BANK PENSIONERS LATEST NEWS

News for

Bank Pensioners

GUIDELINES FOR FILING WRIT APPLICATIONS FOR RESTORATION OF COMMUTEDPORTION OF PENSION AFTER 10YEARS

Dated 03.09.2024 : In social media , it was widely reported that same retirees had filed writ petitions in various court pleading for restoration of commuted pension . It was also reported that such petitions have met with success and courts had reduced the period of recovery of commuted portion from 15 years to around 10 to 2 years .

Hence many retirees and retiree associations have shown interest in filing such petitions . In order to help such retirees and retiree associations desiring of moving the courts , All India Bank Pensioners & Retirees Confederation ( AIBPARC ) has issued a circular guiding them how to file such petitions .

The guidelines are reproduced below :

*GENERAL GUIDELINES TO FILE WRIT PETITION FOR RESTORATION OF COMMUTATION AFTER EXPIRY OF TEN YEARS FROM THE DATE OF COMMUTATION*

1. DETAILS TO BE FURNISHED BY THE RETIREE (in the following format)

i) Name......

ii) Employee No./Roll No.

iii) Designation at the time of Joining Bank and at the time of Retirement from Bank

iv) Date of Joining Bank (Name of Bank)

v) Date of Retirement from Bank

vi) Date of Commutation of a portion of Pension

vii) Branch from which retired

viii) Pension Payment Order No.......(copy enclosed- self attested)

ix) Pension Drawing Branch........

x) Present Residential Address

xi) Aadhaar Card No..........(copy enclosed -self attested)

xii) Photo

xiii) Signature

xiv) Membership No. Allotted by PENSIONERS' ASSOCIATION.

Notes for Pensioners Association

1. CERTIFIED COPY OF THE RESOLUTION

The Executive Committee of the ............. (Name of the Pensioners Association) In its meeting held on ........... (Date) Unanimously decided to file a Writ Petition in the Hon'ble High Court of ............. (Place) for restoration of the Commuted Portion of the Basic Pension after the expiry of a period of ten years from the date of Commutation on behalf of its all the eligible members. It was further resolved to authorise Shri.......... aged about....... Years son of Shri................... retired from the services of ............... Bank as ............ (Designation) and presently residing at ...................... (address) and also holding the post of .................. in the .................. (Name of Pensioners Association).Shri ................. is authorised to represent ...................... (Pensioners Association) Before the Hon'ble High Court, sign necessary Vakalatnama, Affidavits and other related papers/documents and exhibits as required by the lawyer and the Hon'ble High Court. Shri.................... Is also authorised and empowered to present himself personally before the Hon'ble High Court to represent ................... (Pensioners Association) as and when required. Signed on this ...... day of September, 2024.

PRESIDENT GENERAL SECRETARY

2. COPY OF THE REGISTRATION CERTIFICATE OF THE PENSIONERS' ASSOCIATION

3. COPY OF THE BYE-LAWS/CONSTITUTION/RULES & REFULATIONS

4. *RELEVANT PROVISION OF THE BANK EMPLOYEES' PENSION REGULATIONS 1995 for Lawyer's Reference

5. OTHER INFORMATION AS REQUIRED BY THE LAWYER.

Retirees desirous of filing writ petitions may contact their retiree associations to get further information .

BANK PENSIONERS DA WILL GO UP BY 23 SLABS FROM AUGUST 2024

Dated 06.08.2024 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from August 2024 to January 2025 will be enhanced by 23 slabs .New DA Rates for the pensioners retired earlier is as follows :

Pensioners retired after 31.10 2022 : 17.20 % of Basic Pay
1. Pensioners retired after 31.10 2017 : 50.12 % of Basic Pay ( 716 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 119.40% of Basic pension ( 1194 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 239.25 % of Basic pension ( 1592 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 311.76 % of Basic pension ( 1732 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 451.92 % + Rs 800
b. Basic pension between Rs 3,551 to Rs 5,650 : 451.92 % + Rs 450
c. Basic pension between Rs 5,651 : 451.92 %

Similarly the pensioners retired earlier will also get DA enhancement .

