BANK EMPLOYEES FAMILY PENSION INCREASED- MOF RELEASE

[PM]

FINANCE MINISTRY. PIB RELEASE.

Bank Employees Family Pension to be increased to 30% of last pay drawn

Banks’ contribution to NPS Corpus of PSU Bank employees to be enhanced to 14%

Posted Date:- Aug 25, 2021

Mumbai, 25 August 2021

 

In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.  This was announced by the Secretary, Department of Financial Services, Ministry of Finance, at a press meet addressed by Finance Minister Smt. Nirmala Sitharaman in Mumbai today.

Secretary, DFS informed that, in continuation of the 11th bi-partite settlement on wage revision of public sector bank employees, which was signed by the IBA with the unions on November 11, 2020, there was a proposal for enhancement of family pension and also the employers' contribution under the NPS.  This has been approved by the Finance Minister, he said.  Shri Panda further said that  “earlier the scheme had slabs of 15, 20 and 30 percent of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of Rs 9,284/-. That was a very paltry sum and Finance Minister Smt. Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain”.

The Government has also approved the proposal to increase employers contribution under the NPS to 14% from the existing 10%. 

Thousands of families of PSU bank employees will be benefited by the enhanced Family Pension, while increase in employers contribution will provide increased financial security to the bank employees under the NPS.

Finance Minister, as part of her two day visit to Mumbai reviewed the performance of the public sector banks and launched EASE 4.0 reform agenda for smart banking.

 pib.mumbai.

[PM]

https://www.dnaindia.com/business/report-centre-hikes-family-pension-of-psb-employees-to-30-could-go-up-to-rs-35000-2907769

[PM]

AIBEA Circular on approval of increase in pension by MOF is attached for information.

[RANGARAJAN M R]

The much awaited family pension revision has become a reality. With this a conclusion may be drawn that pension updation would happen if the proposal goes through IBA based on its bipartite understandings / consensus etc with UFBU. Now the apex bodies like UFBU have an opportunity to help bank pensioners without delay keeping in view particularly the plight of pre-2002 pensioners.

Let us hope both IBA & UFBU do the needful in the matter & earn the goodwill and whole hearted blessings of very senior pensioners majority of whom are above 70 whose blessings go a long way for everyone.

M.R.RANGARAJAN

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[Debasish Mukherjee]

After 10 months of recommendation for revision  enhancement of Family pension has been approved by the DFS for only about 75000 Family pensioners. Is there any information about developments of retirees updation? UFBU also called a meeting today in Mumbai with pension updation as one of the agenda. What is the latest position?

Debasish Mukherjee.

Sent from RediffmailNG on Android

From: PM <moha...@gmail.com>
Sent: Wed, 25 Aug 2021 19:12:43 GMT+0530
To: bankpensioner <bankpe...@googlegroups.com>
Subject: bankpensioner BANK EMPLOYEES FAMILY PENSION INCREASED- MOF RELEASE

FINANCE MINISTRY. PIB RELEASE.

Bank Employees Family Pension to be increased to 30% of last pay drawn

Banks’ contribution to NPS Corpus of PSU Bank employees to be enhanced to 14%

Posted Date:- Aug 25, 2021

Mumbai, 25 August 2021

 

In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.  This was announced by the Secretary, Department of Financial Services, Ministry of Finance, at a press meet addressed by Finance Minister Smt. Nirmala Sitharaman in Mumbai today.

Secretary, DFS informed that, in continuation of the 11th bi-partite settlement on wage revision of public sector bank employees, which was signed by the IBA with the unions on November 11, 2020, there was a proposal for enhancement of family pension and also the employers' contribution under the NPS.  This has been approved by the Finance Minister, he said.  Shri Panda further said that  “earlier the scheme had slabs of 15, 20 and 30 percent of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of Rs 9,284/-. That was a very paltry sum and Finance Minister Smt. Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain”.

The Government has also approved the proposal to increase employers contribution under the NPS to 14% from the existing 10%. 

Thousands of families of PSU bank employees will be benefited by the enhanced Family Pension, while increase in employers contribution will provide increased financial security to the bank employees under the NPS.

Finance Minister, as part of her two day visit to Mumbai reviewed the performance of the public sector banks and launched EASE 4.0 reform agenda for smart banking.

 pib.mumbai.

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[Raj Venkat]

Don't celebrate this.pre 2002 are still suffering without updation with pensions less than the family pensions.This is anomaly and even it is the priority scuttled .Those who helped computerisation and worked in overtime era without overtime(officers) are suffering asliving dead with meagre pension.The logic of announcing family pension is farfetched but only second priority? Let us wait for updation as per RBI settlement for pre1998 retirees.How DFS works? Funny

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[Raghu Bhargava]

Could some one clarify how the increase would be Rs 30000 when the total pension is just Rs35000 for VRS retirees.

