Singareni Key Agreement with Union Bank for Rs. 55 lakh free accident insurance facility to all workers
Free accident insurance applicable to all workers with super salary account
Agreement to remain in force even after retirement of the employee
315 rupees normal insurance amount and another 30 lakhs accident insurance coverage
The agreement with Union Bank is for the benefit of the workers
Singareni Director Finance and Personnel Shri N. Balaram
Concessions in housing and education loans
Free check book, unlimited ATM services
With the intention of benefiting the workers, a key agreement was signed with the management of Singareni and Union Bank of India at Singareni Bhawan in Hyderabad on Thursday. Singareni Director Finance and Personnel Mr. N. Balaram is the special initiative of this agreement which will bring many benefits to the workers.
It has been decided to convert the accounts of 11,182 Singareni workers who currently have accounts in Union Bank across Singareni into super salary accounts without any additional payments. Thus, an accident insurance facility of Rs 55 lakh will be implemented free of charge for every worker.
This applies to employees earning a minimum gross salary of Rs 25,000 to Rs 75,000 per month and above. 40 lakhs insurance scheme for having a super salary account, 5 lakhs bank insurance and 10 lakhs rupees through ATM Rupay card insurance, totalling up to 55 lakhs rupees will be paid under accident insurance facility.
Similarly, if the employee pays an annual premium of Rs 315 under the normal accident insurance scheme, an additional accident insurance amount of Rs 30 lakh will be paid under the scheme. In this way , a maximum of 78 lakh rupees has been paid under these two schemes to the Singareni workers who died recently and 22 additional benefits will be provided along with this accident insurance facility.
15 thousand rupees per year under Mediclaim hospital expenses, free check book facility, 25 to 50 percent discount on use of bank lockers, full percent processing fee waiver for loans above Rs.25 lakhs, Rs. The agreement has been signed to bring many benefits like half concession in processing fee for loans less than 25 lakhs, concession on loans taken by Singareni workers for house construction, concessions on personal loan, vehicle loan, education loans, concessions on usage of ATM card.
These contractual concessions are agreed to continue even after retirement up to the age of 70 years. Retired workers are also likely to benefit from this.
The benefit of the workers is paramount: Director Finance and Pa Shri N. Balaram
Singareni company pays wages of around 300 crore rupees to its workers and employees every month through banks and 30 thousand crore turnover is handled by banks in a year. The agreement with Union Bank is also very good.
He said that this is a good development that the banks, which conduct business transactions worth crores of rupees through Singareni, have also agreed to provide concessions to Singareni workers who have accounts with them. He said that all the workers want to live healthy and not exposed to accidents, but in case of unexpected accidents, their families will be supported by the company and free accident insurance facility from the banks will be of great benefit to those families.
Recently, a labourer died in Srirampur and his family was paid 74 lakh rupees by the bank under an insurance scheme. He also said that Union Bank has provided an accident insurance compensation of Rs.3.5 crore to 8 employees who died in various accidents during the last year as per the company’s appeal. According to the order of the chairman of the company, more and more good schemes are being implemented for the welfare of the workers for their benefit.
Mr. Kare Bhaskara Rao, Chief General Manager of Union Bank of India said that they have been serving the Singareni region for the last 50 years under the name of Andhra Bank, and there are many branches in the Singareni region. Singareni promised to set up a special cell at Hyderabad centre to convert and manage bank accounts of Singareni employees into super salary accounts.
General Manager Welfare and Recruitment K. Basavaiah from Singareni, Director Personnel Prakash Rao from SO, Personnel Manager Mukunda Satyanarayana, General Manager from Union Bank of India P. Krishnan, Regional Head d. Aparna Reddy, DGM Government Business Mr. I. Ravi Krishna, Regional Head Arun Kumar, AGM Sri Chandra Reddy and others participated.