To read IBA circular in this regard , CLICK HERE

To read AIBEA Circular , click here

PENSION OPTION FOR BANK RESIGNEES

Dated 17.03.2024 : In the month of November 2023 , Indian Bankers Association ( IBA ) had signed a MOU with regard to providing option for bank resignees to opt for receiving monthly pension . The MOU implementation will be subject to Government approval .

Now the Department of Financial services , Ministry of Finance has conveyed their 'No Objccti‹›n’ for Extending an option of pension to the resignees who were otherwise eligible to join the Pension Scheme under the Bank Employees Pension regulations but were not offered second option to join the pension scheme as they had resigned.

Following categories of resignees will be eligible for joining the pension scheme :

1. Employees and officers. who were in service of the Banks on or after 1st, January 1986 and had joined the Banks before 1st , April 2010 and who have resigned from the service of the Bank on or before 26th , April 2010 and who were otherwise eligible to join the pension scheme while in service and In case of death after resignation, the surviving spouse or eligible family member can opt. (they will get family pension) . They should have completed 20 years service and above at the time of resignation

2. They should agree to refund to the Bank the entire Bank's contribution to Provident Fund (along with accumulated interest thereon) received by them at the time of their resignation from the Bank. (No additional interest thereon

On signing an agreement with the bank and refunding PF amount with interest , resignees or their surviving spouses will be eligible to receive pension prospectively . However they will not be eligible for commutation of their pension .

Pension Payable : 50% of Pay if completed 33 years service at the time of resignation. Other cases (20 to 32 years) : 50% of Pay x service I 33. Pension/Family pension payable prospectively. No facility of commutation ​

Monthly ex-gratia for bank pensioners :

EX-GRATIA FOR BANK PENSIONERS - QUANTUM FIXED

Dated 08.03.2024 : In the bipartite settlement signed today between IBA and UFBU , the quantum of ex-gratia fixed for the bank retirees is Full basic pension + DA for October 2022 multiplied by a factor below and rounded of to the nearest 100

FACTOR TABLE :

AWARD STAFF :

1. 4TH / 5TH BPS Retired between 01.01.1986 to 31.10.1992 - Factor 0.17
2. 6TH BPS Retired between 01.11.1992 to 31.03.1998 - Factor 0.15
3. 7TH BPS Retired between 01.04.1998 to 31.10. 2002 - Factor 0.12
4. 8TH BPS Retired between 01.11.2002 to 31.10. 2007 - Factor 0.07
5. 9TH BPS Retired between 01.11.2007 to 31.10. 2012 - Factor 0.05
6. 10TH BPS Retired between 01.11.2012 to 31.10. 2017 - Factor 0.03
7. 11TH BPS Retired between 01.11.2017 to 31.10. 2022 - Factor 0.02

FOR OFFICERS :

1. 1ST / 2ND JN Retired between 01.01.1986 to 30.06.1993 - Factor 0.17
2. 3RD JN Retired between 01.07.1993 to 31.03.1998 - Factor 0.15
3. 4TH JN Retired between 01.04.1998 to 31.10. 2002 - Factor 0.12
4. 5TH JN Retired between 01.11.2002 to 31.10. 2007 - Factor 0.07
5. 6TH JN Retired between 01.11.2007 to 31.10. 2012 - Factor 0.05
6. 7TH JN Retired between 01.11.2012 to 31.10. 2017 - Factor 0.03
7. 8TH JN Retired between 01.11.2017 to 31.10. 2022 - Factor 0.02

BANK PENSIONERS DA WILL GO UP BY 61 SLABS FROM FEBRUARY 2024

Dated 01.02.2024 : The average consumer index points have increased in the quarter ending December 2023 to 9,122.33 from earlier average of 8,881.28 points in June 2023 . Accordingly the DA slabs have gone up by 61 slabs .

