KT NEWS SERVICE JAMMU, July 16: The Jammu Central Cooperative Bank Limited, Jammu has entered into a Memorandum of Understanding with Kotak Life Insurance Company for introduction of Pension Scheme for its employees.
The highlights of the pension scheme introduced are that the same is to be implemented from the contribution of the bank and the employees contribution is not to be touched.
This Pension Scheme has been made applicable from the day one to the newly appointed employees and existing employees having service of more than five years.
The other features include an option to draw 33% with the employee out of the Pension Accumulated Fund upon his/her retirement, the wife/legal heirs of the employee shall also be eligible for receiving pension in case of death of an employee after retirement.
This also remains a part of the MOU that in case an employee gets better option after 10 years, he shall be at liberty for transfer of funds in any other company.
The representatives of both the Bodies of the employees viz.
Officers Association and Workmen Union were also apprised about the high lights of the Pension Scheme.
The Chairman of the Bank apart from above in consultation with the General Managers enhanced the delegation of powers for sanction of loans, in favour of various functionaries of the bank so as to improve the CD.
Ratio of the bank.
The demands made by the Officers Association/Workmen Union of the Bank for enhancement of concessional finances facility in consumer loan/conveyance loan was also accepted by the Chairman.