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Bank pensioners Latest News today
PLAN N PROGRESS CREATES NEW PAGE FOR EXCLUSIVE NEWS FOR BANKERS AND RETIREES
To read latest news for working bankers ,
CLICK HERE
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CABINET PANEL MEETS TO DISCUSS NITI AYOG RECOMMENDATIONS
GOVERNMENT TO AMEND BANKING LAW TO FACILITATE PRIVATISATION : CLICK HERE TO READ
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New Updated Article
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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Bank Pensioners Latest News Today
AIBEA Circular on pension updation / DA updation
Dated 31.01.2022 : The average consumer index points have increased in the quarter ending December 2021 to 8239.24 from earlier average of 8088 points . Accordingly the DA slabs have gone up by 37 slabs from 434 slabs to 471 .
In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from February 2022 to July 2022 will be enhanced by 37 slabs .New DA Rates from February 2022 to July 2022 for pensioners retired earlier is as follows :
1. Pensioners retired after 31.10 2017 : 32.97 % of Basic Pay ( 471 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 94.90 % of Basic pension ( 949 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 202.50 % of Basic pension ( 1350 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 267.66 % of Basic pension ( 1487 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 393.12 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 327.60 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 196.56 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 98.28 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
SOURCE: AIBEA circular . AND UPDATED OFFICIAL CIRCULAR FROM IBA
In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from February 2022 to July 2022 will be enhanced by 37 slabs .New DA Rates from February 2022 to July 2022 for pensioners retired earlier is as follows :
1. Pensioners retired after 31.10 2017 : 32.97 % of Basic Pay ( 471 slabs over 6352 points )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 94.90 % of Basic pension ( 949 slabs over 4440 points )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 202.50 % of Basic pension ( 1350 slabs over 2836 points)
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 267.66 % of Basic pension ( 1487 slabs over 2288 points )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 393.12 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 327.60 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 196.56 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 98.28 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
SOURCE: AIBEA circular . AND UPDATED OFFICIAL CIRCULAR FROM IBA
BANKPENSIONERS NEWS
Kind Attention BANK PENSIONER Groups : Many bank pensioners and retirees have formed various groups in Google , Facebook and What's app . We invite them to share the contents of this page to their members in the respective groups .
Bank retirees pension updation latest News
UFBU TO PURSUE PENSION UPDATION ISSUE
Dated 15.11.2021 : It is reported that UFBU , in their recent meet held in Mumbai , has decided to follow up on the issue of pension updation and other residual issues with the Chairman of IBA . It will submit a memorandum to him seeking early discussion of the following issues :
1. All Residual issues
2. Updation of pension
3. Medical Insurance scheme for retirees
4. FAQ on issues referred by banks on wage settlement .
UFBU has also decided to run a campaign against privatisation of banks by submitting petition to the Prime Minister , Dharna in all states during Parliament Session and Dharna before parliament .
Dated 15.11.2021 : It is reported that UFBU , in their recent meet held in Mumbai , has decided to follow up on the issue of pension updation and other residual issues with the Chairman of IBA . It will submit a memorandum to him seeking early discussion of the following issues :
1. All Residual issues
2. Updation of pension
3. Medical Insurance scheme for retirees
4. FAQ on issues referred by banks on wage settlement .
UFBU has also decided to run a campaign against privatisation of banks by submitting petition to the Prime Minister , Dharna in all states during Parliament Session and Dharna before parliament .
Bank Family Pension latest News
ENHANCEMENT OF FAMILY PENSION : RBI CLEARS THE DECK
05.10.2021 : Reserve Bank of India ( RBI ) has permitted banks to amortize the expense incurred by them for making payment of enhanced Family Pension . RBI has permitted the banks to amortize the expenses for 5 years from the Financial year 2021-22 and asked the bank to take 20% of the expenses incurred to the Profit & Loss account each year .
Normally the additional liability on account of revision in family pension should be fully charged to the Profit and Loss Account in the current financial year. But, IBA had advised RBI that it would be difficult for some banks to absorb the large amount involved in a single year. Hence RBI has permitted amortization as a special case . The move will help the banks to disburse family pension along with arrears without troubling the financial statements of the bank totally this year .
. It is expected that the enhancement of family pension would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.
To read RBI Notification in this regard , CLICK HERE
05.10.2021 : Reserve Bank of India ( RBI ) has permitted banks to amortize the expense incurred by them for making payment of enhanced Family Pension . RBI has permitted the banks to amortize the expenses for 5 years from the Financial year 2021-22 and asked the bank to take 20% of the expenses incurred to the Profit & Loss account each year .
