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State Bank of India Act 1955 Rule 23 has provided for commutation of pension. The act itself worked out the method of pension calculation . It reads as 50% of average last drawn pay of 12m. After the passing of the act by Govt in Parliament only, SBI came in to existence.

The benefit of pension updation flows from the RULES to all who were eligible for pension and who survive subsequent enhancement in pension following revision in salary.

They all belong to the same class as of the retirees who were recipients of enhanced salary. 

Since all the surviving pensioners belong to the same class of RULES, as per Articles 14& 16 of the Constitution of India, it implies that a person retiring, is eligible for pension at the time of his retirement and if he survives till the time by subsequent amendment of the relevant pension scheme, he would become eligible to get enhanced pension

Though IBA  enters wage settlements with serving employees organizations ie UFBU representatives once in 5 years, resulting in wage revision, State Bank of India has not extended updation to pensioners, by the power conferred with it by its rules & regulations and pensioners do not receive any revision accordingly.

More than 2 decades , this injustice continues. A DGM retired 10 y back gets lower pension than the clerical staff who retires now.  Persons who have put say 30 years get low pension than those of same category and service in the Bank who retires later years. This anomaly continues despite various representations and cases for rectification are yet to yield the desired  result.

During the 10th Bipartite settlement, the serving employees representatives entered record of notes on discussion with  Indian Bankers' Association that pensioners have no contractual relations with the banks.

Pensioners are previous employees of the banks.In that sense, present employees are future pensioners. If the note severs the connection of the umbilical cords of pensioners. It will also sever the connection of the serving employees in future. 

Younger son can't disconnect the relation of elder son from his mother.

If it holds good, then all the pensioners of  any institution/govt etc may not be connected to the institution in which they served.

This irresponsible act  may lead to deny pension in future not only for the present pensioners but also the signatory of the record notes of discussion of wage settlements.

The current employees may not be aware of these unwise record or may be not allowed to express their points in open.

Pension not revised. Family pension not revised. Only DA compensation is allowed. Due to rising medical costs, SBI pensioners lead a shabby life depending on their wards. All these due to the wanton role of the bank seeking Govt consent  ignoring the power conferred by the rules and regulations of  the ACT.

But the cases lodged in courts  are yet to show new light for the pensioners.

On financial aspects of the issue, it has corpus fund, huge enough, to pay the pension out of its interest alone; SBI act itself spells out management of fund for pension distribution. No need of govt allocation is necessitated.

Even though, every aspect is covered and provided for by the act itself, SBI unnecessarily passed the issue to the Govt and kept the demand pending so far.

We expect our readers to extend their moral support for the old pensioners, kind cooperation and wishes.

m somasundaram sbi pensioner



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Somasundaram Murugan needs your help with “UPDATION OF PENSION FOR SBI PENSIONERS: UPDATION OF PENSION IN STATE BANK OF INDIA”. Join Somasundaram and 3,942 supporters today.