The Ministry of Finance has asked a group called the Indian Banks’ Association (IBA), which represents banks, to consider certain requests made by retired bank employees regarding their retirement benefits.
During a meeting on June 19, Finance Minister Nirmala Sitharman asked the IBA to respond to the requests from the retired employees within seven days, according to the President of the All India Bank Pensioners & Retirees Confederation (AIBPARC), K.V. Acharya.
Acharya said, “The Finance Minister said that she will talk to the IBA and ask them to provide their response to all of the issues within the week.”
The requests made by the association include updating pensions, ensuring a consistent rate of adjustment for inflation, and having banks cover the premium for medical insurance for retirees, among other things.
J.D. Sharma, Vice President of the All India Banks Pensioners and Retirees Confederation, said, “We have also raised the issue of including special allowances when calculating pensions and gratuities, providing a pension option for employees who completed their pensionable service but resigned, and giving pensioners’ organizations a consultative status with the IBA.”
Binoy Viswam, a representative in the Rajya Sabha (the upper house of India’s parliament) for the Communist Party of India (CPI), wrote a letter to Finance Minister Nirmala Sitharaman, urging her to start the process of updating pensions for retirees in the banking industry, which he believes is their rightful entitlement, as reported by ANI.
In his letter to Nirmala Sitharaman, Binoy Viswam mentioned that the banking industry has not updated its pensions for the past 28 years, which has resulted in a loss of income for retirees.
Binoy Viswam, a member of the Rajya Sabha from the Communist Party of India (CPI), wrote a letter to Finance Minister Nirmala Sitharaman, requesting her to initiate a process to update pensions for retirees in the banking sector, which he considers their rightful entitlement.
In his letter, Binoy Viswam highlighted that the banking sector has not updated pensions for the past 28 years, causing financial difficulties for retired employees who dedicated their best years to the organization.