government increases family pension of PSB employees

Government increased family pension for employees of public sector banks, increased employer’s contribution to NPS

The government has announced to increase the family pension for employees of public sector banks to 30 percent of their last drawn salary.

The government on Wednesday announced to increase the family pension for employees of public sector banks to 30 percent of their last drawn salary. The government accepted that the family pension of bank employees is low. Debashish Panda, Secretary, Department of Financial Services, said that earlier the family of the deceased PSB employee used to get a maximum family pension of Rs 9,284 per month.

Pension will be 30% of the salary

Panda said the limit has been completely removed and the fixed slab of 30 per cent of the last drawn salary will be treated as family pension. He agreed that the level before was low. He told that this will increase the family pension from Rs 30,000 to Rs 35,000 per month.

In this way, the ministry has announced to increase the contribution of the employer in the New Pension Scheme (NPS) from 10 percent of the existing salary to 14 percent. Finance Minister Nirmala Sitharaman expressed her satisfaction over the performance of Public Sector Banks (PSBs) in the last few years and lamented that many of them have come out of the prompt corrective framework of RBI.

Panda said dozens of PSBs have started giving profits, which has boosted investor confidence and made them self-reliant to raise capital. He further said that since last year, the banks together have raised more than Rs 69 thousand crore, which includes Rs 10 thousand crore in equity. With this, they are currently in the process of raising 12 thousand crores more.

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On the government’s plan to reduce stake in insurance companies, Sitharaman said the government will work towards minimum holding in such companies. He asked the employees not to be afraid of anything. He said that the government is sensitive to the concerns of the employees. When asked about reports of the government considering insurance bonds as an alternative to bank guarantees, Sitharaman said it was only a suggestion, which came from the industry.

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