In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from February 2024 to July 2024 will be enhanced by 61 slabs .New DA Rates from February 2024 to July 2024 for pensioners retired earlier is as follows :

1. Pensioners retired after 31.10 2017 : 48.51 % of Basic Pay ( 693 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 117.10% of Basic pension ( 1171 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 235.80 % of Basic pension ( 1572 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 307.62 % of Basic pension ( 1709 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 446.40 % + Rs 800
b. Basic pension between Rs 3,551 to Rs 5,650 : 446.40 % + Rs 450
c. Basic pension between Rs 5,651 : 446.40 %

Similarly the pensioners retired earlier will also get DA enhancement .

To read AIBEA Circular , click here

" EX-GRATIA FOR BANK PENSIONERS DECIDED " :

​Dated 13.01.2024 : Yesterday 12.01.2024 late night , IBA signed cost sheet with UFBU representatives. The cost sheet allocates funds needed for various components of the agreement . It is reported that cost of monthly ex-gratia amount payable to bank pensioners is also taken in to account for working out the cost sheet .

Mr C.H.Venkatachalam , General secretary of AIBEA has tweeted that " Ex gratia for pensioners has also been decided " . However the formula for granting ex-gratia and total cost is not yet revealed . The information will be divulged only after signing of the settlement which is expected to take place in the next week .

​The anxious pensioners are left to guess the quantum of ex-gratia and arrears . Many pensioners are not happy with the ad-hoc ex-gratia while they expected regular updation of their pensions .

MONTHLY EX-GRATIA FOR BANK PENSIONERS :

Dated 08.12.2023 : In the MOU signed with UFBU yesterday , IBA has agreed to consider monthly ex-gratia amount along with pension by PSBs to pensioners and family pensioners, who were drawing pension as on 31/10/2022. The applicability of the said ex-gratia for the retirees of the current settlement period will be discussed further. The said ex-gratia amount will not attract any other allowance including dearness allowance.
This is a one-time measure applicable for the current bipartite / Joint Note period and it's Without prejudice to the demand of unions/associations for updation of pension for all retirees .

However quantum and the modalities for payment are to be discussed while finalizing the 12th bipartite salary negotiations .

SBI PENSIONERS TO GET PENSION AT 50 % COMPUTATION :

Dated 14.11 2023 : It is reported that Government of India has approved computation of pension at uniform 50 % rate for all the pensioners of State Bank of India . GOI has directed the bank to make necessary modification in its regulations to complete the process .

The existing pension computation formula is as follows , Which is going to be amended now :

(a) No. of years pensionable service x Average substantive salary drawn during the last 12 months’ pensionable Service (not to be rounded off)
(b) (i).Where the average of monthly substantive salary drawn during the last 12 months’ pensionable service is upto Rs. 51,490/- p.m. : 50% of the average of monthly substantive salary drawn during the last 12 months’ pensionable service + ½ of PQP + 1/2 of incremental component of FPP, wherever applicable.
(ii).Where the average of monthly substantive salary drawn during thelast 12months’pensionable service is above Rs. 51,490/- p.m. :
40% of the average of monthly substantive salary drawn during the last 12 months’ pensionable service subject to minimum of Rs. 25,745/- + ½ of PQP + ½ of incremental component of FPP, wherever applicable.

 In the case of (b)(i) : Lower of (a) and (b)(i) will be the basic Pension. 
​ In the case of (b)(ii) : Lower of (a) and (b)(ii) will be the basic Pension.

PENSION OPTION FOR BANK RESIGNEES

Dated 10.11.2023 : Memorandum of Understanding has been signed between the representatives of UFBU and IBA with regard to providing option for bank resignees to opt for receiving monthly pension . The MOU implementation will be subject to Government approval

Following categories of resignees will be eligible for joining the pension scheme :

1. Employees and officers who were in service between 01.01.1986 and 01.04.2010 and have resigned from the services of the banks before 26.04.2010 and who were otherwise eligible for pension

2. Who are agreeable to refund the entire Provident fund along with interest .

On signing an agreement with the bank and refunding PF amount with interest , resignees or their surviving spouses will be eligible to receive pension prospectively . However they will not be eligible for commutation of their pension . .