Normally the additional liability on account of revision in family pension should be fully charged to the Profit and Loss Account in the current financial year. But, IBA had advised RBI that it would be difficult for some banks to absorb the large amount involved in a single year. Hence RBI has permitted amortization as a special case . The move will help the banks to disburse family pension along with arrears without troubling the financial statements of the bank totally this year .
. It is expected that the enhancement of family pension would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees.
To read RBI Notification in this regard , CLICK HERE
Pension News
BANKERS PENSION REVISION: RAJYASABHA COMMITTEE VISITS BHUBANESHWAR AND KOLKATTA
Dated 23.09.2021 : It is reported that a Rajya sabha committee has visited Bhabaneshwar in Orissa and Kolkatta in West Bengal as a study tour to examine the assurance given with regard to revision of pension of retired bank employees in reference to 11th Bipartite agreement signed between UFBU and IBA .
The committee had a schedule of meeting representatives of some banks & IBA in the matter on 20.09.2021 at Bhubaneshwar & 23.09.2021 at Kolkata . Representatives of Union bank of India , Indian Overseas Bank and Indian Bank were to meet the committee at Bhubaneshwar while Representatives of UCO Bank , Indian Bank & Punjab National bank are to meet the committee in Kolkatta .
Further it is reported that representatives of various Bank retirees associations have also met and have submitted their memorandum and demands the committee members of the Rajya Sabha .
Dated 23.09.2021 : It is reported that a Rajya sabha committee has visited Bhabaneshwar in Orissa and Kolkatta in West Bengal as a study tour to examine the assurance given with regard to revision of pension of retired bank employees in reference to 11th Bipartite agreement signed between UFBU and IBA .
The committee had a schedule of meeting representatives of some banks & IBA in the matter on 20.09.2021 at Bhubaneshwar & 23.09.2021 at Kolkata . Representatives of Union bank of India , Indian Overseas Bank and Indian Bank were to meet the committee at Bhubaneshwar while Representatives of UCO Bank , Indian Bank & Punjab National bank are to meet the committee in Kolkatta .
Further it is reported that representatives of various Bank retirees associations have also met and have submitted their memorandum and demands the committee members of the Rajya Sabha .
RENEWAL OF GROUP INSURANCE FOR BANK EMPLOYEES AND RETIREES FINALISED
Dated 18.09.2021 : Indian Bankers Association ( IBA ) has advised member banks to continue renewal of the group insurance health policy for bank employees with National Insurance Company , from 01.10.2021 for one year till 30.09.2022 .
FOR SERVING BANK EMPLOYEES / OFFICERS :
The premium will be paid by the bankers for the basic policy : Award staff Rs 3.00 lakhs and Officers Rs 4.00 lakhs :
However clerical staff will have to pay for super top up policy for total cover of Rs 7.00 lakhs a premium of RS 5,567 invclusive of GST . Similarly officers have to pay a premium of Rs 6,957 inclusive of GST if they opt for a total cover of Rs 9.00 lakhs for the super top up policy .
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2021 at the following cost with the National insurance company as follows :
1. Retired clerical staff for a cover of Rs 3.00 lakhs at the premium of Rs 28,715 ( Plus GST ) without domiciliary and Rs 55,175 + GST with domiciliary
2. Retired officers for a cover of Rs 4.00 lakhs at the premium of Rs 36, 652 ( plus GST ) without domiciliary and Rs 72,917 + GST with domiciliary
The premium structure higher by 40.02 % for the clerical staff to the premiums paid during the last year ( without domiciliary ) and 8.41 % for the policy with domiciliary .
The premium structure higher by 34.05 % for the retired officers to the premiums paid during the last year ( without domiciliary ) and 7.46 % for the policy with domiciliary
The new policy for the retirees with National insurance co ltd will be effective from 01.11.2021 for one year . It is reported that the insurance company will directly inform the individual banks with regard to multiple policy variants for premiums
Rs 1 .00 lakh , Rs 2.00 lakh and Rs 3.00 lakhs . Further details regarding change of terms & conditions if any and Top up policy / other information are awaited and we will report as soon as we have information .
UPDATED BLOG ARTICLE ON
RETIRED BANKERS AND HEALTH INSURANCE along with multiple option Premium Chart
CLICK HERE
Dated 18.09.2021 : Indian Bankers Association ( IBA ) has advised member banks to continue renewal of the group insurance health policy for bank employees with National Insurance Company , from 01.10.2021 for one year till 30.09.2022 .
