The Eastern Maharashtra Bank Retirees’ Association has requested the Government to expedite pension updation, which has been pending for the last 27 years.

Nitin Gadkari, Minister of Road Transport and Highways, has taken up the Association’s representation in this regard with Minister of State for Finance Bhagwat Kishanrao Karad.

In a letter to Karad, Gadkari noted that retired employees of government-owned banks, rural banks, and old-generation private sector banks have been pursuing the issue of pension updation with the government for a long time.

Also read: NPS: Who can be a nominee for the National Pension Scheme account

The pension that bank employees, who retired a long time ago, draw is meager and they are not able to make ends meet, per the Nagpur-based Association.

For example, a chief manager who retired in the year 2000 draws less pension than a clerk who retired recently.

The pension scheme was implemented in banks in 1995. Since then, there have been eight industry-wide bipartite wage agreements.

The Association has pressed its demand for pension revision so that members can meet both ends without a hitch.

The Association suggested that the pension fund reserve with the government can be used for revision in the pension scheme. It underscored that this would not put any financial burden or liability on the government.

Meanwhile, the All India Bank Retirees Federation has sought a grant of 100 per cent Dearness relief to pre-November 2002 retirees, improvement in family pension, and group medical insurance scheme for retirees, among others.

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