2 days ago
Bank Retirees Confederation demands pension updating
Vijayawada: All India Bank Pensioners' and Retirees' Confederation (AIBPARC) president KV Acharya provided a comprehensive overview of outstanding issues, particularly emphasising the critical matter of pension updating. While addressing the 5th Governing Council Meeting for 2023-26 here on Wednesday he highlighted significant achievements, including 100 per cent DA neutralisation for pre-November 2002 retirees, substantial improvements in family pensions, and the successful implementation of the health insurance scheme for retirees. Over 175 Governing Council members from across India, along with special invitees, attended the extensive deliberations on long-pending issues concerning bank retirees, stated KBG Tilak, vice-president of AIBPARC here in a statement on Thursday.
Regarding pension updating, Acharya reiterated that a pending case before the Supreme Court is expected to be listed for a final hearing in July or August 2025. He expressed optimism for a favourable verdict, asserting that AIBPARC's case is robust, supported by clear statutory provisions under Regulation 35 (1) and 56 of the Bank Employees Pension Regulations, 1995.
Acharya also stated that, irrespective of the court's decision, AIBPARC will vigorously pursue alternative avenues, including continued discussions with the Indian Banks' Association (IBA) and the Department of Financial Services (DFS) under the Ministry of Finance. He stressed the urgency of resolving these issues, noting that the number of retirees is rapidly decreasing due to advanced age, making immediate resolution crucial for due justice.
Addressing concerns about the cost of pension updation and fund availability, Acharya assured members that the existing balance in the Pension Fund and annual accruals are sufficient to cover the expenses.
A key decision taken at the meeting was to organise hunger strikes at various important centres across the country over the next two months. These strikes will culminate in a larger gathering in New Delhi, aiming at pressuring the government and the IBA for an expedited resolution of retirees' demands.
Comprehensive report was presented by General Secretary Suprita Sarkar. R Sekaran, president of the All India Bank Officers' Confederation (AIBOC), also addressed the council.
