Cooperatives Institutes will pay insurance premium of Rs 2.95 Crore

The Cooperation Department has decided to provide insurance cover of Rs. 25 lakh to all its Officers/Employees who are on the frontline in the war against Covid-19. This insurance will cover all regular, contractual and outsourced employees who are currently working day and night to provide essential services to the people during the curfew/lockdown imposed in view of the Covid-19 crisis. This was disclosed by the Cooperation Minister Mr. Sukhjinder Singh Randhawa in a press statement issued here today.

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S. Randhawa said that 14905 Officers/Employees of five Cooperatives Institutions Sugarfed, Milkfed, Markfed, Punjab State Cooperative Bank and Punjab State Cooperative Agricultural Development Bank working as the frontline warriors and would be covered with insurance of Rs. 25 lakh per employee for a one year.

The Premium will Rs. 1977 per employee including GST. The total cost of premium for insurance of all 14905 employees would be Rs 2.95 Crore (2,94,67,185). The amount of premium will be paid by the concerned Cooperative Institution according to the number of its employees.

Giving details of all the employees, the Cooperation Minister said that out of the total 14905 Officers/Employees of the five Cooperative Institutions, 8812 are regular and 6093 are contractual and outsourced. As per this milestone decision taken by the Cooperation Department, 2090 employees of Sugarfed, 6298 of Milkfed, 1421 of Markfed, 4217 of Punjab State Cooperative Bank and 879 employees of Punjab State Cooperative Agricultural Development Bank would be insured.

Divulging more, S. Randhawa said that in this hour of crisis, the entire cooperative department is working on the frontline to provide essential services to the people and farmers of the state. He said that in view of the risk to the employees, it has been decided to provide this insurance cover.