FOR SERVING BANK EMPLOYEES / OFFICERS :
The premium will be paid by the bankers for the basic policy : Award staff Rs 3.00 lakhs and Officers Rs 4.00 lakhs :
However clerical staff will have to pay for super top up policy for total cover of Rs 7.00 lakhs a premium of RS 5,567 invclusive of GST . Similarly officers have to pay a premium of Rs 6,957 inclusive of GST if they opt for a total cover of Rs 9.00 lakhs for the super top up policy .
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2021 at the following cost with the National insurance company as follows :
1. Retired clerical staff for a cover of Rs 3.00 lakhs at the premium of Rs 28,715 ( Plus GST ) without domiciliary and Rs 55,175 + GST with domiciliary
2. Retired officers for a cover of Rs 4.00 lakhs at the premium of Rs 36, 652 ( plus GST ) without domiciliary and Rs 72,917 + GST with domiciliary
The premium structure higher by 40.02 % for the clerical staff to the premiums paid during the last year ( without domiciliary ) and 8.41 % for the policy with domiciliary .
The premium structure higher by 34.05 % for the retired officers to the premiums paid during the last year ( without domiciliary ) and 7.46 % for the policy with domiciliary
The new policy for the retirees with National insurance co ltd will be effective from 01.11.2021 for one year . It is reported that the insurance company will directly inform the individual banks with regard to multiple policy variants for premiums
Rs 1 .00 lakh , Rs 2.00 lakh and Rs 3.00 lakhs . Further details regarding change of terms & conditions if any and Top up policy / other information are awaited and we will report as soon as we have information .
UPDATED BLOG ARTICLE ON
RETIRED BANKERS AND HEALTH INSURANCE along with multiple option Premium Chart
CLICK HERE
New Updated Article :
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Bank Family Pension Revision
- ENHANCEMENT OF FAMILY PENSION AND NPS CONTIBUTION APPROVED : DFS
25.08.2021 : It is reported that enhancement of Family Pension and employer's contribution to NPS is approved by the Financial Minister Ms Nirmala Sitharaman . Cap on family pension is removed and uniform 30% will be in force .
. This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. This was announced by the Secretary, Department of Financial Services, Ministry of Finance, at a press meet addressed by Finance Minister Smt. Nirmala Sitharaman in Mumbai today.
Secretary, DFS informed that, in continuation of the 11th bi-partite settlement on wage revision of public sector bank employees, which was signed by the IBA with the unions on November 11, 2020, there was a proposal for enhancement of family pension and also the employers' contribution under the NPS. This has been approved by the Finance Minister, he said. Shri Panda further said that “earlier the scheme had slabs of 15, 20 and 30 percent of the pay that a pensioner drew at that point of time. It was capped subject to a maximum of Rs 9,284/-. That was a very paltry sum and Finance Minister Smt. Sitharaman was concerned and wanted that to be revised so that family members of bank employees get a decent amount to survive and sustain”.
The Government has also approved the proposal to increase employers contribution under the NPS to 14% from the existing 10%.
Thousands of families of PSU bank employees will be benefited by the enhanced Family Pension, while increase in employers contribution will provide increased financial security to the bank employees under the NPS.
Source : PIB Press release
NEWS UPDATE DATED 26. 08.2021 : EFFECTIVE DATES OF IMPLEMENTATION
It is reported that enhancement of Family pension will be effective from 01.04.2021 . Banks are asked contribute for the NPS at the revised rate of 14 % from 11.11.2020 , the day of signing the wage revision between IBA and UBFU .
NEWS UPDATE 30.08.2021 : AIBEA has issued a detailed circular with regard to new scales of family pension for the spouses of bank retirees who retired in different periods as below :
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Chart published by AIBEA
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News for Bank Pensioners
BANKERS PENSION REVISION: UFBU TO DISCUSS DEVELOPMENTS
Dated 18.08.2021 : It is reported that the United Forum of Bank Unions ( UFBU ) has called a meeting of its constituents on 25th August 2021 at Mumbai to discuss the issue of Pension updation . The officers associations and workmen associations had presented their demands to IBA separately in the month of July . However response of IBA towards proposals is not known yet .
