Defence major Hindustan Aeronautics Limited today announced the post-retirement health scheme for thousands of its retired employees.
Around 15,000 former employees are expected to benefit from the new health insurance. The measure is also expected to provide a fillip to the company's manpower retention drive, HAL Chairman R K Tyagi said in a statement here.
The employees retired after January 1, 2007 have been brought under the scheme slated to be implemented from February 1.
Tyagi said retired employees, most of whom have limited source of income, would be immensely benefited considering the rising cost of medical services.
"We have ensured that our scheme covers pre-existing illnesses and there is no age limit to be a part of this scheme. It covers the spouse even after the demise of the ex-employee," he said.
"We value our retired people and this HR measure will be helpful at the crucial stage of their life," he added.
The scheme covers inpatient and out-patient needs of the retired employee and his spouse as per the laid out procedure, Tyagi said.
The cost to the company works out to around Rs 55 crore this year as the company would be contributing 1.5 per cent of profit before tax from 2012-13 in case of employees who retired before January 1, 2007, Tyagi said.
Renowned national insurance companies are associated with the scheme for fund management and providing insurance coverage, he added.
HAL Human Resources Director V M Chamola said sacrifices of the elders helped HAL grow over the years and the momentum must be sustained for other welfare measures to blossom.
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