Hindustan Aeronautics Limited (HAL) on Sunday announced a new post retirement health scheme for its employees. While the defence PSU provides unlimited medical benefits when in service for its employees, it has has now embarked on a medical scheme for post retirement needs.
Executives who retired on and after January 1, 2007 are also brought under the scheme, which is slated to be implemented from February 1.
Addressing ex-employees of the PSU on Sunday HAL chairman RK Tyagi said retired employees, most of whom have limited source of income, would be immensely benefited, considering the rising cost of medical services.
“We have ensured that our scheme covers pre-existing illnesses and there is no age limit to be a part of this scheme. It covers the spouse even after the demise of the ex-employee. We value our retired people and this HR measure will be helpful at the crucial stage of their life,” he said.
About 15,000 former employees of HAL are expected to be benefited from the new health insurance. The measure is also expected to provide a fillip to the company’s manpower retention drive, said HAL.
The scheme covers inpatient and out-patient needs of the retired employees and their spouse as per the laid out procedure.
The cost to the company works out to about Rs 55 crore this year as the company would be contributing 1.5% of profit before tax from 2012-13 in case of employees who retired before January 1, 2007.
National insurance companies are associated with the scheme for fund management and providing insurance coverage.
Retired employees of the PSU welcomed this new initiative. One of them said it was a big gift from the company they served for years, considering the difficulty in getting a health insurance for aged people without conditions attached.
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