In a first, State Bank of India (SBI) has introduced special leave for employees who suffered the loss of a family member. The bereavement plan will be one-week paid leave for the staff member, according to Times of India. The report also quoted Deputy Managing Director Prashant Kumar as saying that besides leave, the public sector bank will also offer 75 per cent on mediclaim premium for retired employees earning up to Rs 20,000 pension. Schemes devised for employees earning Rs 20,000-30,000 pension will receive 60 per cent subsidy. SBI has also extended its mediclaim cover over employees’ family from 75 per cent to 100 per cent. The policy has been planned after observing the best HR practices across all multinational companies and then has been decided to adopt. The special leave will allow employees to stay beside their dear ones in time of sadness and grief, said Prashant Kumar.
In the circular, family has been stated as wife or husband, children, parents or parents-in-law irrespective of whether they have a source of income or not and the leave can be availed within a fortnight of the demise of their kin. The leave can be applied by permanent employees, part-time employees, officers, medical officers and contract-based employees. The entire process was started by HR of companies to keep the best employees in loop and to create a better understanding between the employees and the company. Some of the companies have also introduced work from home policies.
State Bank of India has also looked to roll out products that offer benefits to its customers too. Recently, it launched InvesTap that provides net asset value updates and helps investors to manage mutual funds with ease. The application allows investors to plan and invest effectively providing a holistic view of mutual fund investments. The app needs only PAN card to start investing and an investor can start Systematic Investment Plan within 5 days from of investing. The app will be available on both Android and iOS.