Dated 18.08.2021 : It is reported that the United Forum of Bank Unions ( UFBU ) has called a meeting of its constituents on 25th August 2021 at Mumbai to discuss the issue of Pension updation . The officers associations and workmen associations had presented their demands to IBA separately in the month of July . However response of IBA towards proposals is not known yet .
BANK PENSIONERS DA SET FOR UPWARD REVISION FROM AUGUST 2021
AIBEA Circular on pension updation / DA updation
Dated 30.07.2021 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from August 2021 to January 2022 will be enhanced by 23 slabs .New DA Rates for August 2021 to January 2022 for pensioners retired earlier is as follows :
1. Pensioners retired after 31.10 2017 : 27.79 % of Basic Pay ( 397 slabs )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 87.50 % of Basic pension ( 875 slabs )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 191.40 % of Basic pension ( 1276 slabs )
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 254.34 % of Basic pension ( 1413 slabs )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 375.36 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 312.80 .20 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 187.68 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 93.84 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
SOURCE: AIBEA circular . UPDATED WITH OFFICIAL CIRCULAR FROM IBA ON 03.08.2021
Dated 30.07.2021 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from August 2021 to January 2022 will be enhanced by 23 slabs .New DA Rates for August 2021 to January 2022 for pensioners retired earlier is as follows :
1. Pensioners retired after 31.10 2017 : 27.79 % of Basic Pay ( 397 slabs )
2. Pensioners retired between 01.11.2012 to 31.10 2017 : 87.50 % of Basic pension ( 875 slabs )
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 191.40 % of Basic pension ( 1276 slabs )
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 254.34 % of Basic pension ( 1413 slabs )
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 375.36 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,325.28 + 312.80 .20 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,894.08 + 187.68 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,569 .72 + 93.84 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
SOURCE: AIBEA circular . UPDATED WITH OFFICIAL CIRCULAR FROM IBA ON 03.08.2021
Pension updation Public Sector banks
BANKERS PENSION REVISION: WORKMEN UNIONS , OFFICERS ASSOCIATIONS PRESENT THEIR DEMANDS TO IBA :
Dated 22.07.2021 : It is reported the IBA committee on pension scheme held a virtual meeting with representatives of workmen / officers on 22nd ,July 2021 today . The meeting was attended by the the chairman Shri S.S.Mallikarjuna rao , MD & CEO of Punjab national Bank and the other members of the committee are Shri M.V Rao of Central Bank of India ( Vice Chairman ) , Sri Om Prakash Mishra of SBI , Shri Debasish Mukherji of Canara Bank and Shri Gopal Murli Bhagat of IBA . Union representatives included Shri C.H .Venkatachalam from AIBEA Shri C.S . Balaji & Sri S.K. Bandish of NCBE , Sri Upendrakumar of NCBW & Sri O.P .Sharma of INBEF .
The union representatives submitted the following demands for pension revision :
1. Pension should be revised along with every settlement for wage revision .
2. Updation of Pensions for retirees between 01.0.1986 to 31.10.2017 should be taken up immediately .
3. Improvement of pension should include Improvement of pension for the pensioners above 80 years , Full pension for retirees who served more than 20 years .
4. Pension at uniform price index of 6352 points .
5. Revision of Ex-gratia pension to pre 1986 retirees .
6. Pension for resigned employees .
7. Improvement of Family Pension to 30 % uniformly and raise of management contribution to 14% from present 10 % under NPS .
8. Calculation of pension either on the average of last 10 months salary or lat month salary and pension for whichever is beneficial .
9 . Clarification on false complaint of diversion of pension funds .
However the reaction of IBA committee is not known and the next meeting is to be awaited for for further developments .
Source : AIBEA CIRCULAR
Further it is reported that the representative Sri Rajan Tulaskar of Bharatiya Karmachari Mahasangh has submitted a separate set of demands / suggestions for revision of pensions .
In an another virtual meeting with representatives of four officers associations viz AIBOC , AIBOA , INBOC & NOBO ,another set of demands has been submitted for the consideration of IBA . They have requested IBA to consider the RBI model of pension revision for all the bankers . They have also requested for the Pension to be revised along with every settlement for wage revision
BANKERS PENSION : IBA FORMS A COMMITTEE , INVITES WORKMEN , OFFICERS ASSOCIATIONS FOR MEETINGS :
Dated 20.07.2021 : It is reported hat Indian Bankers Association ( IBA ) has formed an internal committee to review the pension scheme of the banks under the chairmanship of Shri S.S.Mallikarjuna rao , MD & CEO of Punjab national Bank . The other members of the committee are Shri M.V Rao of Central Bank of India ( Vice Chairman ) , Shri Rana Ashuthosh Kumar Singh of SBI , Shri Shanti Lal Jain of Bank of Baroda and Shri Debasish Mukherji of Canara Bank .
