Yoma Bank Invests Approximately MMK 750 million on Employee Welfare in Response to the COVID-19 Pandemic
- Yoma Bank procures Prudential Myanmar’s Group Life Insurance Plan at MMK 150 million per annum to protect its employees nationwide
- The Bank also allocated a budget of MMK 600 million to cover COVID-19 related medical and psychosocial consultation expenses for employees.
Myanmar – October 15, 2020 – In light of the current COVID-19 pandemic, Yoma Bank has invested approximately MMK 750 million on COVID-19 related employee welfare initiatives to ensure the safety and wellbeing of its employees. This includes providing life insurance coverage and comprehensive health support which include health expense packages, as well as telemedicine and psychosocial consultation services. Additionally, Yoma Bank is providing emergency loans and cash loans to employees of up to three months’ salary to reduce their financial burden as well as support their families during this challenging period.
In August 2020, a few Yoma Bank employees at the Bank’s Sittwe Branch were diagnosed with COVID-19. All of these employees have since made a swift recovery and most have been discharged from the hospital or quarantine centre. These employees received a one-time payout of MMK 500,000 each as a result of the COVID-19 insurance coverage provided by Yoma Bank. This was made possible as Yoma Bank had committed to invest more than MMK 150 million to protect its employees nationwide with Prudential Myanmar’s Group Life Insurance Plan.
Daw Nang Khin Khin Gyi, Chief People Officer of Yoma Bank said, “At Yoma Bank, we firmly believe that our people are our greatest assets. Ensuring the health and safety of our people is our top priority. COVID-19 has impacted the lives of many but our resilience and care for each other will help us to overcome the crisis. Since this pandemic hit the country, we have kept our employees connected; we listened and observed their concerns to support their needs. In response to our employees’ concerns about their finances, health and safety, the Bank has invested significantly in COVID-19 related initiatives including life insurance and health care plans for them. We will continue to provide the necessary support during these unprecedented times.”
Mr. Asit Rath, CEO of Prudential Myanmar, said, "We are pleased to deepen our partnership with Yoma Bank by delivering enhanced life insurance coverage to its employees across the country. We have been actively listening to both employers and employees in Myanmar and we believe providing a safety net through employee welfare schemes has never been more important. Our life insurance coverage will offer greater peace of mind to employees of Yoma Bank whilst enabling them to focus on supporting the financial wellbeing of our communities and businesses across the country."
A Yoma Bank employee* who was recently discharged from hospital expressed his appreciation for the Bank’s support, “Being exposed to COVID-19 brought anxiety and stress regarding my health as well as the safety and financial well-being of my family. I’m grateful to Yoma Bank for providing various forms of support to me during this challenging period. Over the course of quarantine, which I was able to serve at a hotel designated as a quarantine facility, I was provided with nutrition packages. Every COVID-19 positive employee also received MMK 500,000 under theCOVID-19 insurance claim from Prudential Myanmar. This financial assistance allowed me to support my family and set aside emergency cash. When difficulties arose, I am glad my employer was there for me and I’m really proud to work for Yoma Bank.”
Since the first wave of the COVID-19 outbreak hit the country in March 2020, Yoma Bank activated all precautionary and preventive measures to mitigate the impact of the virus and to ensure the safety and wellbeing of all customers, employees, and the wider community.
*The name of the Yoma Bank employee is not disclosed out of respect for the employee’s privacy.