Pension to Bank Employees

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

LOK SABHA

ANSWERED ON: 26.02.2016

(a) whether the bank pensioners are not allowed exactly the same model available to pensioners of Central Government as per Pension Regulations and Settlement Scheme and if so, the details thereof;

(b) whether Bank Pensioners of Pre-2002 are being denied uniform dearness relief as available to other pensioners, if so, the details thereof;

(c) whether Government has any plan to review it and modify the pension scheme to bank pensioners as available to Central Government and RBI pensioners; and

ANSWER

(a): Pension to bank employees is paid in terms of Pension Regulations of the respective Public Sector Bank and is not on the same model available in Central Government. The pension in Central Government is paid out of Budget provisions, whereas scheme in Public Sector Banks is a funded scheme for which corpus is created during the service period of the employee.

(b): In terms of Pension Regulations, Pensioners in Public Sector Banks are entitled to draw dearness relief on their pension at rates which are at par with what is payable to an employee in service during the relevant wage settlement period, in which the employees have retired. This arrangement is based on the industry-wide settlement with officers/ workmen.

(c) & (d): No such proposal is under consideration of the Government.