Public Sector Banks deny Rightful Pension Updation

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Lacs of Public Sector Bank Retirees have been denied updation of Pension for last 33 years. Bank (Employees') Pension Regulations,1995; effective 1st November, 1993, enacted after receiving prior approval of Reserve Bank of India and the Central Government provided that basic pension fixed for the employees who retired during the period 1.1.86 to 31.10.87 was to be updated as per Regulation 35(1). Accordingly, their pension was revised but for the employees who retired after 31.10.1993 pension was never updated.
Regulation 35(1) was amended and published under part III, Section 4 of the Gazette of India in weekly Gazette No. 11 dated Saturday, March15, 2003 as quoted below:
"in Regulation 35, for sub-regulation (1), the following sub-regulation shall be substituted, namely;
“Basic Pension and additional pension, wherever applicable SHALL BE UPDATED as per formulae given in Appendix-I"
The exclusion of words: "In respect of employees who retired between 1st day of January, 1986 but before 31st October, 1987 unambiguously makes it mandatory for PSBs to Update the Pension of all employees irrespective of the date of retirement simultaneously with each Revision of wages as per Bipartite Settlements entered into by IBA & employees’ Unions/officers’ Associations.

The Pensions of Central Government and State Government Employees are revised regularly. The Pension of RBI & NABARD employees have been recently Revised. It is beyond comprehension why the PSB retirees are being meted out step-motherly treatment by denying their legitimate Demand. This is against the Right to Equality enshrined in the Constitution.

The ageing pensioners of PSBs do not enjoy any Health Security also; available as CGHS to Govt. Pensioners and have to depend upon Insurance Company for Health Care at exorbitant Premiums, which is two times the monthly Pension in some cases. 

Despite crystal-clear Regulations and various Supreme Court Judgements and directions to the Governments & Employers, the PSB managements' are depriving lacs of hapless PSB retirees their legally deserved dues and forcing them to live in misery and penury.

STAY INFORMED through UPDATES!