To read complete details of MOU , you may go through AIBEA circular by clicking here

IBA WORKING OUT FOR PENSION IMPROVEMENT : UFBU

Dated 10.11.2023 : IBA has informed United Forum of Bank unions ( UFBU ) , in the negotiation meeting held yesterday that they are working out for improvement of pensions , keeping the cost implications of the exercise . It is expected that all the bank retirees from 01.01.1986 up to 31.10.2022 will be benefitted by the IBA move .

The above information is disclosed by AIBEA in their circular dated today

PRE 2002 BANK PENSIONERS : Dearness Allowance Rates from October 2023

Dated 15.10.2023 : Consequent to 100 % neutralization of Dearness Allowance to pre 2002 bank retirees , the new DA rates effective from October 2023 till January 2024 will be as follows :

1. Retired staff between 01.01.1986 to 31.10.1992 and officers retired before 30.06.1993 - DA Rate of 1386.90 % of the basic pay

​2. Retired staff between 01.11.1992 to 31.03.1998 and officers retired before 01.07.1993 to 31.03.1998 - DA Rate of 676.55 % of the basic pay

3. Retired between 01.04.1998 to 31.10.2002 for both staff and officers - DA Rate of 431.76 % of the basic pay

PRE 2002 BANK PENSIONERS :Neutralization of Dearness Allowance

UPDATE DATED 07.10.2023 : Ministry of Finance , Government of India has cleared the proposal of IBA for granting uniform 100 % neutralization of DA to pre 2002 bank retirees . The effective date is 01.10.2023 . The pension will be revised from October 2023 and no arrears will be payable for earlier period . It is reported that MOF has already informed the clearance to IBA and have asked them to instruct the bank managements suitably .

PRE 2002 BANK PENSIONERS :Neutralization of Dearness Allowance

​UPDATE DATED 04.10.2023 : It has been reported that Ministry of Finance , Government of India has cleared the proposal of IBA for granting uniform 100 % neutralization of DA to pre 2002 bank retirees . Now official instruction from IBA is awaited

Dated 28.07.2023 : UFBU has today signed an agreement with IBA for. the revision of Dearness Relief ( D A ) from staggered four slab to uniform 100 % neutralization for all those retirees who retired from the bank's services up to 31.10.2002 .

DA will be rates will be on uniform basis of 100 % neutralization as in the case of employees / officers / pensioners / family pensioners of period on and from 1st, November 2002 as provided herein below :

For the pensioners / family pensioners of period 01.01.1986 to 31.10.1992 , DA shall be taken. at the uniform rate of 0.67 % per slab over 600 points .

For the pensioners / family pensioners of period 01.11.1992 to 31.10.1997 , DA shall be taken. at the uniform rate of 0.35 % per slab over 1148 points .

For the pensioners / family pensioners of period 01.11.1997 to 31.10. 2002 , DA shall be taken. at the uniform rate of 0.24 % per slab over 1684 points .

Further following ex-gratia is also agreed up on :

For the pensioners / family pensioners of period 01.01.1986 to 31.10.1992

a. For basic pension / family pension up to Rs 1250 , ex-gratia of Rs 800/ - per month
b. For basic pension / family pension above Rs 1250 , ex-gratia of Rs 450/ - per month

For the pensioners / family pensioners of period 01.11.1992 to 31.10.1997.

a. For basic pension / family pension up to Rs 2,400 , ex-gratia of Rs 800/ - per month
b. For basic pension / family pension above Rs 2,400 , ex-gratia of Rs 450/ - per month

For the pensioners / family pensioners of period 01.11.1997 to 31.10. 2002

a. For basic pension / family pension up to Rs 3,550 , ex-gratia of Rs 800/ - per month
b. For basic pension / family pension above Rs 3,550 , ex-gratia of Rs 450/ - per month

To read UFBU circular on the issue. , CLICK HERE

BANK PENSIONERS DA WILL GO UP BY 44 SLABS FROM AUGUST 2023

Dated 31.07.2023 : The average consumer index points have increased in the quarter ending June 2023 to 8881.28 from earlier average of 8,706 points . Accordingly the DA slabs have gone up by 44 slabs .

