One Rank One Pension scheme for banking industry
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.
At present, no such proposal is under consideration of Government.
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.
The abvoe information given by the Minister of State in the Ministry of Finance Shri Santosh Kumar Gangwar in a written reply to a question in Rajya Sabha on 08.08.2017.
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As per the CG rules and supreme Court orders the pension is a right and 50percent of last pay and emoluments drawn should be implemented without any delay for 20 yrs of qualiying service in the case of bank service industry.Is it justified or not?