Friday 3 November 2017

RBI employees stage protests on pension issue

(RBI) employees and officers, including retirees, held rallies in all offices of the central bank on Thursday, demanding be updated and a fresh option to join the in lieu of the contributory provident fund (CPF) scheme.

The pension of retired employees of the central bank continues to get 50 per cent of the last pay drawn, whereas the pension for central get periodically revised with every pay commission-recommended wage revision, said a statement from the Reserve Bank Employees Association. 

The central board of the has been trying for the past few years to update the pension drawn by the retirees in line with central government employees, but the government remains non-committal. The governors, both now and before him, assured the government that the cost will be borne by the central bank itself, without burdening the exchequer, but the government hasn’t given its nod. Recently, Patel had written to the government to introduce the option. 

The introduced the for its employees joining after November 1990 and gave an option to existing employees to choose between the and CPF scheme. The government then put an embargo from 2002 onwards on the offering its remaining employees to switch over to the from the CPF scheme. 

However, in the first week of August, the Parliamentary Committee on Subordinate Legislation recommended that the be given the nod to introduce the options to its employees to switch over to the pension scheme, “terming government fiat as arbitrary and not backed by statute,” said the statement. 

  The central board met at Ahmedabad on Thursday where the unions urged to take up the issue with the government on an urgent basis.
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