Thanks,

Raghuraj Bhargava

[PM]

Dear Mr Raghu Bhargava,

           No doubt, every Family Pensioner  will be benefitted by the present increase approved by Ministry of Finance on Family Pension.

      The amount of increase shown at Rs.30000 etc is the maximum figure, which applies to spouses of deceased senior bank executives at Scale seven or so and not applicable to all family pensioners.      

           The principle applied is same to all  family pensioners :

ie: Basic Pay last drawn by employees x 30%  would be the revised Family Pension.

Plus appropriate DA as per date of retirement.There would not be any ceiling as existing now.

                    

[C.M. PANICKER]

A Beginning has been made after a ling wait. It is putting the cart before the horse.Let us wait to hear what follows.

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[Hans Raj Manuja]

It is very good and very welcome that family pension has been increased ; but is there a chance that we will get some relief in our life time also?

      If our pension is not updated , there would be huge discrepancy in family pension also .

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[Shrinivas Parkar]

You are perfectly right Respected Rangrajan Sir that Approval of Family Pension Enhancement by 100% & NPS Contribution increase by 40% by the Government as recommended by IBA, gives a clear message that if IBA recommends, Pension Updation may be approved by the Government. Alspo in a reply to a question in the Parliament, DFS has confirmed that for Pension Updation, Proposal is required to be forwarded by IBA. 

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[km...@hotmail.com]

Dear all

The exuberant messages on the improved Family pension,  is nice to see.  Sadly,  " Resignees ", still live as "untouchables" and are waiting to take the last train.  Hoping to get some news on this issue.

Regards

Mahalingam. K.

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Thursday, 26 August 2021, 11:14am +05:30 from PM moha...@gmail.com:

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[RANGARAJAN M R]

Sir,

The attached illustration given by Sri Mohandas Rao would make things clear so that each pensioner could make a small pencil note in PPO the eligible amount of FP to help their spouses.

M.R.RANGARAJAN

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/04c54b43-8bbb-4a9f-b1ec-5a0f75b6c97fn%40googlegroups.com.

[Sureshbhat M]

Ultimately our respected FM Madam  indirectly conveyed to all existing Pensioners that it better give up your body for improvement in Pension  to their spouse.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1629899424.S.86310.autosave.drafts.1629899941.14824%40webmail.rediffmail.com.

[Gopalakrishnan Ramachandran]

What a negative thought,  at this age! 

G Ramachandran 

CB-SVRS 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAJjVXgwoR1c4xj8%3D38_t9B0Vug6BxoLTSkvUdLccFW3RCptS2w%40mail.gmail.com.

[Velayudhan Nair]

If IBA has to recommend, UFBU has to talk to IBA.UFBU means veteran
com CHV, who holds the key.AIBOC is a helpless partner in UFBU.The
other major partner is NCBE(SBI).But SBI staff has their own
issues.Let us see how the battle is being fought.Anybody having links
to Com CHV may talk to him personally.He can do it.



CPVNAIR
On 8/26/21, 'Shrinivas Parkar' via bankpensioner

<bankpe...@googlegroups.com> wrote:
> You are perfectly right Respected Rangrajan Sir that Approval of Family
> Pension Enhancement by 100% & NPS Contribution increase by 40% by the
> Government as recommended by IBA, gives a clear message that if IBA
> recommends, Pension Updation may be approved by the Government. Alspo in a
> reply to a question in the Parliament, DFS has confirmed that for Pension
> Updation, Proposal is required to be forwarded by IBA.
>
> Sent from Yahoo Mail on Android
>
> On Thu, 26 Aug 2021 at 10:09, RANGARAJAN M R<rangar...@gmail.com>
> wrote: The much awaited family pension revision has become a reality. With
> this a conclusion may be drawn that pension updation would happen if the
> proposal goes through IBA based on its bipartite understandings / consensus
> etc with UFBU. Now the apex bodies like UFBU have an opportunity to help
> bank pensioners without delay keeping in view particularly the plight of

> pre-2002 pensioners.Let us hope both IBA & UFBU do the needful in the matter

> https://groups.google.com/d/msgid/bankpensioner/230337060.721576.1629955473622%40mail.yahoo.com.
>

[saradindu basu]

FM Madam directly assured existing employees who had joined before 2004 and existing Pensioners that while leaving this world, they need not worry about gross financial distress of their living spouses.  

All sincere persons take care of surviving family members. Huge numbers of LIC Policy Holders clearly indicate that.

--Saradindu Basu.

---

From: bankpe...@googlegroups.com <bankpe...@googlegroups.com> on behalf of Sureshbhat M <sures...@gmail.com>
Sent: Thursday, August 26, 2021 2:44 PM
To: bankpe...@googlegroups.com <bankpe...@googlegroups.com>
Subject: Re: bankpensioner BANK EMPLOYEES FAMILY PENSION INCREASED- MOF RELEASE

 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAJjVXgwoR1c4xj8%3D38_t9B0Vug6BxoLTSkvUdLccFW3RCptS2w%40mail.gmail.com.