Bank employees family pension revision: Following the request of the Indian Banks’ Association (IBA), RBI has revised the family pension. Now pension will increase by 30-35 thousand every month.
The Reserve Bank of India (RBI) has allowed banks to revise the additional liability on account of revision in a family pension in 5 years starting from 2021-22, following a request from the IBA. RBI said that banks will have to disclose the accounting policy to be followed for financial statements in this regard.
This exemption was given after the request of the Indian Banks’ Association (IBA). It has been told that it will be difficult for some banks to arrange a large amount of liability in respect of revision of family pension in a year.
Changed the rules
The family pension of employees of banks was revised as part of the 11th Bilateral Settlement and Joint Note dated November 11, 2020. RBI stated that the issues were examined from a regulatory point of view and as an exceptional case, it has been decided that the banks coming under the aforesaid settlement may take a number of major actions in the matter.
Increase in family pension of bank employees
Significantly, in the month of August, the government had announced a 30 percent increase in the family pension of bank employees. That is, after this, employees will now get 30 percent more family pensions than the previous pension. Let us tell you that the demand for increasing the family pension was being made for a long time. The Indian Banking Association had put forward a proposal in front of the government in which its demand was placed, which has been accepted. After this decision, the last salary of the bank employee will be increased by 30 percent as a family pension.
With this step of the government, the bank employee’s family will benefit from Rs 30,000 to Rs 35,000 more. That is, the family pension that a family used to get earlier, there will be an increase of 30-35 thousand rupees.