Help bank retirees live the last leg of their journeys honorably

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Things have become ultra-expensive these days. Imagine surviving this world in Rs 9000 a month. Sounds impossible?

Yet more than 2200 surviving bank retirees who retired before 1986 and are 93 plus years old get extremely low exgratia payment of about Rs 4000 per month. Family pensioners in banks are very low. The average monthly family pension is Rs 9000 per month.  There are about 72000 family pensioners in banks, most of them are women.  

Come to think of it, these were the very same people who took care of your finances while you were making money. But today, they helplessly watch auto drivers, vegetable sellers make more money than them.

Pension up-gradation has not been done in banks for the last 25 years despite the economy and the per capita income of Indians has gone up by more than 4 times during this period. More than 1.5 lakh bank retirees who retired prior to 2002 are the worst sufferers.

We seek the intervention of the honorable Prime Minister and Finance Minister for immediate solution of the following issues of senior citizens and bank retirees so they can live peacefully and honorably

1. Insurance cover on bank deposits for senior citizens should be raised to Rs. 10 lakhs so they can be completely free of any tension for the safety of their funds.

2. In view of continuous falling income, terms and conditions of a deposit scheme for senior citizens need to be improved to provide a stable and decent income in their last leg of the journey.  The rate of interest should be 9 percent fixed.  Two renewals of 5 years each on completion of the initial period of 5 years should be allowed and ceiling of Rs. 15 lakhs should be removed.

3. GST on insurance premiums for the group insurance policy for seniors should be brought to zero percent slab from the existing 18 percent to reduce the financial burden on them.

4. Bank retirees demand that IBA hold discussion with the retirees on their issues

5. All other pending demands of bank retirees should be settled immediately


On behalf of All India Union Bank Retirees Federation

PB Raghavendra Rao, Chairman