Pension Funds in Banks

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Retired bankers are paid pension out of a self financed corpus formed out of their hard earned savings. Of late it is noticed that the fund is manipulated by the management for their temporary gains thereby jeopardizing the demand for the updation of pension in banks. Hense we request your good self to immediately intervene and instruct IBA / Banks to

a. Ensure that every participating banks have made sufficient amount in their pension fund in proportion to the number of retirees.

b. To appoint retiree representatives on the board of pension fund management trusts.

c. To appoint an actuary to finalise the Pension Updation System in banks.

d. To explore the possibilities of financing the medical insurance premium and other welfare schemes out of the large income generated out if these funds.

Your early action in this regard will be highly appreciated by the large number of bank retirees in this country.

Adv. P P SURESH,

Retd. Asst. General Manager,

Punjab National Bank.