Odisha, June 4 (APAC Media): National Aluminium Company Limited (NALCO) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB) to roll out a Corporate Salary Package for its employees, officials said on Thursday.
The agreement was formalised at NALCO’s S&P Complex in Angul, aimed at providing enhanced banking facilities along with additional financial security benefits for employees.
Under the arrangement, employees opting for the Corporate Salary Package will be eligible for a personal accidental insurance cover of up to ₹1 crore, along with a range of salary-linked banking services offered by Indian Overseas Bank, officials said.
An employee welfare initiative: a Memorandum of Understanding (MoU) has been signed with the Indian Overseas Bank (IOB) at the S&P Complex, #Angul, #Odisha. The agreement provides a Corporate Salary Package featuring personal accidental coverage of ₹1 crore, underscoring… pic.twitter.com/P8a3HdDwa1
— NALCO (@NALCO_India) June 3, 2026
“A key objective of the initiative is to strengthen employee welfare by integrating banking convenience with comprehensive financial protection,” a NALCO spokesperson said.
The spokesperson added that the partnership reflects the company’s continued focus on employee-centric initiatives through collaboration with financial institutions.
Indian Overseas Bank will extend customised salary account services under the tie-up, including bundled insurance coverage and other corporate banking benefits designed for employees of the public sector undertaking.
Officials said the initiative is in line with a broader trend among public sector enterprises to enhance employee benefit structures by combining salary accounts with insurance-linked financial services.
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