Anomaly in pension drawn by PSB bank retirees
Pension to bank employees is paid in terms of Pension Regulations of the respective Public Sector Bank (PSB) and is not on the same model available in Central Government.
The pension in Central Government is paid out of Budget provisions, whereas scheme in PSBs is a funded scheme for which corpus is created during the service period of the employee.
In terms of Pension Regulations, Pensioners in PSBs are entitled to draw their pension based on salary that is payable during the relevant wage settlement period, in which the employees have retired. This arrangement is based on the industry-wide settlement with officers/ workmen.
The Family Pension in PSBs in terms of 10th Bipartite Settlement is paid as under:-
Scale of pay Amount of Family Pension
Upto Rs. 11,100 30% of pay (Minimum Rs. 2785)
Rs. 11,101 to 22,200 20% of pay (Minimum Rs. 3422)
More than Rs. 22,200 15% of pay (Minimum Rs. 4448, Maximum Rs. 9284)