Pension Revision in RBI as declared on 23 January 26

[shantilal nagal]

Pension Revision in RBI

We are pleased to share that pension in RBI has been revised for all RBI Pensioners. As per PIB notification, It is to be implemented from November 22. This follows the earlier update dated 21st June 2023, wherein the Ministry of Finance approved pension enhancement for pre-1.11.2017 pensioners effective from June 2023.
The first pension revision took place in 2019, granting employees a 10% increase in pension along with Dearness Relief (DR) linked to each of the three wage revisions in 2002, 2007, and 2012. A second revision followed in 2023 with a conversion factor of 1.63 when DR was merged at 6352 index points. Since the latest merger is at 8088 points the conversion factor is 1.43 as explained under.

Pension Revision Highlights :

• Conversion Factor: 1.43
  ( 10% increase in Basic Pension over the last update)
• Dearness Relief (DR):  21.13% of the revised Basic Pension as per the new DR applicable to Bank Pensioners. The slab method shall no longer be applicable. (DR figure as on October 25)
• Formula for Gross Pension:
  Gross Pension = (Old BP × 1.43) + (21.13% of Revised BP); as on October 25
• Effective Date: November1, 2022
• Arrears: From November 22.
• This revision strengthens the financial dignity of all RBI pensioners and family pensioners — a community that has long served the institution with dedication and integrity.

[Vvns Varaprasadrao]

 When strengthening of financial dignity of all PSU Banks pensioners and family pensioners will be undertaken ?

Regards.

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