Family Pension of Bank Pensioners enhanced to 30% without ceiling

Finance Minister Nirmala Sitharaman today announced that the Government has cleared the enhancement of Bank family pension to 30 percent without a ceiling. Further, Bank’s contribution to the Pension fund under NPS was enhanced from 10 to 14%.

The improvements in family pension to 30 percent of last drawn pay without any ceiling cleared by the Government are at par with the family pension of Central Government and RBI. This is the first major issue of the pensioners clinched without the intervention of the courts. It will be a big help to the family pensioners of the Banking Industry. The cap on pay has been removed and a uniform slab of 30% of pensioners’ last drawn salary will be applied. Earlier, there were slabs of 15%, 20%, and 30% with a cap of Rs 13280.

While thanking the IBA, DFS, and UFBU for the kind and sympathetic consideration of our long-pending demand, it is time for us to profusely congratulate our leaders Com K V Acharya, Supriya Sarkar and Ramesh Babu (SBI) for their untiring efforts, said the circular dated 25.08.20021 of All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC). We are immensely grateful to the Constituents of UFBU and The Chairman and other Senior Officials of IBA for incorporating the issue of improvement of Family Pension in the MOU signed in July 2020 and also in the Bipartite Settlement/Joint Note signed in November 2020. Our gratitude is boundless to the Hon’ble Union Finance Minister, MOS for Finance and Secretary, DOFS for according the long-awaited clearance. We also put on record our profuse thanks to all the constituents of CBPRO and various Retiree Organizations who at different points of time have joined us to sign the memorandum on the issues addressed to the Authorities concerned, it said.