PSPCL and SBI sign MoU to Deliver Upgraded “Corporate Salary Package” and Enhanced Insurance Benefits to Employees

Kanwar Inder Singh/ royalpatiala.in News/ May 20,2026

In a major move to elevate employee welfare and financial security, the Punjab State Electricity Corporation Limited (PSPCL) has officially signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI). The agreement introduces an upgraded “Corporate Salary Package (CSP)” explicitly designed to offer superior banking facilities, financial assistance, and substantial insurance benefits to PSPCL personnel who maintain their salary accounts with SBI.

Currently, approximately 80% of PSPCL’s workforce already maintains salary accounts with SBI. Under this newly inked pact, SBI will automatically transition and link these existing accounts to the upgraded CSP framework, ensuring all enhanced benefits are seamlessly passed on to the employees.

Key Highlights of the Enhanced Corporate Salary Package (CSP):

Complimentary Personal Accident Insurance (Death/Permanent Total Disability): SBI is offering an enhanced, complimentary cover of Rs. 100 Lakhs (1 Crore) for PSPCL personnel drawing salaries through SBI under the CSP.

Permanent Partial Disability Cover: In the event of permanent partial disability, employees will be covered for up to Rs. 80 Lakhs.

Group Term Life Insurance: An additional financial safety net of Rs. 10 Lakhs has been provisioned under the package.

Zero Additional Liability: This package is completely voluntary for all PSPCL employees and comes with absolutely zero additional financial burden or liability for the account holders.

This strategic alliance underscores PSPCL’s consistent endeavor to provide premium banking facilities and robust financial security to its workforce. Beyond routine banking services, this MoU primarily focuses on providing substantial financial assistance to PSPCL personnel or their dependents in the unfortunate event of fatal or serious accidents encountered while performing their duties.