Employees Welfare Fund
Back in the 1990’s families of deceased employees were thrown into deep crisis as there was no pension and compassionate appointment. Unions’ demanded to form a welfare fund with a matching contributions from management was rejected by bank management. So under the leadership of Unions’, Employees Welfare Fund was formed by collecting a fixed monthly contributions from members.
Salient features of the same are included below.
- Death coverage of two lakh rupee.
- Retirement benefit of the total subscription paid with an additional benefit.
- Accident relief grant of 40,000/- for total disablement due to accident resulting in non employment in bank.
- Accident relief of 5,000/- on partial disablement due to an accident namely amputation of leg or arm.
Considering the genesis of EWF, It’s the responsibility of KGBEU/OU members to be a part of it.
Membership & Subscription :
- The membership in the Fund is open only to the members of the Kerala Gramin Bank Employees Union and Kerala Gramin Bank Officers Union.
- Every member shall remit an admission fee of Rs. 50/- and a monthly subscription of Rs. 100/-
- The membership of the Fund automatically ceases if a member, defaults in payment of subscription consecutively for 3 Months, retires from the service of the Bank, ceases to be a member of the KGBEU or KGBOU.
- The managing committee has the right to relax the term referred to under (C) (i) above if it satisfies the genuineness of reason for default.
click to download the opening form of the Employees Welfare Fund.