News Flash
23 September
Reported: Vishal Mayur
Retirees Demand Pension Updation and Affordable Health Insurance
Bengaluru: Over 1,000 bank retirees and their families gathered at Freedom Park, Bengaluru, on Monday for a protest organized by the Coordination of Bank Pensioners and Retirees Organisations (CBPRO). The protesters raised multiple long-standing concerns, including the lack of pension updates, unaffordable health insurance premiums, and issues with pension commutation recovery.
Key Demands Raised:
1.Pension Updation: Despite the Bank Employees Pension Regulations 1995 being similar to the pension rules of the Central Government and Reserve Bank of India, bank retirees have not received any pension updates. The pension of retirees remains unchanged from their retirement date, leading to a significant gap between the pensions of earlier and current retirees. The Indian Banks' Association (IBA) has not addressed this issue, despite repeated demands.
2. Affordable Health Insurance: The high cost of health insurance, which retirees must pay, was another major point of concern. Retirees are calling on banks to either cover the entire cost or provide significant subsidies, as directed by the Ministry of Finance.
3. GST Waiver on Insurance Premiums: With no pension updates and rising living costs, retirees are struggling with the additional burden of an 18% GST on their health insurance premiums. Protesters demanded a waiver of GST on these premiums to reduce financial strain.
4. Special Allowance Pension Calculations: Retirees are losing out on pension benefits due to the exclusion of special allowances in pension calculations since 2012. Protesters demanded the inclusion of these allowances to rectify the situation.
5. Commutation Pension Recovery: Although banks recover commuted pension over 10 years, many retirees are facing extended recoveries of up to 15 years. Protesters called for uniformity, aligning with a court ruling that limits recovery to 10 years.
6. Pension for Resignees: The protest also addressed the issue of bank employees who resigned before retirement. These retirees are currently ineligible for pensions, and the CBPRO called for their inclusion in the pension scheme.
7. Consultative Status for Retiree Organizations: Retirees expressed frustration over the exclusion of their organizations from negotiations with the IBA, which continues to focus on the interests of current employees. Protesters demanded a consultative status to ensure that retiree issues are adequately represented.
Leaders of various retiree organizations, including G.D. Nadaf, K.V. Acharya, and Gopinatha Rao, addressed the gathering, urging the IBA and government to take immediate action on these demands. The protest highlighted the ongoing struggles of bank retirees who feel neglected despite contributing to the growth of the banking sector.