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Government bank employees’ family pension increased, will be available with 30% increase in previous salary

Government bank employees' family pension increased, will be available with 30% increase in previous salary

Bank employee family pension to be increased to 30% of last drawn pay

New Delhi :

Bank employees family pension will be increased to 30% of the last drawn salary. Banks’ contribution to the NPS corpus of public sector bank employees will be increased to 14%. Approved the proposal to increase the pension to 30% of the last drawn pay. With this move of the government, the family pension per family of bank employees will increase from Rs 30,000 to Rs 35,000. The Secretary, Department of Financial Services, Ministry of Finance announced this in a press conference addressed by Finance Minister Nirmala Sitharaman in Mumbai on Wednesday.

He informed that in the 11th Bilateral Agreement on Wage Revision of Public Sector Bank Employees, which was signed by Indian Banks Association (IBA) with unions on November 11, 2020, increase in family pension and employer’s contribution under the National Pension Scheme. There was also a proposal for an increase of Rs. 9,284/-, which has been accepted. Earlier in this scheme, there was a slab of 15, 20 and 30 percent of the last drawn salary of the pensioner, its maximum limit was Rs. 9,284/-. It was a very nominal amount that the Finance Minister was worried about and wanted it to be revised so that the family members of the bank employees can get a better amount for living.

Significantly, the government has also approved the proposal to increase the contribution of employers under the new pension scheme from the existing 10% to 14%. The increased family pension will benefit thousands of families of public sector bank employees, while the increase in employers’ contribution will lead to enhanced financial security for bank employees under the new pension scheme. The Finance Minister, during his two-day visit to Mumbai, reviewed the functioning of Public Sector Banks and launched the Ease 4.0 Reform Agenda for Smart Banking.

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