OPTCL and Union Bank of India ink pact for exclusive employee salary package

Bhubaneswar: The Odisha Power Transmission Corporation Limited (OPTCL) on Monday marked a momentous occasion by signing a memorandum of understanding (MoU) with Union Bank of India (UBI) to implement an exclusive, comprehensive salary package scheme for all its employees.

The official signing ceremony took place at Lok Seva Bhawan in the kind presence of Kanak Vardhan Singh Deo, Deputy Chief Minister of Odisha, who also holds the portfolios of Energy and Agriculture & Farmers’ Empowerment. “It is a welcoming step for our OPTCL employees. The partnership today signifies a long, meaningful, and welfare-oriented association between OPTCL and Union Bank of India,” said Singh Deo.

The event was also graced by Principal Secretary of Energy Vishal Kumar Dev, CMD of OPTCL Bhaskar Jyoti Sarma and other dignitaries from the Government of Odisha, alongside senior officials from Union Bank of India.

The newly launched scheme provides unparalleled financial security, offering substantial benefits to every regular employee, irrespective of their cadre or designation. Key highlights of the package include:

Comprehensive Insurance Cover: Each employee will receive a Personal Accident Insurance of Rs 1.20 crore, along with an additional Term Life Insurance cover of Rs 20 Lakh. The scheme includes an annual hospital cash benefit of Rs 30,000. Employees will be issued a RuPay Select Debit Card on their Zero Balance Savings Bank (SB) accounts, which comes with additional accidental insurance coverage of Rs 15 lakh. Annual lifestyle benefits worth Rs 75,000 at no extra cost, including free airport lounge facility, quarterly free health check-ups, and free transactions will also be available.

During the ceremony, it was announced that existing accounts maintained earlier with Union Bank of India will automatically migrate to the new scheme, ensuring a seamless transition. Furthermore, the commitment to the OPTCL family extends beyond current staff.

“Union Samman,” a similar welfare-oriented package, has been specially designed for OPTCL pensioners, extending the comprehensive benefits to the retired community as well.

The management of OPTCL thanked Union Bank of India for its proactive approach in designing a scheme that is truly aligned with the needs of its employees and expressed deep gratitude to the Government of Odisha for its continued guidance and support.