Vinod Chandrashekhar Dixit
Pension is one of the important social security measure. It is based on the concept that it is the duty of the employers and governments to provide for a respectful and decent living to their workers after retirement, considering the services rendered to the institution and the country. Being a retired Senior Office from Bank, I would like to point out that the bank pension scheme, effective from November 1, 1993, remains unchanged, contrasting with other public sector schemes that have seen periodic revisions. Despite a Supreme Court ruling affirming pensions as a right, the push for pension revision in banks has not been prioritized. The justified demand of bank retirees was not fulfilled even after their representatives have met you no less than four times in the past one and half years under the banner of All India Bank Retirees’ Federation. The bank pension scheme implemented from 01-11-1993 with retrospective effect from 01-01-1 986, still continues without any change. This problem was faced in almost all pension schemes in the organised sector. But over the passage of time, a system of periodical revision came into practice in almost all areas, except banking. The present system of pension revision along with revision of salary is prevailing in Central Government service since the time of fifth pay commission in 1996.
Today, Officers and workmen retired from nationalised banks are much worried on “NO” action on ‘provision for pension updation’ is forthcoming even after 30 years of an agreement ‘with enabling provision.’ In Reserve Bank of India, however, the retiree pension was revised as per a circular dated March 7, 2019, which was followed up by another one dated July 13, 2023. Pension scheme in Banks is patterned on the lines of the pension schemes of the Government and the Reserve Bank of India pensioners and that there is a robust pension fund of more than Rs 4.27 lakh crore including SBI as on March 2024.
The plight of thousands of retirees and pensioners, who after years of dedicated service to the country, are struggling to meet ends pending pension updation. No pension updation exercise was carried out for the banking sector in the past 30 years which is effectively depriving sources of sustenance after employees gave their best years to the organization they served.
Though the IBA and some other quarters argue to the contrary, it is a fact and realty that provision for pension is inbuilt in the Pension Regulations 1993 and there is no provision in it preventing the revision of pension. It is appropriate to note that the pension scheme in RBI was revised twice during this period and the pension scheme in banks are drawn in similar lines with that of RBI. It is a great prejudice that the authorities have till date not showed any liking to do justice to their legal, social and moral obligation. The bank retirees are still subjected to this negligence and exploitation.
The demand of bank retirees was not fulfilled even though the All India Bank Retirees’ Federation has met the Finance Minister four times in the past one and half years. The Union government must not forget the years of services rendered by the Bank retirees and they must be treated justly, enabling the retirees to lead a dignified life post-retirement. Government should not continue to ignore the demands, including that for an increase in pension, raised by retired bank employees who had a key role to play in the growth of public sector banks in the country.