It is also reported that the committee will hold a virtual meeting with representatives of workmen / officers on 22nd ,July 2021 at 11.30 am .
The representatives of AIBEA / NCBE / INBEF / NOBW will attend the meeting . A similar virtual meeting of IBA Committee will be held with the representatives of various officer Associations at 12pm on the same day .
Dated 20.07.2021 : It is reported hat Indian Bankers Association ( IBA ) has formed an internal committee to review the pension scheme of the banks under the chairmanship of Shri S.S.Mallikarjuna rao , MD & CEO of Punjab national Bank . The other members of the committee are Shri M.V Rao of Central Bank of India ( Vice Chairman ) , Shri Rana Ashuthosh Kumar Singh of SBI , Shri Shanti Lal Jain of Bank of Baroda and Shri Debasish Mukherji of Canara Bank .
It is also reported that the committee will hold a virtual meeting with representatives of workmen / officers on 22nd ,July 2021 at 11.30 am .
The representatives of AIBEA / NCBE / INBEF / NOBW will attend the meeting . A similar virtual meeting of IBA Committee will be held with the representatives of various officer Associations at 12pm on the same day .
LATEST ON FAMILY PENSION UPDATION :
Dated 27.06.2021 : There are rumors / unconfirmed reports that Finance Minister has approved the proposal of IBA in the matter of Family pension updation . But there is no official communication from any quarters on this regard so far . As soon as official communication is available , we will update this page for you with details of the information we get .
Dated 27.06.2021 : There are rumors / unconfirmed reports that Finance Minister has approved the proposal of IBA in the matter of Family pension updation . But there is no official communication from any quarters on this regard so far . As soon as official communication is available , we will update this page for you with details of the information we get .
SEND PENSION DETAILS THROUGH SMS, EMAIL & WHATSAPP : Government to Banks
Dated 25.06.2021 : Recently Department of Pension & Pensioners' welfare has asked banks to forward the details of pension slip and amount credited to pensioners by way of SMS to the registered mobile numbers and also by e-mail if the same is registered by the pensioners . It also has asked banks to endaevour to send the details via WhatsApp also . The pension slip should have complete details of monthly pension paid along with the break-up of the amount credited and tax deductions etc. if any
In a recent meeting with pension disbursing banks , department had emphasized the need of taking such welfare measures so that pensioners' lives become comfortable .
Dated 25.06.2021 : Recently Department of Pension & Pensioners' welfare has asked banks to forward the details of pension slip and amount credited to pensioners by way of SMS to the registered mobile numbers and also by e-mail if the same is registered by the pensioners . It also has asked banks to endaevour to send the details via WhatsApp also . The pension slip should have complete details of monthly pension paid along with the break-up of the amount credited and tax deductions etc. if any
In a recent meeting with pension disbursing banks , department had emphasized the need of taking such welfare measures so that pensioners' lives become comfortable .
EXPEDITE FAMILY PENSION CLAIMS : Government to Banks
Dated 19.06.2021 : Department of Pension & Pensioners' welfare has asked banks not to harass the spouse and other family members , in unfortunate cases of pensioners' death . It has asked banks not to demand unnecessary documents from a pensioner's family and harass them with delay in sanctioning family pensions .
It has reiterated that only following documents to be obtained from family pension claimants , if they have joint pension accounts :
1 . A simple letter/application for commencement of family pension
2. Death certificate in respect of the deceased pensioner
3. Copy of PPO issued to the pensioner ( If available )
4. Proof of age/date of birth of the applicant .
No other document including Form 14 to be insisted from the claimants incases where they have joint accounts . In cases where the spouse did not have the joint account with the deceased pensioner , then only Application in Form 14 bearing the Death certificate in respect of the deceased pension along with two witness to be insisted along with the above mentioned documents .
In cases where, on death of the pensioner and spouse, family pension has to pass over to another family member ,
1. If the other family member has been co-authorized for family pension in the PPO, the same procedure as above shall be followed.
2. If the name of the other family member is not included in the PPO, he/she may be advised to approach the office which the Government servant/pensioner last served, for issue of a fresh PPO.
Further Department has asked the banks to furnish reasons for delayed decisions , for any delay in settling family pension beyond 30 days .
