Wednesday, April 24, 2019

Pension Updation

AIBEA has issued a circular previously to inform how much benefit will be , if updation of pension is done.
(Based on RBI pension updation).
In that circular they have done some basic error and the resultant increase also lesser percentage.
I have commented on the circular for the mistake.
Now they have rectified and issued a fresh circular.
Pl. note that this is only an explanation circular for pension updation.
We retired bank employees have to go a long way to achieve the demand of pension updation.
Let us hope it will come within our lifetime.
If updation is achieved for Public sector Banks,
Increase in example 3 will not be 14%.
It will be around 2% only (!)
As out of 15 % increase only 2% is given effect for retirement benefit.

For those who retire after 31.10.2012 , increase will depend on the outcome of 11 th BPS.