Member Welfare Benefit

 

As a welfare measure for the members, the concept of MWF Benefit Scheme was introduced in the year 2006. Primarily, the scheme was designed to provide financial assistance for the widows of deceased members in the form of monthly pension depending on the tenure of membership.

 

The Board in its meeting held on 23.02.2018 had reviewed the Member Welfare Fund Scheme. The key features of the scheme are furnished herein below.

 

Shareholder Members of the Bank on Natural Superannuation (not applicable for members against VRS, suspended, terminated, etc) at the age of 60 years shall have an option (at the time of ceasement of his/her membership) to take back his/her deposit kept in Member Welfare Fund or avail a heath check up cum pension once a year for 8 years.

 

Health Checkup Amount Payable under the scheme

  1. Members above 10 years of continuous membership shall get Rs 650/- per year for 8 years.
  2. Members above 15 years of continuous membership shall get Rs 950/- per year for 8 years.
  3. Members above 20 years of continuous membership shall get Rs 1250/- per year for 8 years.

 

Existing One Time Benefit to all the retiring (superannuated) Shareholder Members payable stands discontinued.

 

Widow Pension

 

Members’ Spouse on death of the member during his/her service period at their Employers Bank is eligible for availing pension for a period of 48 months on the following terms and conditions.

 

  1. This facility shall be provided only to Dependent spouse.
  2. Dependent spouse shall be the registered nominee of the deceased member.
  3. Member Welfare Fund Amount of the deceased member shall be kept by the bank at the time of ceasement of the deceased member.
  4. If spouse gets employment on compassionate grounds or gets married again such facility shall be stopped immediately.
  5. Life Certificate shall be produced by the pension holder physically every year, on the month of members’ demise.
  6. An amount of Rs 6,000/- is payable to the nominee of the member for Ritual purpose of the deceased member.

 

Amount Payable under the scheme

  1. Continuous Membership above 10 years shall get Rs 650/- per month
  2. Continuous Membership above 15 years shall get Rs 950/- per month
  3. Continuous Membership above 20 years shall get Rs 1250/- per month

 

The above schemes has come into effect for Shareholder Members who has attended superannuation on and from the month of March 2018.