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Retired Bank Employees staged a protest on Monday at the Gandhi statue, near the Greater Visakhapatnam Municipal Corporation (GVMC), demanding a minimum monthly pension and better health insurance facilities.
On a call given by the All India Bank Retirees Federation (AIBRF), retired bank employees, under the banner of United Forum of Bank Retirees Organisations (UFBROs), staged a protest on Monday at the Gandhi statue, near the Greater Visakhapatnam Municipal Corporation (GVMC).
They demanded that a minimum monthly pension of ₹10,000 be given. Additionally, they sought the implementation of the policy for retired bank employees under the ‘Group Health Insurance Scheme’, and called for holding periodic grievance redressal meetings to resolve pending issues at bank level.
Visakhapatnam District Bank Retirees Federation (VDBRF) president P. Srinivas and general secretary R.V. Ravi Kumar urged bank managements to hold discussions with AIBRF to settle the long pending grievances of retired employees in an amicable manner at the earliest.
The retired bank employees expressed their resentment against the Centre and the Indian Banks Association (IBA) for their failure to update the pension of retirees.
Their other demands include: provision of subsidised healthcare on par with serving employees under the Medical Health Scheme. APBRF president B.V.V. Kondala Rao presided. The leaders announced that the agitation would continue until justice is delivered to the retired employees.
Do bank employees receive pension facilities after retirement?
Bank employees do not receive pension benefits after retirement because they are covered under the National Pension System (NPS) instead of the Old Pension Scheme (OPS). As a result, many bank employees feel financially insecure in their post-retirement life. A pension is a crucial support system that ensures stability and dignity after retirement.
Why Pension is needed after retirement?
The absence of a guaranteed pension creates several serious problems after retirement, especially for salaried employees like bank staff.
After retirement, a regular monthly income stops, but expenses do not. Daily household costs, medical bills, insurance premiums, and family responsibilities continue to rise with age. Without a fixed pension, retirees are forced to depend on savings, market-linked returns, or family support, which creates financial stress and uncertainty.
Healthcare becomes a major concern in old age. Medical expenses increase significantly, and without a stable pension, many retirees struggle to afford quality treatment, medicines, and long-term care. Market-linked schemes like NPS may not always provide predictable income, especially during market downturns.
Inflation further worsens the situation. Over time, the value of savings reduces, but expenses keep increasing. A guaranteed pension helps protect retirees against inflation to some extent, while the absence of it exposes them to the risk of outliving their savings.
Lack of pension also affects mental well-being. Financial insecurity leads to anxiety, stress, and loss of dignity, forcing retirees to cut down on basic needs or depend on others. This dependence can impact self-respect after a lifetime of service.
In contrast, a secure pension ensures stability, independence, and peace of mind after retirement. Without it, retirement becomes uncertain and stressful, turning what should be a period of rest into a period of financial struggle.
