In compliance with the directions issued by the Hon’ble Supreme Court, the Government has decided to implement the pension scheme in Regional Rural Banks (RRBs) with effect from November 1, 1993 (currently being implemented from April 1, 2018), along with the payment of arrears to eligible pensioners and family pensioners.
Accordingly, amendments to the pension regulations will cover the following:
- Payment of arrears: Arrears will be paid to existing pensioners and family pensioners who retired or passed away between November 1, 1993, and March 31, 2018, up to the date of implementation.
- Extended coverage: The revised pension scheme will also extend coverage and provide arrears to individuals previously left out, including those who resigned, took voluntary retirement, were compulsorily retired as a penalty, were medically incapacitated, or received a compassionate allowance due to dismissal, removal, or termination of service.
The relevant amendments to pension regulations are being communicated separately to the RRBs for immediate implementation upon approval by their respective Boards.
The Government is also required to file a compliance affidavit in the Hon’ble Supreme Court by October 18, 2024, regarding the implementation of the revised pension scheme in RRBs.
To ensure preparedness, RRBs are advised to be ready to implement the revised pension scheme immediately upon receiving the amendment regulations. Additionally, 20% of pension arrears should be paid to all eligible pensioners and family pensioners immediately after the Board’s approval of the revised pension scheme.
Each RRB is expected to submit a Compliance Report to NABARD by October 11, 2024, detailing the implementation of the revised pension scheme, the number of arrears paid, and the fresh coverage of retired employees and families of deceased employees under the revised pension scheme.
