7th Pay Commission latest update: Insurance of Rs 5 lakh, illness loan of upto Rs 1 lakh for This state employees

New Delhi: 7th Pay Commission latest update -- Bringing respite to contract workers working under the Samagra Shiksha - an overarching programme for the school education and members of the Welfare Society the Jharkhand state government has created a welfare fund for them.

The fund will be useful for paying insurance benefits to teachers, KGV, BRP-CRP personnel of Rs 5 lakh. Employees will be covered for group insurance accidental insurance scheme. There will be an annual premium amount of up to Rs 80,000 per person. Employee will get death benefits for sum assured of Rs 5 lakh.

Jharkhand CM Hemant Soren said that arrangements have been made to provide loan assistance to the members of the welfare fund for amount ranging between Rs 50,000 to Rs 2 lakh for the marriage of the daughter of the members. Members can also avail loan for higher education of their children.

The state government has created fund pool of Rs 10 crore, while the loan will be given from the interest amount.

A loan fund policy has also been introduced for treatment of critical illnesses. Workers with a work tenure of 5 years will get Rs 25,000; between 5-10 years of tenure will be provided Rs 50,000; workers with work tenure of between 10-15 years will be provided Rs 75,000; and workers with above 15 years of work tenure will be provided Rs 1 lakh loan.