INSURANCE BACKED HOSPITALISATION SCHEME FOR RETIRED STAFF

Insurance news

November 19, 2015

To
The Chairman,
Indian Banks’ Association,
Mumbai.

Sir,

REG: INSURANCE BACKED HOSPITALISATION SCHEME FOR RETIRED STAFF.

We draw your kind attention to the 7th Joint Note signed by Four Officers’ Organizations with IBA on 25th may 2015 at Mumbai.

2) In terms of Clause 10 of the Joint Note, the details of reimbursement of hospitalization expenses has been listed out in the annexure IV of the Joint Note.

3) In terms of Clause 5.10 of the appendix I of the 7th Joint Note, there would be a continuity of this scheme / benefits to the retiring officers/ employees and their family and also to the retired officers/ employees and their family.

4) It is hereby reliably learnt that United India Insurance, the service provider has informed the member banks directly that some of the facilities like corporate Buffer, Maternity expenses, Critical Illness cover, Domiciliary expenses, dependents not covered, are not available to the retired employees.

5) Unilateral action by the service provider after the commencement of the Insurance cover w.e.f 1.11.2015 is unacceptable to our Organization.

6) This issue of Insurance backed Hospitalization scheme was piloted by the management during Negotiation and ultimately the issue has been achieved as a part of the 7th Joint Note exercise.

7) Further, in the record note of the discussions between IBA with UFBU on the issues and to the demands relating to the retirees of the Banks held on 25.05.2015, categorically states that, ……benefits of the coverage of this scheme would be extended to retirees also subject to the conditions that the cost of the Insurance premium under the scheme would be payable to retirees”.

8) As there is departure in the understanding arrived at between 4 officers organizations and IBA unilaterally by the service provider independently, Our Organization urges upon the IBA to convene a meeting of all negotiating Unions, on an urgent basis to avoid the avoidable conflicts in the present wage revision exercise concluded in May 2015.

We expect your immediate response to resolve an artificial issue created by the service provider.

Yours faithfully,
/S.NAGARAJAN/
GENERAL SECRETARY

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