Pension Revision Process

Sri CH. S.S. Mallikarjuna Rao,

Chairman,

Pension Revision Committee

(MD & CEO, Punjab National Bank)

&

Shri M V Rao, 

MD & CEO, 

Central Bank of India                                  Vice – Chairman

Shri Rana Ashutosh Kumar Singh, 

DMD (HR) & CDO, SBI

Member

Shri Shanti Lal Jain, 

Executive Director, Bank of Baroda

Member

Shri Debasish Mukherjee, 

Executive Director, Canara Bank

Member

Dear Sirs,

      PENSION REVISION MEETING

Bank Pensioners shall fail in their moral task, if they do not thank and express their gratitude to you and your companion members for holding meeting on 22.7.2021 with Unions to elicit their views on Pension Revision matter. Well done, Sir, we are grateful to you. 

Bank Pensioners eyes were stuck to said meeting and they feel happy that the Unions expressed their views, which you heard very patiently. You could complete great task very successfully for which you deserve all appreciation from Banking fraternity, despite the fact that Officer Unions expressed their dissatisfaction for the reasons best known to them. It's strange and mysterious, what's made them dissatisfied: your holding meeting on revision issue or your conducting it made then dissatisfied? However, employees Unions seem to be satisfied, as they conveyed to their members that meeting would culminate into good news in due course.

It was the culmination of injustice and neglect of former Bankers that the Hon'ble Finance Minister had to speak on the seriousness of the subject. SHE felt the pain of the pensioners, shared the same with the top executives of Banking/IBA, took the initiative of Pension Revision citing Defense's 'One Rank One Pension' as an illustration. Now, saying something else will be like showing  a lamp to the Sun on this subject.

Sir, Pension related issues, which need your kind consideration, were conveyed to you vide our mail dated 19.7.2021. We give those issues once again as annexure 'A' to this letter. 

We urge upon you to please update our pension once at par with CCSR/ RBI pension rules in the interest of existing pensioners, who suffered a lot. It will be a great justice to hitherto neglected, deprived and unjustifiably dealt with pensioners.

With Respectful Regards,

(J. N. Shukla)

National Convenor

24.7.2021

Encl: 

Annexure 'A'

PENSION RELATED ISSUES

1. Pension/ Family Pension Revision as done in RBI from March, 2019 on principle of OROP of Defense Services, as opined by Hon'ble Finance Minister.

2. Family pension 30%, without any ceiling, since agreed but not approved so far.  

(3). Pension on 50% of last month's Pay or last 10 months' average pay, whichever is higher as basic pension, as in CCSR/ RBI.

(4). Full Pension on attaining 20 years Service, as in CCSR.

(5). 20% increase in basic Pension on attaining 80 years of age and thereafter 20% after every 5 years, making 100% pension on attaining 100 years of age, as in CCSR.

(6). 100% DA neutralization for  all pensioners irrespective time.

(7). In case of death in harness, 10 year full pension as in CCSR.

(8). Commutation @ 40%. 

Commutation table is changed vide F. No. 8/2/20/ BO.I, dated 28.6.2021, but not the commutation percentage from 33% to 40%. This comes in reply to IBA communique. 

(9)  In 100% disability case, constant attendant allowance as in case of CCSR. 

(10). Periodical Pension Revision as in case of CCSR with wage revision.

(11). Bank Pensioners DA frequency should be same as in case of working employees and officers, i.e. on quarterly basis. It's compensation, which can't be at variance in same establishment as per judicial pronouncements of highest court of the land SCI. 

(12) Resignees should be given Pension right, who left the job under circumstances beyond their control?.

(13) Employees/ officers retired under Clause 30- Invalid Pension- of BEPR, 1995 should be given the benefit of Clause 29  (5) -5 years notional service addition for Pension entitlement.