May 27, 2024


Truth Triumphs

AIBPARC held dharna to implement Pension Updation

Bengaluru, May 25: Under the banner of All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC) a large number of retirees and pensioners from all Banks held a mammoth dharma today at Freedom Park  demanding implementation of Pension Updation as provided in Regulation 35 of Bank Employees Pension Regulations 1995.

Ever since implementation of Pension Scheme in Banks during 1993/95, bank employees pension is not revised/updated though salary and allowances of serving employees are revised periodically once in five years. A Chief General Manager retired in 90s is getting a meagre sum of pension less than the pension of an attender retired from the Bank now.

Adding insult to the injury, for the retirees retired before 2002 November are getting inferior dearness relief (DR) as they are denied 100% DA neutralisation available to those retired after 2002.

The premium on medical insurance is not affordable as it exceeds 2/3 months total pension. The premium on serving employees’ policy is borne by the respective banks, whereas Retirees have to shell down more than Rs.57,000 and more every year from out of their meagre pension. This amounts 2-3 times pension of an average bank pensioner. There is an immediate need to absorb the Retirees’ Insurance Premium by the Banks themselves, as this is a social security measure.

The Union Government has withdrawn itself from the social security measures from 2010 by introducing New Pension Scheme. Hence there is a need to revert to Old Pension Scheme.

Despite positive assurances from the Finance Minister, IBA is not showing any positive interest to improve on superannuation benefits. Despite number of requests and agitations, there is no positive response from the concerned authorities. Hence this Dharna. Similar programs will be held at all state headquarters. Thereafter similar Dhana programs before Jantar Mantar Delhi and Mumbai will be held.

Please follow and like us:

About Author