The Chartered Institute of Bankers (CIB) Ghana has launched a comprehensive social care plan for its members that seek to offer financial support to members when the unexpected life events happen.
The launch of the product took place at the institute’s maiden annual general meeting which is in pursuant to section 12 and 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 blended means of participation was adopted during the AGM where members joined the meeting either through the virtual platform provided or in-person with strict observance of all Covid-19 protocols.
As part of the proceedings of the meeting, the Governing Council introduced the Chartered Institute of Bankers, Ghana Social Care Plan for its members. The Plan is a comprehensive social intervention package aimed at offering financial support to members when the unexpected life events happen. It was developed in cognizance with the feedback received over the years from members and adoption of best practices from other institutions.
According to Mr. Charles Ofori-Acquah, the Chief Executive Officer of the Institute, the Institute, in addition to creating opportunities for the professional education and development of its members, is concerned about the inevitable social challenges’ members face.
Hence, the decision by the leadership of the Institute to introduce a comprehensive initiative to support some aspects of members’ social needs. The Comprehensive Social Care Plan includes Group Life Insurance Cover, Group Funeral Policy, and an Annuity Pension Fund.
In explaining further, he said the Group Life Insurance Cover had been designed to provide a holistic life insurance cover for members and protect them in the event of contingencies such as death, spousal funeral, retrenchment, critical illness as well as total and permanent disability. This package applies to the entire membership of the Institute, namely, Ordinary, Students, Associates and Fellows.
The Group Funeral Policy provides a sum-assured to the family of a Chartered Banker, who dies during the period of cover, whether through natural, illness, or accidental causes. Unlike the Group Life Policy, the Institute pays an annual premium to the Service Provider to support Chartered Bankers in good standing, irrespective of their age bracket.
The third package which the Annuity Pension Fund serves as a supplement to monthly payment paid by SSNIT to retired members as pension. Mr. Ofori-Acquah stressed that members who work in the banking industry often enjoy disproportionate benefits in service and retirement.
While some members enjoy medical pension after service, others have to rely on depleted personal savings to look after their health hence the need to have a fund that will guarantee a minimum Personal Pension Fund Value at retirement. Members applauded the initiative and considered it a great intervention that would further enhance their welfare and well-being.