Retired bank staff seek better pension structure -Governance Now

Retired bank staff seek better pension structure

They alleged that pensions of retired employees not revised like the salaries of the serving staffs

Trithesh Nandan | September 20, 2013

Retired bank employees came together at Jantar Mantar to demand a better pension structure.

“We made several representations to the Indian Banking Association (IBA) and ministry of finance but to no avail. The indifference displayed by them is shockingly unjustified,” said KV Acharya, president of All India Bank Pensioners & Retirees Confederation (AIBPARC), an association of retired bank employees.

The association alleged that the pensions for retired staffs are not hiked like the salaries of the serving staffs. “A General Manager who retired 10 to 15 years ago, is drawing much lesser pension that any of his junior-most subordinate who retired in subsequent years,” Acharya alleged.

The pension of retired employee from the central government service automatically gets revised while this doesn’t happen in Banks, he added.

The retired employees also raised the question of paltry basic pay as family pension (after the death of employee pension provided to living spouse). “For the Reserve Bank of India (RBI) and central government employees, the family pension has been upwardly revised to 30 percent of basic pay.

For the retired bank employees, it is still 15 percent of basic pay as family pension,” Acharya said. The AIBPARC demanded that the government should immediately take steps to ensure increased family pension.

The association further demanded that the State Bank of India (SBI) and its associates should get 50 percent of last 10 months basic pay as amount of pension. “The government should take steps to introduce it,” Acharya said.

The association alleged that there is no dearth of money as the net profit of combined banks in 2012 is 48,000 crore (IBA figures). “Surprisingly, the pension reforms have not taken place for the retired employees of banks,” said SR Sengupta, who is general secretary of AIBPARC.

The former bankers also demanded medical and hospitalisation facilities for its retired employees. “There is no uniform and improved medical allowance/ hospitalisation schemes for its retired staffs,” said Sengupta.

This is the first time, the retired employees forum organised demonstration in the capital.

Comments

Other News

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

MDR on UPI: Can sustainability come without weakening the network?

The extraordinary transaction volumes and value (₹29.82 Lakh crore in August 2026 alone) of the Unified Payments Interface (UPI) have made it not only an Indian success story, but a global one. In 2024, UPI accounted for nearly 49% of the world’s real-time payment transaction volume, with more th

The Xi-Trump summit: The unending rivalry

Diplomacy is akin to an art, wherein the summitry, conflict resolution and negotiations form apt constituents of the entire context of deal making and “playing for keeps” in the international arena. The Xi-Trump summit in Washington last week, in which the American president broke all conside

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al

Import duty on major edible oils cut

The government has reduced the Basic Customs Duty (BCD) on major imported crude edible oils with a view to moderating domestic edible oil prices, providing relief to consumers and mitigating inflationary pressures arising from the sharp increase in international edible oil prices.

From pyramid to platform: BRICS agenda for Global South

In his opening address at the 18th BRICS Summit in New Delhi on September 12, prime minister Narendra Modi did something India`s diplomacy has been building towards for three years: he moved the ‘Voice of the Global South’ from a slogan to a work plan. Addressing the leaders, he argued that t