The revision of pension for retired Reserve Bank of India (RBI) employees has been approved by the Union government. As per the notification dated July 13, the revised pension amount will be applicable to individuals who retired before November 1, 2017. The existing basic pension of Rs 100 will now be revised to Rs 163. The circular states that the revised amount will be paid from June 2023 onwards, but no arrears will be provided for the period prior to June 2023.
The Eastern Maharashtra Bank Retirees’ Association had previously urged the government to expedite the pending pension updation, which had been pending for 27 years.
In July 2020, approximately 8.5 lakh bank employees received a 15 percent increase in their salary packages after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UBFU) signed a Memorandum of Understanding (MoU) to resolve the long-standing issue of wage revision that had spanned three years. The banks were required to pay around Rs 7,900 crore for the wage revision as of November 1, 2017.
The pension scheme was implemented in banks in 1995, and since then, there have been eight industry-wide bipartite wage agreements, according to a report by Business Line.