In a bid to offer protection to its employees the Joint Apparel Association Forum (JAAF) recently entered into an agreement with Ceylinco Life and General for a total life, medical and death cover for the employee and their children, parents and parents-in-law.
“We have a potential base of 400,000 employees in the apparel sector and we have taken advantage of our collective bargaining strength and have been able to come up with a standard package that could fit everyone in the apparel industry” a JAFF official said.
“This is a great step aimed at providing a sense of relief and stability to families at times of unforeseen or sudden calamity they could face.”
“With this insurance cover employees will now be assured of some kind of “medical or life cover” to meet any life and death situation.”
“We want to make insurance a lifestyle product, where every single individual in the apparel sector, their immediate family members and even the extended family members (such as the parents in law) would be covered in some way or another. We have to educate these employees the benefits they could accrue from a small investments to meet emergency cash requirements”, Jumar Preena CEO of CH17 Loyalty said.
“It takes a huge load off the employer as well,” he remarked.
Already nearly 20,000 employees and staff from more than 10 factories have subscribed for this service within a very short span. More inquiries have been made from top tier apparel manufacturing and exporting companies as they find this scheme very competitive from a cost sense.
He further pointed out that the industry privilege scheme Ransalu Pranama Privilege program gives benefits to the employees on an array of consumer goods and day to day essentials and personal items from partner merchants and retailers. The savings from these products would eventually cover the annual premium they pay for insurance. “The net gain from this entire exercise is zero investment on Life and Medical cover.”
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