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You are here: Home / Bank Employees / Bank Employees Family Pension to be increased to 30% of last pay drawn

Bank Employees Family Pension to be increased to 30% of last pay drawn

August 25, 2021 pcadmin Leave a Comment

Bank Employees Family Pension to be increased to 30% of last pay drawn

Banks’ contribution to NPS Corpus of PSU Bank employees to be enhanced to 14%

Mumbai, 25 August 2021

In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks’ Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.  This was announced by the Secretary, Department of Financial Services, Ministry of Finance, at a press meet addressed by Finance Minister Smt. Nirmala Sitharaman in Mumbai today.

Secretary, DFS informed that, in continuation of the 11th bi-partite settlement on wage revision of public sector bank employees, which was signed by the IBA with the unions on November 11, 2020, there was a proposal for enhancement of family pension and also the employers’ contribution under the NPS.  This has been approved by the Finance Minister, he said.  Shri Panda further said that  “earlier the scheme had slabs of 15, 20 and 30 percent of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of Rs 9,284/-. That was a very paltry sum and Finance Minister Smt. Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain”.

The Government has also approved the proposal to increase employers contribution under the NPS to 14% from the existing 10%. 

Thousands of families of PSU bank employees will be benefited by the enhanced Family Pension, while increase in employers contribution will provide increased financial security to the bank employees under the NPS.

Finance Minister, as part of her two day visit to Mumbai reviewed the performance of the public sector banks and launched EASE 4.0 reform agenda for smart banking.

PIB

S. NoFamily Pension Rules
1Rule 1 to 5
2Rule 6 to 10
3Rule 11 to 15
4Rule 16 to 20
5Rule 21 to 25
6Rule 26 to 30
7Rule 31 to 35
8Rule 36 to 40
9Rule 41 to 45
10Rule 46 to 50
11Rule 51 to 55
12Rule 55 to 60
13Rule 61 to 65
14Rule 66 to 70
15Rule 71 to 75

Filed Under: Bank Employees, Family Pension

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