Bank pensioners demand implementation of updated pension

Vijayawada: The members of the Association of Retired IOB’s Employees (ARISE) met here on Sunday in a meeting organised by Vijayawada region assistant general secretary Kondaviti Venkateswara Rao.

Addressing the gathering, Rao explained the necessity and advantages of renewal of IBA Group Medical Insurance Scheme for Bank retirees for the period from November 1, 2024 to October 31, 2025.

He informed that National Insurance Ltd offered base policy sum insured for Rs 3 lakh and Rs 4 lakh to Award staff retirees and officer staff retirees respectively at an affordable premium of Rs 28,545 and Rs 40,900 inclusive of GST for option of without domiciliary to retiree plus spouse. “Indian Overseas Bank would issue a circular in a couple of days for submission of options for renewal of Health Insurance,” he said.

All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC) National deputy general secretary KBG Tilak, who was the chief guest, said that pension was introduced in the Banks in 1993 retrospectively to cover those who have retired on or after January 1, 1986.

However, pensions were not updated for the last three decades. “As of now, the Pension Fund of Public Sector Banks has crossed a whopping Rs 4 lakh crore earning substantial yield annually, which is more than adequate to meet the ongoing demand of Bank Pensioners including SBI with retrospective effect from March 1, 2019.

Employees and officers who joined Bank service after April 1, 2010 come under New Pension Scheme (NPS). Confederation of Bank Pensioners and Retirees Organisations (CBPRO) joint convenors KV Acharya and Dipak Kumar Basu are organising a dharna programme at Jantar Mantar, New Delhi on October 23, 2024 for immediate resolution of major demands.

Tilak thanked Indian Overseas Bank staff pensioners residing in AP who have given contributions generously to help AP flood victims and said that the Demand Draft for Rs 2.85 lakh favouring AP CM’s Relief Fund would be handed over shortly.

Six members of IOB staff pensioners aged 70 years and above were felicitated with shawls. In all, around 40 ARISE members residing at Vijayawada, Guntur, Tenali and Eluru attended the meeting. Retired Chief Manager B Radhakrishna Murthy

proposed a vote of thanks.