Further the department has told the banks that the details of family members, other than the Applicant, are not relevant for commencement of family pension by the bank and the same should not, therefore, be sought from the Applicant under any circumstances .
To read Department's directive to bans issued on 16.06.2021 , CLICK HERE
NOW FORM 10E IS AVAILABLE FOR FILING ON-LINE FOR AY 2021-22
Attn : Bankers / Bank pensioners who have received salary / pension arrears during FY 2020-21
Dated 09.04.2021 : Now Income Tax Department has enabled on-line submission of Form 10E in its e-filing website for Assessment Year 2021-22 . The form is to be submitted by all the persons who want to avail tax relief under section 89 of Income Tax act for the salary / pension arrears received during the financial year 2020-21 .
Note : The form is to be submitted before filing of Income Tax returns .
To know how to submit on-line , calculating the tax relief you get under section 89 of Income Tax act for the arrears you have received , you may CLICK HERE to visit our webpage where we have detailed the calculation of such arrears you get on salary / gratuity / pension and procedure to file 10E on-line .
Attn : Bankers / Bank pensioners who have received salary / pension arrears during FY 2020-21
Dated 09.04.2021 : Now Income Tax Department has enabled on-line submission of Form 10E in its e-filing website for Assessment Year 2021-22 . The form is to be submitted by all the persons who want to avail tax relief under section 89 of Income Tax act for the salary / pension arrears received during the financial year 2020-21 .
Note : The form is to be submitted before filing of Income Tax returns .
To know how to submit on-line , calculating the tax relief you get under section 89 of Income Tax act for the arrears you have received , you may CLICK HERE to visit our webpage where we have detailed the calculation of such arrears you get on salary / gratuity / pension and procedure to file 10E on-line .
TDS ON ARREARS PAID AND TAX RELIEF UNDER SECTION 89 OF IT ACT
Dated 07.02.2021 : Banks have disbursed salary arrears as per new wage settlement . Banks would have also deducted TDS from such arrears paid . Such arrears paid would have been accounted for FY 2020-21 if staff members had not claimed tax relief under section 89 (1 ) of IT Act .
Similarly bank staff who would have retired after 01.11.2017 would have got salary arrears , pension arrears and gratuity arrears . One can utilise tax relief available to reduce the tax burden by apportioning arrears to the respective years and reduce the total tax liability .
To know how to calculate the relief and utilise the reliefs available to the possible extent , you may visit our articles on income tax by clicking here
Dated 07.02.2021 : Banks have disbursed salary arrears as per new wage settlement . Banks would have also deducted TDS from such arrears paid . Such arrears paid would have been accounted for FY 2020-21 if staff members had not claimed tax relief under section 89 (1 ) of IT Act .
Similarly bank staff who would have retired after 01.11.2017 would have got salary arrears , pension arrears and gratuity arrears . One can utilise tax relief available to reduce the tax burden by apportioning arrears to the respective years and reduce the total tax liability .
To know how to calculate the relief and utilise the reliefs available to the possible extent , you may visit our articles on income tax by clicking here
Bank pensiners Latest News / Alert Today
IT'S TIME TO SUBMIT LIFE CERTIFICATE FOR BANK PENSIONERS
ATTN PENSIONERS : LAST DATE FOR FILING LIFE CERTIFICATES IS NEARING
Dated 24.02.2021 : EPFO / Governments and other public sector undertakings have permitted pensioners to submit life certificates up to 28th , February 2021 , in line with directive from Central Government to their pensioners and Pension will be withheld only from March 2021 , if life certificates are not submitted by then .
Normally pensioners have to submit life certificates in the month of November every year for continuation of pension payment from January next year . This year Government extended last date up to 31st, December in view of pandemic situation in the country . It has further extended up to 28th , February for Government pensioners and EPPF pensioners . Public sector undertakings also have now followed Government directives to its pensioners .
Good news for the pensioners is that Post offices ( IPPB ) and DSB services have extended doorstep service for submitting Life certificates through Jeevan praman . We have received favourable reports about IPPB DOOR services through postmen and it costs just Rs 70 .
Retirees who are unable to visit their pension paying offices can utilise such service .
