Hyderabad: In a major step towards providing financial security and welfare benefits to industrial workers, state-owned Punjab National Bank (PNB) has signed a landmark agreement with The Singareni Collieries Company Limited (SCCL) to roll out a comprehensive salary saving scheme for SCCL employees. The scheme includes a robust accidental insurance coverage of ₹1.25 crore, one of the highest in the industry.
MoU Signed in Presence of Top Leadership
The agreement was formally signed in Hyderabad on Monday, June 16, 2025, in the presence of PNB Managing Director & CEO Ashok Chandra, along with senior officials from both PNB and SCCL.
According to the official statement from the bank, the initiative is aimed at ensuring holistic financial protection for SCCL’s employees and their families, especially given the high-risk nature of coal mining operations.
Key Benefits of the Comprehensive Scheme
The tailor-made salary saving scheme includes several welfare provisions for SCCL employees and their dependents:
- Accidental Insurance Coverage: Up to ₹1.25 crore in the event of death or permanent disability.
- Education Assistance: Financial support of up to ₹5 lakh each for two dependent children (aged up to 25 years) pursuing college or higher education, available for up to three years.
- Marriage Support: Coverage of up to ₹10 lakh per daughter for the marriage of up to two daughters aged between 18 and 25 years.
These features aim to provide social safety nets and long-term benefits beyond basic salary provisions.
A Model for Industry-Wide Adoption
Speaking at the signing ceremony, Ashok Chandra, MD & CEO of PNB, said – “This agreement with SCCL marks a milestone in industrial welfare. It will serve as a model for other sectors. We are committed to expanding this initiative to other industries across India.”
The initiative underlines PNB’s broader commitment to inclusive banking and financial empowerment in sectors traditionally exposed to occupational hazards and socio-economic vulnerabilities.
