Bank Retirees long pending genuine grievances

Vinod Chandrashekhar Dixit

The Retired Bank Employees are waiting for more than 35 years to get what has been agreed with them and what is being extended in Government and other Public Sector Organisations in the matter of Pension. If we talk about Pension for Bank employees, Bank employees and officers wanted Pension as third benefit but the Government and IBA insisted that Pension Scheme would be introduced in the Banks exactly on the lines of Government Employees Pension Scheme. So when Pension settlement was signed in 1993 and Pension Regulations were framed in 1995 it came exactly as per the Central Government Employees Pension Scheme. The negative and punitive aspects of the Government Pension Scheme were also included in the Bank Employees Pension Scheme such as Pension subject to future good conduct, initiation of disciplinary proceedings even after retirement and Dearness Relief which used to be paid every three months is now made payable every six months quoting that for Government Employees it is payable only every six months.

Here I would like to recall our FM  Nirmala Sitharaman who had advised the IBA in her

keynote address at the 73rd Annual General Meeting on 20th November, 2020 that bank pensioners shall not be left to themselves post-retirement and they shall be given OROP (One Rank, One Pension) in view of the laudable service they had rendered for the banks while in service, as was granted by her to the Defence pensioners. But till date neither the IBA nor the Department of Financial Service took care of the words of the Minister and her reassuring words brought double disappointment to the bank pensioners. At that time the Retirees of the Industry were listening with rapt attention what our honourable Finance Minister said on the occasion and their hopes and aspirations were immensely heightened after her inspiring interview with Hindu Business Line also.

Through this article, I would like to state that Bank Retirees  demand for the updation of pension which has been impacting the life of every pensioner including the family pensioners has not been settled yet. It is clear that despite several ruling by the Apex Court that the Salary Revision and Pension Revision are inseparable; Pension is not a bounty; Pension is a deferred wage etc, our Pension has not been revised since 1987. One would be surprised to this unfair situation that a Top Executive Grade General Manager who retired after 01.01.1987, draws lesser pension than a senior clerk who retires today. One must not forget that Pensioners and Retirees have contributed their best to transfigure Banking for which there is no comparison in the world elsewhere.

Finance Minister’s interview in the Business Line and address to the 73rd AGM of IBA had raised the hopes and aspirations of the Bank Pensioners who had contributed to the nation building during their active service and continue to chip in even after retirement whenever the occasions demanded like PMJDY campaign, Demonetization etc.

It is very important to note that the Pension Fund is mainly constituted by surrendering CPF by the Pensioners during their service and any pension related improvement is not affecting the Balance Sheet of the Bank as such improvements are paid out of Pension Fund only. As regards Family Pension, the original provision for a Pensioner was made at the rate of 50% of the last drawn pay whereas the proposed improvement in Family Pension stands at only 30%. Due to unresolved issue of this crucial issue has forced the huge number of Widow Pensioners to live a life of acute financial misery as the monthly pension is unbelievably low.

Time has now come when our FM must settle this long pending issue urgently so that this hitherto deserted section of the pensioners could get the benefit of revision of pension. It should be noted by the Government that retirees should never be forgotten as everyone is going to retire one day. Finance Ministry is last hope to help realize Bank Pensioners legitimate due.