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Tuesday, April 05, 2016

Bank practice


Sri. Mahadevan has has brought out the reality experienced by LIC pensioners which is applicable to Bank pensioners too.

Monthly pension payment is made to pensioners of LIC as per Life Insurance Corporation of India (employees) Pension Rules ,1995 which stipulates as follows:

Rule:54. Manner of payment of pension –

“A pension fixed at a monthly rate shall be payable monthly on or
after the first day of the following month.”

This is the case with Bank Pensioners too.Unfortunately LIC or Bank management have not amended the rule as “on or before 1st of every month” in favour of pensioners.(Exceptions are there in few Banks like SBI etc received on Saturdaywho make pension payments before last day of the month which it pertains).

Mohan.P ( Bank Pensioner)

(This mail received on Saturday was temporarily misplaced. We regret the delay in publishing the same. ed.)