Jharkhand govt, Bank of India sign MoU for salary and pension package for state employees

In a move aimed at strengthening financial security for state government employees, the Jharkhand government on Tuesday signed a memorandum of understanding with Bank of India for a comprehensive salary and pension account package. The MoU was signed in the presence of Chief Minister Hemant Soren at the Jharkhand Secretariat.

Under the agreement, state government employees, pensioners and contractual staff holding salary accounts with Bank of India will receive a range of banking and insurance benefits without any additional charges. These include accident insurance cover of up to Rs 1 crore, which will extend to Rs 2 crore in case of death due to an air accident, along with other financial and health-related facilities.

Addressing the gathering, the Chief Minister said the government is committed to providing a better working environment and economic security to those serving the state. Describing the initiative as a reflection of a sensitive and welfare-oriented government, he said consistent steps are being taken to safeguard the interests of employees during service as well as after retirement.

“This is a decisive step towards ensuring salary security, pension stability and financial assistance to employees and their families in times of crisis, including accidents,” Soren said. He added that such measures are part of the government’s broader vision of social and economic empowerment, especially for people at the last rung of society.

The Chief Minister also underlined the role of banks in the state’s inclusive development, stating that financial institutions are key partners in implementing welfare schemes and extending their benefits to the grassroots. He expressed hope that more banks would come forward to collaborate with the government in similar initiatives.

On the occasion, the Chief Minister handed over a cheque of Rs 50 lakh to Manju Lakra, the wife of late Jharkhand Bijli Vitran Nigam Limited employee Pramod Lakra, who died in an accident. The assistance was provided under the government salary package scheme.

The MoU was signed by Special Secretary of the Finance Department Sandeep Singh on behalf of the state government and Sanjeev Kumar, Deputy General Manager of Bank of India’s Ranchi zone. Senior ministers, top officials and bank representatives were present at the event.

Officials said the agreement marks an important step in reinforcing employee welfare while deepening institutional cooperation between the state government and the banking sector.