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The Chartered Institute of Bankers (CIB) Ghana has launched a comprehensive social protection plan for its members who seek to provide financial support to members when unexpected events occur.
The product launch took place at the institute’s first annual general meeting in accordance with section 12 and the second schedule of the Chartered Institute of Bankers Ghana Act 2019 (Act 991). The AGM took place at the institute’s auditorium.
The AGM was chaired by Mr. Sampson Mensah Omari, FCIB, the Vice-President of the Institute. A mixed mode of participation was adopted at the AGM where members joined the meeting either through the virtual platform provided or in person in strict adherence to all Covid-19 protocols.
As part of the work of the meeting, the Board of Directors presented the Chartered Institute of Bankers, Ghana Social Care Plan to its members.
The plan is a comprehensive package of social intervention aimed at providing financial support to members when unforeseen life events occur. It has been developed taking into account the feedback received over the years from members and the adoption of best practices from other institutions.
According to the CEO of the Institute, Mr. Charles Ofori-Acquah, the Institute, in addition to creating opportunities for professional training and development of its members, is concerned about the inevitable social challenges faced by members.
Hence the decision of the leadership of the Institute to introduce a global initiative to support certain aspects of the social needs of the members.
The comprehensive social care plan includes group life insurance coverage, a group funeral policy and an annuity retirement fund.
Explaining further, he said that the group life insurance coverage was designed to provide holistic life insurance coverage to members and protect them in the event of unforeseen events such as death, spousal funeral, termination, critical illness, and total and permanent disability.
This package applies to all members of the Institute, namely, ordinary, students, associates and scholarship holders.
The group funeral policy provides an insured sum to the family of an approved banker who dies during the period of cover, whether by natural causes, illness or accident.
Unlike the group life insurance policy, the Institute pays an annual premium to the service provider to support licensed bankers in good standing, regardless of their age group.
The third package that the Annuity Pension Fund serves as a supplement to the monthly payment made by SSNIT to retirees as a pension. Mr. Ofori-Acquah pointed out that members who work in the banking industry often enjoy disproportionate benefits in terms of service and retirement.
While some members receive an after-service medical pension, others have to rely on depleted personal savings to take care of their health, hence the need for a fund that will guarantee a minimum fund value. personal pension at retirement.
Members applauded this initiative and viewed it as an excellent intervention that would further improve their well-being and well-being.
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