No. 2020/Joint/ 08 30TH December, 2020
To
Mrs. Nirmala Sitharaman,
Hon. Minister for Finance,Govt. of India ,New Delhi
Respected Madam,
1. Approval for improvement in Family Pension
2. Approval for enhancement in contribution under NPS
We are thankful to you for the approval accorded to the Indian Banks’ Association to implement the wage revision settlement for employees and officers of the Banks. This has paved the way for the Banks to revise the emoluments payable to the employees and officers of the Banks.
You are kindly aware that the IBA had also agreed that the Family Pension payable to the family of the deceased employees/pensioners would be revised at the uniform rate of 30% without any minimum or maximum ceiling. This was also part of the Settlement, subject of course, to the approval from the Government. We learn that the matter is pending consideration at the Ministry level. We shall be thankful if you could intervene in the matter for expeditious approval so that the enhanced pension is paid to the family pensioners at the earliest.
Similarly, IBA also agreed in the Settlement that the management’s contribution under the New pension Scheme would be revised at 14% subject to approval of the Government. This approval is also awaited from the Government. We urge upon you to look into this issue and accord your approval for the same so that it would enable the managements to implement it in the Banks.
Thanking you,
Copy to:
The Secretary,
DFS, MoF, GoI, New Delhi