OPTCL, Union Bank of India Ink MoU to Launch Exclusive Salary Package for Employees

Bhubaneswar: Odisha Power Transmission Corporation Limited (OPTCL) signed a landmark Memorandum of Understanding (MoU) with Union Bank of India (UBI) today to roll out an exclusive, welfare-driven Salary Package Scheme for all OPTCL employees. The agreement was formalised at Lokseva Bhawan in the presence of Hon’ble Deputy Chief Minister Kanak Vardhan Singh Deo, who heads the Energy and Agriculture & Farmers’ Empowerment departments.

Speaking at the signing ceremony, Singh Deo described the partnership as a “long-term, meaningful, and welfare-oriented initiative” that will significantly enhance financial security for OPTCL’s workforce. The event was also attended by Energy Principal Secretary Vishal Kumar Dev, OPTCL CMD Bhaskar Jyoti Sarma, senior government officials, and representatives from Union Bank of India.

Under the new scheme, every regular employee—across all cadres—will receive an upgraded suite of financial protections and lifestyle benefits. This includes a Personal Accident Insurance cover of ₹1.20 crore and an additional Term Life Insurance benefit of ₹20 lakh. Employees will also be eligible for an annual Hospital Cash benefit of ₹30,000.

To further strengthen employee welfare, each staff member will be issued a RuPay Select Debit Card linked to a Zero Balance Savings Bank account. The card offers an additional accidental insurance cover of ₹15 lakh and annual lifestyle benefits worth ₹75,000 at no extra cost, including complimentary airport lounge access, quarterly health check-ups and free transactions.

Officials confirmed that all existing Union Bank accounts of OPTCL employees will be automatically migrated to the new scheme to ensure a smooth transition. Extending the benefits beyond the current workforce, UBI has also introduced “Union Samman”, a customised welfare package designed specifically for OPTCL pensioners.

OPTCL’s leadership expressed appreciation to Union Bank of India for crafting a comprehensive, employee-centric package and thanked the Government of Odisha for its continued support and guidance.