In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from August 2023 to January 2024 will be enhanced by 44 slabs .New DA Rates from August 2023 to January 2024 for pensioners retired earlier is as follows :

1. Pensioners retired after 31.10 2017 : 44.24 % of Basic Pay ( 632 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 111.00% of Basic pension ( 1100 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 226.65 % of Basic pension ( 1511 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 296.64% of Basic pension ( 1648 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 431.76 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 359.80 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 215.88 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 107.94 % of Basic pension exceeding Rs 6,010

Similarly the pensioners retired earlier will also get DA enhancement .

​To know about working bankers DA hike , click here

To read AIBEA Circular , click here

PENSION OF RBI RETIREES REVISED

Dated 14.07.2023 : Reserve Bank of India has revised the pension payable to its pensioners who retired before 01.11.2017.

As per the revised pension ,basic pension will be revised by a factor of 1.63 ( basic pension of Rs 100 will become 163 ) from the month of June 2023. DA will be paid on the basis of CPI 6352. No arrears will be paid for the earlier periods.

AIBPARC DELEGATION MEETS FINANCE MINISTER :

UPDATE DATED 21.06.2023 : As per a circular issued by AIBPARC , their delegates during the meeting on 19th , June 2023 with the FM , raised the following long pending issues :

(1) Pension updation for all eligible Pensioners
(2)100 per cent DA neutralization for Pre-November 2002 Retirees
(3) Medical insurance premium to be borne by the banks. Alternatively, a new scheme akin to CGHS may be
introduced by collecting one time contribution from the beneficiaries.
(4) Reckoning of Special Allowance introduced wef 01.11.1012 for calculation of gratuity and pension.
(5) One more option for pension to all the eligible Resignees and left outs.
(6) Formal consultative status for the Pensioners organisations.

As Government of India is the principal stake holder of the Banks, AIBPARC delegates requested for her intervention for early
resolution of the long pending issues.

The delegates also submitted a memorandum to the Hon'ble Finance Minister. She directed the officials present in the meeting to ensure that IBA looks into the demands seriously and makes a detailed presentation to her early next week on all the issues contained in our memorandum.

DATED 20.06.2023 : Yesterday , a delegation of All India Bank Pensioners & Retirees Confederation (AIBPARC) led by President Shri K.V. Acharya ,met the Finance minister Smt Nirmala Sitaraman . AIBPARC delegation comprised of Dr.J.D .Sharma , Sri Suprita Sarkar and and Mr G.V.V.S.N. Varma The delegation presented the long pending issues that are bothering the Retirees and again requested her for an early resolution of the same. Senior Officials of the Ministry were also present during the discussion..

In the mean time , Moneycontrol.com has reported that the FM has directed IBA , as a follow up action after the meeting , to look in to the pending issues of the bank retirees and report to her within seven days ( as told to them by Sri K.V Acharya ) .

BANK PENSIONERS DA WILL GO UP BY 62 SLABS FROM FEBRUARY 2023

Dated 31.01.2023 : The average consumer index points have increased in the quarter ending June 2022 to 8705.98 from earlier average of 8,495 points . Accordingly the DA slabs have gone up by 62 slabs .

In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from February 2023 to July 2023 will be enhanced by 62 slabs .New DA Rates from February 2023 to July 2023 for pensioners retired earlier is as follows :

1. Pensioners retired after 31.10 2017 : 41.16 % of Basic Pay ( 588 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 106.60 % of Basic pension ( 1066 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 220.05 % of Basic pension ( 1467 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 288.72 % of Basic pension ( 1604 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 421.20 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 351.00 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 210.06 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 105.30 % of Basic pension exceeding Rs 6,010

Similarly the pensioners retired earlier will also get DA enhancement .

​To know about working bankers DA hike , click here

To read AIBEA Circular , click here