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The Union government has decided to revise the pension of retired bank employees. This new notification will be applicable for people, who retired before November 1, 2017, effective from June 2023.
However, there would not be any arrear payments made for the prior payments. The existing basic pension amount of Rs 100 will be revised to Rs 163 effective from June 2023.
Earlier, the Eastern Maharashtra Bank Retirees’ Association requested the government to expedite pension updation, which has been pending for the last 27 years.
In July 2020, around 8.5 lakh bank employees got a 15 percent increase in their salary packages after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UBFU) signed a Memorandum of Understanding (MoU) to settle the three-year-long contentious issue of wage revision. As of November 1, 2017, banks had to pay around Rs 7,900 crore for the wage revision.
The pension scheme was implemented in banks in 1995. Since then, there have been eight industry-wide bipartite wage agreements, according to a report by Business Line.
