VERY IMPORTANT
Pension Upgradation
RBI MLY HM HITGUJ: APRIL 2014
At long last, Government accorded in principle approval for updation of pension with certain conditonalities which is a positive and encouraging development.
The proposals are as under:
1. Pension updation once in 10 years as in Government,
2. Pension to be computed on pay and grade pay as in
Government ( this will require amendment to Pension Regulations),
3. Revision of pay scales once in 10 years,
4. All perks to be rationalised,
5. Pension option to be opened alongside.
This is a package
The Forum expressed their reservations and apprehensions. There is at present stalemate. Our Association sought audience with Shri R L Das, CGM, HRDM, for an update, on 19-03-2014. It emerged from the discussions that Govt. has accepted in principle that there is need for updation in RBI and the pension is expected to be aligned with the revision of pay scales effective from 1-11-2012 which is expected to result in same rank same pension. This information will be simulated. CGM also indicated that RBI can act within the provisions of RBI ACT, to take care of any misalignment with the Govt. salary and the Banking industry. CGM also told that the GOVERNOR was instrumental in breaking the ice on updation which was eluding for 6 long years.
CGM also assured that representatives of our Association will be invited for discussions on matters concerning pensioners / retirees whenever occasion arises.