Ranchi, Aug 25: Tata Steel and the State Bank of India (SBI) on Tuesday signed a Memorandum of Understanding (MoU) in Jamshedpur to expand salary account and salary package facilities to eligible contractual employees of the steel major.
The agreement is aimed at extending banking, insurance and financial security benefits currently available to Tata Steel’s permanent employees to eligible contractual workers as well.Under SBI’s Corporate Salary Package, eligible employees can get personal accident insurance cover of up to Rs 1.10 crore, depending on their salary slab, account variant and applicable eligibility criteria.
The maximum coverage includes personal accident insurance of up to Rs 1 crore, along with an additional Rs 10 lakh accident insurance cover through the SBI debit card.The benefits are available without additional charges, subject to the terms and conditions of the applicable salary package.
The package also provides insurance benefits for eligible family members. Under the SBI Relationship Account (Gold and above), up to four family members can receive accident insurance coverage of Rs 5 lakh each, providing a potential combined family cover of up to Rs 20 lakh.
In case of accidental death of a parent, additional financial assistance of Rs 8 lakh to Rs 10 lakh may be available for the higher education of children up to the graduation level, subject to applicable conditions.Financial assistance of Rs 5 lakh each for the marriage of up to two daughters, amounting to a potential total of Rs 10 lakh, is also available under the applicable provisions.
Depending on the salary package variant, employees may also receive benefits such as air accident insurance, permanent total and partial disability cover, health insurance and super top-up cover.The package further includes a range of banking and lifestyle benefits, including airport lounge access, travel benefits, health check-ups, gym and spa facilities, golf, movie tickets and OTT services, subject to eligibility.
SBI General Manager and Jharkhand State Head Benudhar Parhi said the bank shares a long-standing relationship with Tata Steel and that permanent employees of the company are already availing SBI’s salary package facilities.He said the new agreement would extend these benefits to eligible contractual employees and provide them with enhanced salary account services, accident insurance, health security and other banking facilities.
The MoU was signed on behalf of Tata Steel by Rajiv Mangal, Vice President, Safety, Health & Sustainability, and on behalf of SBI by Manish Kumar Mishra, Deputy General Manager, Administrative Office, Ranchi.Senior officials from both organisations attended the signing ceremony, including SBI officials Alok Kumar, Pankaj Jha, Vikas Pandey and Kanhaiya Kumar, along with Tata Steel CHRO Zubin Palia and other senior representatives.
The agreement is expected to strengthen financial and social security support for eligible contractual employees associated with Tata Steel.
