ARISE APPEALS TO MD !

Comrades,

IBA MEDICAL INSURANCE SCHEME

Pursuant to our letter to MD (attached hereunder), I alongwith President Com. K S Rengarajan and Vice President Com. K Anandakumar met our MD on 4th October, 2021, especially to request subsidy to bear premium and GST cost of IBA administered health insurance scheme. Our Vice President Com. R Krishnan was helpful in advancing the appointment from 11th to 4th October. 

The meeting was cordial with frank exchange of views, where we explained the pain of the retirees and the MD shared his views on taking up long term financial commitments without being certain about the sustainability of bank’s recovery. A better view can be had only at the end of this financial year. Expressing his sympathies for the cause of retirees and admitting the need for a better alternative to Health insurance, he agreed to consider extending loan at concessional interest to meet insurance premium. We desired to have atleast interest free loan. 

Thereafter, we met DGM, Mr Rajendra Prasad to apprise him of the meeting ( as GM Mr. Rabinder Pradhan was on leave on 4th October) and also discussed with him a few pending individual cases that included gratuity payment and Reg 26 benefit. 
Later Com. Anandkumar pursued with GM Mr. Pradhan. As a follow up of the meeting with MD the following letter was sent to GM on 8th October.

” Quote “

We very much missed you on 4th when we met our MD. Though he was sympathetic to our request for subsidy to meet Health Insurance Premium, he felt bank would require some more time to stabilize to sustain the present recovery path and considering the additional provision that needs to be made for the proposed increase in family pension, the bank cannot make additional financial commitment till 31/3/2022.  While admitting the need for a better alternative than insurance scheme, our MD assured to give a limited relief of granting loan at concessional rate.  While we acknowledge the constraints of the bank it may please be appreciated by the bank that the pain of retirees choosing to go without insurance  because of high cost of premium tugs at our conscience. While every other bank is giving some form of subsidy (in fact Federal Bank in private sector subsidizes 70% of premium cost excluding GST) our retirees too look up to our bank  for similar kind of relief though not of same scale.  In the larger context of the society and nation building, subsidizing our  health insurance premium cost can be viewed as a Corporate Social Responsibility program. Any old person getting sick and going untreated is a health hazard to the entire community around him because of old people’s high propensity to infect others.  The assurance of insurance will make the retirees feel secure which itself will make them healthy and be able to contribute to the society. Most retirees carry out cost free social service, which they cannot if they fall sick. In a way, a Heath cover enables society get free competent labour. Subsidizing health insurance cost of retirees is nothing but a CSR program. We request the bank to kindly explore the possibility of granting direct monetary relief to retirees.  In the meanwhile, as an interim measure the suggested loan may please be granted. 

Our Vice President Mr. Anandkumar apprised you about the discussion we had with our MD and requested your help. We are pleased to learn that bank is sympathetic to the concerns of retirees. In the circumstances,  when no subsidy is given even to meet the GST component, we request the bank to grant interest free loan  than concessional   Interest loan to retirees.  Please use your good offices to get this bare minimum relief.   

Thanks and regards,

SBC Karunakaran 

Gen Secretary- ARISE 

” UNQUOTE ” 

A loan is not what will help many to come back to the insurance scheme though it may help many others. We will pursue the matter in due course. 

Regards,

S B C Karunakaran

General Secretary