1. IPPB SERVICE : Government of India has brought out the service of digital Life Certificate ( DLC ) using the network of Post Offices / postmen through India post Payment Bank . Postman will visit your place , do the bio-metrics and generate Digital life certificate for you . Service charge is Rs 70 For details , CLICK HERE
2. DSB SERVICE : Door Step Banking ( DSB ) , an initiative taken by PSB Alliance and an umbrella setup of all Public Sector Banks , gives service of issuing Digital life Certificate to the customers of public sector banks at their homes . The service is available in more than 100 centers across India . For details , CLICK HERE
Pensioners can utilize any of the two choices they find convenient .
Dated 24.02.2021 : EPFO / Governments and other public sector undertakings have permitted pensioners to submit life certificates up to 28th , February 2021 , in line with directive from Central Government to their pensioners and Pension will be withheld only from March 2021 , if life certificates are not submitted by then .
Normally pensioners have to submit life certificates in the month of November every year for continuation of pension payment from January next year . This year Government extended last date up to 31st, December in view of pandemic situation in the country . It has further extended up to 28th , February for Government pensioners and EPPF pensioners . Public sector undertakings also have now followed Government directives to its pensioners .
Good news for the pensioners is that Post offices ( IPPB ) and DSB services have extended doorstep service for submitting Life certificates through Jeevan praman . We have received favourable reports about IPPB DOOR services through postmen and it costs just Rs 70 .
Retirees who are unable to visit their pension paying offices can utilise such service .
1. IPPB SERVICE : Government of India has brought out the service of digital Life Certificate ( DLC ) using the network of Post Offices / postmen through India post Payment Bank . Postman will visit your place , do the bio-metrics and generate Digital life certificate for you . Service charge is Rs 70 For details , CLICK HERE
2. DSB SERVICE : Door Step Banking ( DSB ) , an initiative taken by PSB Alliance and an umbrella setup of all Public Sector Banks , gives service of issuing Digital life Certificate to the customers of public sector banks at their homes . The service is available in more than 100 centers across India . For details , CLICK HERE
Pensioners can utilize any of the two choices they find convenient .
- TDS ON ARREARS PAID AND TAX RELIEF UNDER SECTION 89 OF IT ACT
Dated 07.02.2021 : Banks have disbursed salary arrears as per new wage settlement . Banks would have also deducted TDS from such arrears paid . Such arrears paid would have been accounted for FY 2020-21 if staff members had not claimed tax relief under section 89 (1 ) of IT Act .
Similarly bank staff who would have retired after 01.11.2017 would have got salary arrears , pension arrears and gratuity arrears . One can utilise tax relief available to reduce the tax burden by apportioning arrears to the respective years and reduce the total tax liability .
To know how to calculate the relief and utilise the reliefs available to the possible extent , you may visit our articles on income tax by clicking here
BANK PENSIONERS DA RAISES FROM FEBRUARY 2021
Dated 01.02.2021 : In tune with raising Consumer Price Index noted , the Dearness Allowance ( DA ) payable to bank pensioners from February 2021 to July 2021 will be enhanced .New DA Rates for August 2020 to January 2021 for pensioners retired earlier is as follows :
1. Pensioners retired after 31.10 2017 : 26.18 % of Basic Pay
1. Pensioners retired between 01.11.2012 to 31.10 2017 : 85.20 % of Basic pension
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 187.95 % of Basic pension
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 250.20 % of Basic pension
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 369.84 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,129.32 + 308.20 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,601.52 + 184.92 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,267 .23 + 92.46 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
Source : IBA Circular dated 01.02.2021
1. Pensioners retired after 31.10 2017 : 26.18 % of Basic Pay
1. Pensioners retired between 01.11.2012 to 31.10 2017 : 85.20 % of Basic pension
1. Pensioners retired between 01.11.2007 to 31.10 2012 : 187.95 % of Basic pension
2. Pensioners retired between 01.11.2002 to 31.10 2007 : 250.20 % of Basic pension
3. Pensioners retired between 01.04 .1998 to 31.10 2002 :
a. Up to Basic pension Rs 3,550 : 369.84 %
b. Basic pension between Rs 3,551 to Rs 5,650 : Rs 13,129.32 + 308.20 % of Basic pension exceeding Rs 3,550
c. Basic pension between Rs 5,651 to Rs 6,010 : Rs 19,601.52 + 184.92 % of Basic pension exceeding Rs 5,650
d. Basic pension above Rs 6,010 : Rs 20,267 .23 + 92.46 % of Basic pension exceeding Rs 6,010
Similarly the pensioners retired earlier will also get DA enhancement .
