The Union government has decided to revise the pensions of retired bankers. This new notice applies to those who retired before November 1, 2017 and is effective June 2023.
However, there will be no deferred payment for the prepaid amount. The current basic pension is 100 rupees, which will be revised to 163 rupees from June 2023.
Earlier, the Eastern Maharashtra Bank Retirees Association urged the government to expedite pension renewals, which have been pending for the past 27 years.
In July 2020, about 850,000 bankers saw a 15% increase in salaries after the Indian Bankers Association (IBA) and the Union of Bankers Forum (UBFU) signed a Memorandum of Understanding (MoU) to resolve three issues. . The issue of wage revisions has been a topic of debate for over a year. As of 1 November 2017, the bank had to pay around Rs 7.9 crore for wage revision.
Pension plans were introduced to banks in 1995, according to a Business Line report. Since then, eight bilateral wage agreements have been signed across the industry.
