
The scheme's applicability is broad, extending to employees of state-run companies, corporations, boards, and other government-owned institutions. In a notable inclusion, Finance Minister Raghubar Das announced that the scheme would also be applicable to former ministers of the state.
Leadership Hails the Move as a Step Towards Dignity
The signing ceremony was attended by Chief Minister Hemant Soren, Finance Minister Radha Krishna Kishore, and senior executives from the Bank of India. Addressing the gathering, CM Soren emphasized that the MoU reflects the state government's sensitive and caring approach towards its employees. He stated that the agreement would go beyond mere financial security by strengthening the confidence, sense of stability, and self-respect among the government workforce.
Subrat Kumar, Executive Director of Bank of India, echoed these sentiments, affirming that the partnership is designed to provide crucial financial safety to both serving employees and pensioners, securing their futures and those of their families.
In a poignant moment during the event, the tangible impact of such banking partnerships was highlighted. Dignitaries presented a cheque of Rs 50 lakhs to Manju Lakra, the wife of late Pramod Lakra, an employee of the state energy department. This insurance amount was disbursed to her under the bank's existing scheme, as her husband held a salary account with BoI.
This collaborative move between the Jharkhand government and Bank of India marks a significant policy shift towards institutionalizing welfare and long-term financial planning for public servants, setting a potential benchmark for other states.
