One Rank One Pension Scheme for Banking Industry

One Rank One Pension Scheme for Banking Industry

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES

RAJYA SABHA
UNSTARRED QUESTION NO.2444

TO BE ANSWERED ON 8TH AUGUST, 2017/ SRAVANA 17, 1939(SAKA)

2444.PROF.M.V.RAJEEV GOWDA

Will the Minister of FINANCE be pleased to state:-

(a) whether there has been a constant demand for One Rank One Pension from various other sectors following introduction of one rank one pay for the defence sector;

(b) whether Government is considering to introduce One Rank One Pension scheme for the banking industry;

(c) whether there is any move to revise the pension of the retired bank employees; and

(d) if so, the details thereof and if not, the reasons therefor?

ANSWER

The Minister of State in the Ministry of Finance
(Shri Santosh Kumar Gangwar)

(a): Pension in Nationalised Banks is based on Bipartite Settlement between Unions/Associations and Indian Banks’ Association (IBA) representing managements of Banks. IBA has informed that there have been demands from Pensioners’ Associations regarding pension updation.

(b) & (c): At present, no such proposal is under consideration of Government.

(d): IBA has informed that pension in Nationalised Banks is paid to the retirees’ from the pension fund of bank concerned and improvement in pension directly affects the profitability of the banks.

Source: Rajya Sabha