Monday, July 4, 2011

RBI Unions demand pension at par with Central Govt.

The employees' union of Reserve Bank of India demand equal pension benefits on par with those of their counterparts working in central government departments.
A chalking-a-strategy meet organized by joint body of all the unions operating in the country's apex bank is to be held on July 7 in Chennai, which in later stages would be followed by a protest march on Tuesday. There is a special stress on increasing the family pension, a dole given to the dependent spouse after the employee's death. The family pension in RBI does not go more than Rs 7,688 a month for even for a senior officer's kin, which is too less to compare it to the rising cost of living, say unions. Family pension beneficiaries in RBI are expected to run in a few thousands.
"RBI has enough funds to increase the pension but the government is creating a hurdle. It feels that unions in other financial institutions may raise a similar demand too but there are some organizations which cannot afford a pension revision," alleged Secretary of All India RBI Employees Association (AIRBIEA), Bidyut Chakraborty.
However, RBI unions contend that if the central government employees get a benefit even without any specific provision of funds, why should not those serving the apex bank. The pay commission has increased family pension to 30% of the last drawn pay.
The unions say RBI has a corpus of Rs 5,000 crore as collections towards provident fund. A part of it can be easily diverted to pension payment.
AT RBI, the dependents of senior officers get a maximum pension of Rs 7,688 a month which is Rs 23,604 in the case of central government. The minimum monthly family pension for an RBI officers' dependent is Rs 5,533 which is Rs 16,599 in the case of a central government employee.
It is worse for the Class IV workers where the family pension does not exceed Rs 3,715 a month while their counterparts in central government get a maximum pension of Rs 11,145 per month, he said.
Chakraborty said the union has demanded a second option for pension too. There are around 2,000 RBI employees who did not go in for pension option the first time and many of them want to change their decision, added Chakraborty.
A second option will enable them getting a monthly pension payment or else a lumpsum provident fund is handed over. The pension is paid from the bank's contribution towards an employee's PF. 
Source : Times of India - Nagpur


  1. This is not relating to RBI alone and all bank pensioners are continued to be given a step motherly treatment by the central govt.The matter becomes more and more serious day by day due to the SPIRALING COST OF LIVING and the basement of the present strong banking system in INDIA i.e.the hapless pensioners, definitely are in need of improvements in their pension payments.CENTRAL GOVT.have mercy on them because you have been immeasurably benefited by these poor but honest and sincere group.Let them have some happiness in the second twilight of their life.

  2. All these days Bank employees were like frog in the well. Unions leaders are like Nero emperor who "fiddled while Rome burned". Already considerable damage has been done to the interest of the bank employees (existing/retired)in promotions,employment to dependents, service conditions,compassionate appointments,9BPS, Gratuity Increase effective date....etc. The question is when the leaders are going to wake up and correct the damage? Chile's miners who have been trapped in August 5 due to collapse of a tunnel at the San Jose mine in Chile's Atacama desert, were rescued;.

  3. IBA and managements are not saying any thing about the paucity of funds .How come central govt employees revisions donot affect the exchequer? If bank managemements say about paucity of the funds then central govt should make budgetery provision.Are not banks paying royalt/incometax etc.Is not central govt infuse funds as CAR?

  4. Monsoon session of Parliament will start in August 2011.Without ruling party members co-operation nothing can be achieved. Let the affected pensioners/Pensioner associations, meet them in Delhi and sort out the matter during this time as a quick solution. Bank unions are on strike in August placing various demands.