Midland Bank PLC has signed an agreement with MetLife Bangladesh to provide insurance coverage for its employees and their dependents, extending protection to nearly 600 permanent staff members.
The bank said in a press release that the coverage includes protection against accidents, disabilities and loss of life for employees, while their dependents will receive in-patient, outpatient and maternity insurance benefits.
The agreement was signed by Midland Bank Managing Director and CEO Md Ahsan-uz Zaman and MetLife Bangladesh Chief Executive Officer Ala Ahmad on behalf of their respective organisations.
The bank said employee insurance plays a critical role in strengthening a sense of security and loyalty within the workforce.
According to MetLife Bangladesh’s recent “Employee Benefit Trends Study”, more than 56 per cent of private-sector employees in Bangladesh said financial worries reduce productivity, while 41 per cent linked financial stress to mental health issues.
The survey also found that 78 per cent of employees believe insurance and wellness benefits, including mental health support, increase their loyalty to employers.
Midland Bank said it selected MetLife as its insurance provider due to the insurer’s track record in claims settlement, customised solutions, digital dashboard, cashless hospitalisation and ambulance services, and strong financial capacity to ensure faster claim payments.
“We strongly believe that the insurance benefit for employees will enhance their sense of belonging and loyalty,” said Midland Bank Managing Director and CEO Md Ahsan-uz Zaman.
“At MetLife, we are committed to helping organisations create a secure and supportive environment for their employees,” said MetLife Bangladesh Chief Executive Officer Ala Ahmad.
Senior officials from both organisations were present at the signing ceremony.
