Banks asked to provide compensation for families of employees who died of Covid-19

The central bank today asked banks to pay cash compensation to families of their employees who have died of coronavirus infections while on duty.

The special compensation will range from a minimum of Tk 25 lakh to a maximum of Tk 50 lakh.

The families of the expired bankers, whose positions are senior officials and above, will be eligible to get a maximum of Tk 50 lakh each, according to notice issued by Bangladesh Bank.

Some Tk 37.50 lakh will have to be given to the families of the officials, whose rank are between trainee assistant officials and below the post of senior officials.

Staff and sub-staff, who have been appointed to help bankers in doing banking activities smoothly, have also been brought under the compensation scheme.

Each of their families will have to be given Tk 25 lakh if they pass away on account of the Covid-19 infection.

The compensation scheme will be applicable for the bank employees, who have been expired since March 29 last year.

The instruction will stay effective until the banking watchdog issues further notice.

The cash compensation will have to be given to the spouse and son or daughter of the expired employees.

If the expired employees are not married, the fund will have to be handed over to their parents.

Banks will not be allowed to adjust the payout with previous liabilities of the employees, said the BB notice.

In April last year, the central bank had declared health insurance coverage for both the employees infected and expired due to the coronavirus infection.

The Bangladesh Bank yesterday discarded the instruction, replacing the new policy.

The latest instruction, however, will not allow the infected employees to get any compensation from their respective banks, although the last year's notice had been brought under the employees to get financial support in order to accomplish their medical treatment.