Pension updation of Retirees of Public Sector Banks (PSBs)

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Pension updation of Retirees of Public Sector Banks (PSBs)

Pension updation of Retirees of Public Sector Banks (PSBs)

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
LOK SABHA
UNSTARRED QUESTION No. 1828
ANSWERED ON 13th FEBRUARY, 2023 / MAGHA 24, 1944 (SAKA)

PENSION UPDATION OF RETIREES OF PSBs

1828. SHRI RAVIKUMAR D.:
Will the Minister of FINANCE be pleased to state:

(a) whether the Government has taken any step to resolve the pre-November, 2002 retirees issue of Public Sector Banks (PSBs) by restoring payment of full neutralisation of Dearness Allowance, if so, the details thereof;

(b) the present position of the Ministry over the issue of pension updation of the PSBs; and

(c) whether the committee set up to look into the matter of pension updation of PSBs has submitted its report and if so, the details thereof?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(DR. BHAGWAT KARAD)

(a): Bank employees and retirees are being paid Dearness Allowance (DA) and Dearness Relief (DR) respectively, settled through Bipartite Settlement arrived at between bank employees’ unions/associations and the Indian Banks’ Association (IBA), which negotiates on behalf of the participating banks. IBA has informed that unions/associations have demanded the neutralization of DA for Pre-November, 2002 retirees. However, no decision has been taken in the Bipartite Settlement regarding the same.

(b) and (c): Pension, a funded scheme, was also introduced in nationalised banks through Bipartite Settlement. The Boards of the respective nationalised banks accordingly made Employees’ Pension regulations in exercise of their powers under section 19 of the Banking Companies (acquisition and Transfer of Undertakings) Act, 1970/1980. These regulations do not have provision for revision of pension. However, DA/DR is being increased from time to time i.e. on quarterly/half yearly basis.

IBA has further informed that the committee set up to look into the matter of pension updation of PSBs has submitted its report to the Hon`ble Supreme Court and the matter is still subjudice.

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COMMENTS

WORDPRESS: 3
  • NSESHADRI 7 months ago

    Sir. What kind of a sin that the retired  family pensioners employees of  nationalized banks and. RBI COMMITTED

  • Sailendra kumar De 7 months ago

    The Boards of the respective Nationalised banks made Employees’ Pension regulations in exercise of their powers under section 19 of the Banking Companies (acquisition and Transfer of Undertakings) Act, 1970/1980(These regulations do not have provision for revision of pension) .
    Now My question is, if section 19 of the Banking Companies (acquisition and Transfer of Undertakings) Act, 1970/1980, is applicable in case of Reserve Bank Employees and accordingly if the employees of RBI are entitled for updation of pension , then why did the employees of Nationalized bank debar from updation of pension ?
    In this connection I would like to inform you that It has nowhere been written “These regulations do not have provision for revision of pension” . It was manipulated by some opportunist. Everything will be clear if you read the act in Indian Constitution.

  • A Banker 8 months ago

    I remember the poor service given by clerks and officers to customers who would curse under their breath for choosing the particular public sector bank for their banking needs. Our collective karma has resulted in subsistence at a gutter level. We are simply getting what we deserve.