Same copy paste answer from MOF

Same copy paste answer from MOF

"-These regulations do not have provision for revision of pension. 

-matter of pension updation of Banks is sub-judice in Hon'ble Supreme Court of India."

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GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA

UNSTARRED QUESTION No. 1621

ANSWERED ON 31st JULY, 2023 / SRAVANA 9, 1945 (SAKA)

Pension Scheme for Retirees

1621. SHRI RAJMOHAN UNNITHAN:

Will the Minister of FINANCE be pleased to state:

(a) whether the Government is aware that even after twenty eight years since introduction of pension scheme in Banks, it has not been revised and the retirees, especially those retired long back are living with great difficulty with a meagre amount of pension if so, the details thereof;

(b) whether the Bank Retirees are not given revision in pension along with the wage revision of serving employees on similar lines like the pension, scheme of Central and State Government retirees;

(c) whether the Government proposes to raise/revise the pension scheme of the bank

retirees to ensure the quantum of pension payable to pensioner is adequate to meet

his/her basic needs and lifestyle to which he/she is accustomed to live to achieve the

objective of social welfare;

(d) if so, the details thereof; and

(e) if not, the reasons therefor?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE (DR. BHAGWAT KARAD)

(a) to (e): Pension, a funded scheme, was introduced in nationalised banks through Bipartite Settlement signed on 29.10.1993 (covering employees retired on or after 1.1.1986), between unions/associations of bank employees and the Indian Banks' Association (IBA), which negotiated on behalf of participating banks. The Boards of the respective nationalised banks accordingly made Employees' Pension Regulations, 1995, in exercise of their powers under section 19 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980. These regulations do not have provision for revision of pension. 

However, pensioners/retirees of banks are being granted Dearness Relief on pension and the same is being increased from time to time i.e. on half yearly basis.

IBA has further informed that the matter of pension updation of Banks is sub-judice in Hon'ble Supreme Court of India.

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