ALL INDIA UNION BANK RETIREES’ FEDERATION
(Affiliated to All India Bank Retirees’ Federation)
A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092
Chairman President General Secretary
D. A. Masdekar B. G. Raithatha R. K. Powar
9970899393 9427207021 7710030963
damasdekar@gmail.com ubiretirees@gmail.com rkpowar@gmail.com
No. AIUBRF/118/2018 27 September2018
To,
The Managing Director & Chief Executive Officer,
Union Bank of India,
Union Bank Bhavan,
Nariman Point,
Mumbai 400 023
Dear Sir,
Renewal of Medical Insurance Policy for retired
employees 2018/19.
- Financial assistance to retirees -
We, All India Union Bank Retirees Federation, are the largest body of Union Bank retirees in India, with comprehensive membership of all cadres, from all States.
The Bank vide Staff Circular No. 6838 dated 4th September 2018 informed the retired employees that the premium amounts for the insurance policy with and without domiciliary benefit have been increased as under:-
Medical Insurance Policy period \
01/11/2018 to 31/10/2019
For Award Staff
Annual Premium + GST for sum assured
Rs. 3 lakhs Increase in premium for award staff
Y O Y For Officer Cadre
Annual premium + GST for sum assured
Rs. 4 lakh Increase in premium for officer cadre
Y O Y
1.Without Domiciliary Rs.25928/- Rs. 13595/- Rs. 34568/- Rs.18125/-
2.With Domiciliary Rs. 67721/- Rs. 39971/- Rs. 90289/- Rs. 53291/-
3. Without Domiciliary + Super Top Up Rs. 30780/- Rs.14936/- Rs. 90289/- Rs. 19578/-
4. With Domiciliary + Super Top Up Rs. 72573/- Rs. 41312/- Rs. 95548/- Rs. 54744/-
The increase in premium for insurance policies with and without domiciliary benefit are unjustifiably steep and will result in the retirees, particularly sub-staff, family pensioners & very senior retirees, to opt out of the Insurance scheme, and thereby any Health Care, because of being unable to afford the insurance premium cost. Many retirees may be rendered helpless and deprived of getting medical attention, causing high mental trauma and physical incapacitation at an older age. This increase in premium cost is particularly unfair as the Bank Management bears the premium cost of the serving employees and their dependents, whereas retirees themselves have to bear the cost of increased premium amounts, while making both ends meet in this inflationary era.
In view of the serious financial complications because of high expenses, or limited pension amounts, in which many retirees find themselves, we request you to kindly consider the following suggestions to extend financial assistance to the retirees to enable them to continue in the Insurance Medical Scheme:
1. Bank should consider subsidization of the premium amount from the Staff Welfare Scheme UBIREMAS for retirees. Such insurance premium subsidy was given to retirees by several Banks in the past three years.
2. OR alternate scheme to increase the quantum of medical reimbursement be created, with some contribution from both Bank and Retirees.
3. Bank should agree to pay the retirees premium amount upfront to UIIC, and recover the amounts in installments from the future pension payments to the retirees, as this would lessen the burden on retirees.
4. Alternately the Bank give loans at reasonably low interest to ex staff to mitigate the high cost burden of retired employees to pay premium in one go.
5. The amount of insurance premium of the very senior pensioners, family pensioners and substaff pensioners should be compensated by the Bank by reimbursing them by way of subsidy to the extent of 50% of the cost of premium as was done in previous years.
We urge you to consider the above humane measures, especially in the Centenary year of Union Bank for those retirees of Union Bank, who have honestly and faithfully devoted their lives to its development and ensured its present stature in the Industry.
Your urgent consideration of the above suggestions will impart a feeling of well-being and belonging to the retirees of the Bank.
We request you to give us an opportunity to meet and interact with you, on the important matters relating to our retirees as senior citizens.
Awaiting your favorable response,
Yours faithfully,
(R. K. Powar)
General Secretary
c.c. -> The General Manager, Union Bank of India, HR Dept., Central Office
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