Pension updation - AIBRF Line of Action

 Following is the Text of AIBRF circular no. 2023/125 dated 30.11.2023.

“Re: Updation of Pension in Banks.

Re: Proposed Action Programs by AIBRF.

We wish to invite your attention on RBI Circular dated 13.03.2023 approving Updation of pension for pensioners retired prior to 01.11.2017. According to formula sanctioned, basic pension will be increased to 1.63 times. In other words, basic pension of Rs. 100 will be revised to Rs. 163 for all those who retired prior to 1.11.2017.

2. As all of you know, in RBI in 2019, basic pension was revised, according to which revision was as under:

RBI Pension revision Formula
Retired between	Pension Revision Factor (2019)	Pension Revision Factor (2023)
01.11.1986 to 30.10.2002	100 became 363	363 became 591
01.11.2002 to 31.10.2007	100 became 244	244 became 397
01.11.2007 to 31.10.2012	100 became 176	176 became 286
01.11.2012 to 31.10.2017	NA	100 became 163

3. After revision in basic pension up to 2017, DA will be payable on CPI above 6352. It is very good achievement for RBI pensioners. We convey our compliments and congratulation to our retiree brothermen in RBI.

4. In SBI also, as informed earlier, as report of the committee constituted by DFS, basic pension of all pensioners will be fixed at 50 per cent of pay instead of present dual system of 40/ 50 per cent. This improvement has given big boost to the pensioners of SBI and has brought their pension at par with pension scheme of public sector banks.

5. In public sector banks also, Government has recently sanctioned some improvements like 100 percent DA to Pre-November, 2002 retirees, pension option to resignees etc.

6. However, the major demand of bank pensioner remains pending and despite under negotiation at IBA level, it is yet to take concrete shape.

7. At AIBRF level, we have been continuously taking organizational steps to achieve this important demand. In continuation to pursue the demand at the organizational level in coming days which we all know is going to be crucial period, we propose to launch the following action programs:

• (a) Dharna and demonstration by state Committees at important centers in states

• (b) Dharna Programs in batches at Delhi.

8. We propose to convene Core Committee Meeting next week to give final shape to the action program on Updation. All our state committees/ affiliates are requested to be in readiness to implement action programs to make them grant success.”

Disclaimer: The sole purpose of this blog is to create awareness on the subject and must not be used as a guide for taking or recommending any action or decision. A reader must do his own research and seek professional advice if he intends to take any action or decision in the matters covered in this blog.

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