Government revises pension for retired RBI employees

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Huge rush of customers in SBI, Women stand outside SBI since Night for KYC

Women stand outside SBI from 2 am at Night for KYC

ICICI Bank Manager accepts he conducted Rs 12 crore fraud by forging customer’s signature

ICICI Bank Manager accepts he conducted Rs 12 crore fraud by forging customer's signature

Standard Chartered Bank ordered to pay compensation for not updating CIBIL score of loan borrower

Standard Chartered Bank ordered to pay compensation for not updating CIBIL score of loan borrower

Retired Judges get only Rs.19000 pension, Court asks Govt to increase pension of Judges

Supreme Court asks Government to increase pension of retired Judges

CBI Court sentenced UCO Bank Manager to 5 years Jail

CBI Court sentenced UCO Bank Manager to 5 years Jail

PNB Bank union writes letter to PM Modi to introduce five day banking

PNB Bank union writes letter to PM Modi to introduce five day banking

What happened to Nithin Kamath, CEO of Zerodha?

What happened to Nithin Kamath, CEO of Zerodha?

SBI projects 14-15% loan growth, Read what SBI Chairman Dinesh Khara said

SBI projects 14-15% loan growth, Read what SBI Chairman Dinesh Khara said

Acid attack on Bank of Baroda Female Manager, Case transferred to Allahabad Court

Acid attack on Bank of Baroda Female Manager, Case transferred to Allahabad Court

High Court orders RBI to pay compensation for denying maternity leave of Female Employee

High Court orders RBI to pay compensation for denying maternity leave of Female Employee