BANK PENSION AND CENTRAL GOVT. PENSION: A COMPARITION

Comparisons of Pension Benefits - Govt Employees Vs Bank Employees

COMPILED BY  S.K.Mishra – Bhopal. Dated 08-11-2011

Head.	For GOI Employees	For Bank Employees
Pension	Full = 50% of Basic Pay on Completion of 20 years of service.	Full on completion of 33 years of service. Proportionate after 20 years service
Amount	Average of last 10 months or Last Month’s Pay whichever is higher.	No such advantage to Bank Employees.
Minimum Amt.	Minimum Basic Pension Rs.3500/- PM	No such benefit.
Commutation	40% of Basic Pension	1/3rd of Basic Pension (33.33%)
Family Pension Basic Pension	30% of Last Basic Pay of deceased employee. Minimum Rs.3500/- PM	30%, 20% or15% on increasing Basic Pay. Generally it is 15% to most of retirees’ families.
In cases of death in service	Ex- Gratia of Rs 10 lacs & Rs.15 lacs	No such provision for Bank employees
Family Pension	100% of Pension for 10 years without reference to age	100% of Pension for Maximum 7 years or up to 67 years of age of deceased employee, whichever is earlier.
Additional quantum of Basic Pension & DA thereon for Pensioner & Family Pensioner also.	On attaining age         Additional 80 years                            20% 85 years                            30% 90 years                            40% 95 years                            50% 100 years                         100%	No Such benefit to Bank Pensioners.
Pension Revision	To all the pensioners & family pensioners irrespective of their date of retirements. In analogy of the revised pay scales. Revised Notional Basic Pay w.e.f. 1.1.2006 @ 1.86 times generally for Pension purpose.	No revision resulting in much discrimination not only on Basic pension but also on DA.