7th Latest Update from the Wages Commission: Insurance of Rs 5 lakh, health loan up to Rs 1 lakh for employees in this state | Personal finance news

New Delhi: 7th Wages Commission Latest Update – Bringing a Breath to Contract Workers Working Under Samagra Shiksha – A Comprehensive Program for School Education and Members of the Welfare Society, the Government of Jharkhand State has established a social welfare fund for them.

The fund will be useful to pay insurance benefits to teachers, KGV, BRP-CRP staff of Rs 5 lakh. Employees will be covered by the group insurance accident insurance plan. There will be an annual bonus of a maximum of Rs 80,000 per person. The employee will get death benefits for a sum insured of Rs 5 lakh.

Jharkhand CM Hemant Soren said that arrangements have been made to provide loan assistance to members of the social protection fund in the amount of Rs 50,000 to Rs 2 lakh for the marriage of the members’ daughter. Members can also benefit from a loan for the higher education of their children.

The state government has established a pooled fund of Rs 10 crore, while the loan will be made from the interest amount.

A loan fund policy has also been put in place for the treatment of serious illnesses. Workers with 5 years of work will receive Rs 25,000; between 5 and 10 years of seniority will be provided Rs 50,000; workers with tenure of ten to fifteen years will receive Rs 75,000; and workers with more than 15 years of seniority will receive a loan of Rs 1 lakh.