News Flash
February 19
Reported: Vishal Mayur
Previously, the corporation provided a group insurance compensation of Rs. 3.00 lakhs to the dependent families of deceased staff members. However, effective since 2008, this compensation has now been increased to Rs. 10.00 lakhs. This augmentation is targeted to assist families coping with the loss of an employee due to causes other than fatal accidents, such as cancer, stroke, heart attack, kidney failure, and other diseases incurred during their service tenure.
Furthermore, BMTC has forged agreements with several prominent banks to extend additional insurance benefits to its employees. For instance, an agreement with Canara Bank ensures an insurance compensation of Rs. 30.00 lakhs to the families of employees who succumb to road accidents and hold salary accounts with the bank. Similar agreements have been reached with Union Bank of India (Rs. 65.00 lakhs), State Bank of India (SBI) (Rs. 50.00 lakhs), and Canara Bank (Rs. 50.00 lakhs), thereby augmenting the total insurance coverage.
Under the revised scheme, the monthly deduction from staff salaries, currently at Rs. 70, will be increased to Rs. 350, with an additional contribution of Rs. 150 from the corporation, totaling Rs. 500. This increased deduction will enable BMTC to provide insurance compensation of Rs. 50.00 lakhs to the dependents of employees in the event of accidents, whether on or off duty.
In cases where employees hold accounts with these banks and have accidents, their dependents will receive a combined compensation of Rs. 1.00 crore, with Rs. 50.00 lakhs from the bank and an equal amount from BMTC.
Effective from February 19, 2024, this revised scheme highlights BMTC's commitment to supporting its employees and their families in times of need.
Ramachandran R, IAS, Managing Director of BMTC, has led these efforts, increasing the total compensation for dependents to Rs. 1.15 crores, demonstrating the corporation's dedication to employee welfare.