Source : IBA Circular dated 01.02.2021
COST OF PENSION UPDATION IS BEING ACTIVELY EVALUATED : IBA
Dated 05.01.2021 : In a meeting held yesterday with the representatives of four officers unions viz AIBOC , AIBOA , INBOC & NOBO , Indian Bankers Association ( IBA ) has informed that the issue of Pension Updation is being actively evaluated and an Actuary has been appointed for the purpose . IBA chairman while welcoming the representatives of organisations informed that the Family pension and NPS details are being compiled for onwards submission to DFS for necessary clearance and approval. The meeting was called to discuss the residual issues listed in the MOU .
The other residual issues discussed included :
1. 5 DAY BANKING : Under discussion with the Government / RBI
2. Amendment to Discipline & Appeal regulation & Accountability policy : A committee has been formed to advise IBA in the matter .
3. Double Jeopardy ( Denial of PQP , FPP & Stagnation increment for not apperaing for promotion test : HR Committee is examining the issue .
4. Payment of lodging & boarding expenses foe Defence assistants : To be referred to HR Committee .
5. Grid holiday for officers working in grids : HR Committee to examine the issue .
6. Demand for inclusion of parents , brothers , sisters , Father in law , mother in law in Definition of family : IBA will clarify with fresh circular and Income up to Rs 12,000 will be treated as dependent .
7. Issue of lady officers & Child care leave : Government guidelines will be followed .
8 . Temporary incentive for officers posted to North East : Government guidelines will be followed .
Dated 05.01.2021 : In a meeting held yesterday with the representatives of four officers unions viz AIBOC , AIBOA , INBOC & NOBO , Indian Bankers Association ( IBA ) has informed that the issue of Pension Updation is being actively evaluated and an Actuary has been appointed for the purpose . IBA chairman while welcoming the representatives of organisations informed that the Family pension and NPS details are being compiled for onwards submission to DFS for necessary clearance and approval. The meeting was called to discuss the residual issues listed in the MOU .
The other residual issues discussed included :
1. 5 DAY BANKING : Under discussion with the Government / RBI
2. Amendment to Discipline & Appeal regulation & Accountability policy : A committee has been formed to advise IBA in the matter .
3. Double Jeopardy ( Denial of PQP , FPP & Stagnation increment for not apperaing for promotion test : HR Committee is examining the issue .
4. Payment of lodging & boarding expenses foe Defence assistants : To be referred to HR Committee .
5. Grid holiday for officers working in grids : HR Committee to examine the issue .
6. Demand for inclusion of parents , brothers , sisters , Father in law , mother in law in Definition of family : IBA will clarify with fresh circular and Income up to Rs 12,000 will be treated as dependent .
7. Issue of lady officers & Child care leave : Government guidelines will be followed .
8 . Temporary incentive for officers posted to North East : Government guidelines will be followed .
WAGE SETTLEMENT - RESIDUAL ISSUES
Dated 02.01.2021 : It is reported that the representatives of four officers unions viz AIBOC , AIBOA , INBOC & NOBO , have been invited for a meeting with IBA team on 04.01.2021 at 3.00 pm , to discuss the residual issues listed in the MOU .
The residual issues include 5-day banking , pension updation , family pension , NPS contributionetc
Dated 02.01.2021 : It is reported that the representatives of four officers unions viz AIBOC , AIBOA , INBOC & NOBO , have been invited for a meeting with IBA team on 04.01.2021 at 3.00 pm , to discuss the residual issues listed in the MOU .
The residual issues include 5-day banking , pension updation , family pension , NPS contributionetc
PLAN N PROGRESS HAS COMPARED AROGYA SANJEEVANI PREMIUMS WITH IBA GROUP INSURANCE TO KNOW WHICH IS BETTER CLICK HERE
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HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
NEW ARTICLE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
NEW BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
WEBSITES OF BANKS / BANKERS ASSOCIATION / RESERVE BANK OF INDIA ( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. Reserve Bank of India
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
WEBSITES OF EMPLOYEES / OFFICERS UNIONS / ASSOCIATIONS
( CLICK ON THE NAME TO GO TO THE WEBSITE )
( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. All India Bank Employees Association ( AIBEA )
2. All India Bank Officers Confederation ( AIBOC )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
2. All India Bank Officers Confederation ( AIBOC )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
WEBSITES OF VARIOUS ASSOCIATIONS OF RETIRED BANKERS
( CLICK ON THE NAME TO GO TO THE WEBSITE )
( CLICK ON THE NAME TO GO TO THE WEBSITE )
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