Speaking to reporters, State Bank of India, deputy MD Prashant Kumar said apart from the leave, the bank also took a decision to provide 75% subsidy on medi-claim premium for retired employees earning pension up to ₹20,000. For those earning ₹20,000-30,000 pension, the subsidy would be 60%. The bank has also expanded scope of medi-claim cover for employees’ family to 100% of claimed amount as against 75% earlier.
According to Kumar, the bank had looked at best HR practices of multinationals and decided to adopt the policy on leave. “This leave allows employees to spend time with their families in their hour of crisis and grief,” the bank said.
Family has been described as spouse, children, parents or parents-in-law irrespective of whether they are dependent or not. The leave can be availed of within a fortnight of the demise of the family member. It will be available to all categories of permanent employees/officers/permanent part-time medical officers and employees on contract basis.