Enhancement of Family Pension for Bank Retirees

Enhancement of Family Pension for Bank Retirees – BEFI

Circular No.86/2020

To all Units, Affiliates, Office Bearers, CC & GC Members

20th December 2020

Dear Comrade,

Enhancement of Family Pension for Bank Retirees

The Department of Financial Services, Govt. of India accorded necessary approval, addressing a letter to the Chief Executive, Indian Banks’ Association for implementation of 11th Bipartite Settlement/Joint Note signed on 11.11.2020 and consequential benefits pending amendments to relevant regulations as per laid down procedure.

In the said letter, the DFS advised IBA to submit financial implications/liabilities in respect of family pension and employer’s contribution under the new pension scheme. The IBA since last one year had been informing that the matter has been referred to Govt. of India. Now, given the DFS letter we understand that more time will be required for its approval. In addition, different amounts are being mentioned as cost requirement for enhancement of family pension to 30 percent without ceiling spanning from Rs.9000 crore to Rs.20000 crore. The IBA never shared the details with UFBU officially. As the amount will be provided from individual bank’s balance sheet, we feel that all the stake holders including the Unions/Associations have right to be informed regarding exact requirement.

We addressed a letter to the Secretary, DFS, Ministry of Finance, today, text of which is appended.

With greetings,

Yours comradely,

(Debasish Basu Chaudhury)
General Secretary

Source: BEFI