Rate of Family Pension of Bank employees and Increase in rate of contribution under CPF
C/o. State Bank of India, LHO, Plot No.1, Sector-17A, Chandigarh – 160 017
SANJEEV K. BANDLISH
LETTER No. UFBU/2021/03
Shri Debasish Panda,
Dept. of Financial Services,
Ministry of Finance,
Government of India,
REG: 1. Improvement in rate of Family Pension of Bank employees
2. Increase in rate of contribution under Contributory Pension Scheme
As you are aware, in the recent wage revision accord for employees and officers of the Banks singed in November, 2020, the following has been agreed by the Indian Banks’ Association, subject to Government’s approval.
a. The rate of Family Pension would be revised at uniform 30% of Pay of the deceased employees/ officers without any ceiling.
b. The rate of contribution by the management under the Defined Contributory Pension Scheme would be at 14% of Pay.
We are informed that these issues have been duly referred to the Government for their consideration and approval. We are further informed that the Government is seized of the issue and same are under active consideration.
We shall thank you to expedite the process and accord your approval at the earliest so that the same can be implemented by the Banks.
(Sanjeev K. BANDLISH)
Copy to: Chairman, Indian Banks’ Association