HomeBEFIEnhancement of Family Pension for Bank Retirees - BEFI

Enhancement of Family Pension for Bank Retirees – BEFI


Circular No.86/2020
To all Units, Affiliates, Office Bearers, CC & GC Members

20th December 2020

Dear Comrade,

Enhancement of Family Pension for Bank Retirees

The Department of Financial Services, Govt. of India accorded necessary approval, addressing a letter to the Chief Executive, Indian Banks’ Association for implementation of 11th Bipartite Settlement/Joint Note signed on 11.11.2020 and consequential benefits pending amendments to relevant regulations as per laid down procedure.

In the said letter, the DFS advised IBA to submit financial implications/liabilities in respect of family pension and employer’s contribution under the new pension scheme. The IBA since last one year had been informing that the matter has been referred to Govt. of India. Now, given the DFS letter we understand that more time will be required for its approval. In addition, different amounts are being mentioned as cost requirement for enhancement of family pension to 30 percent without ceiling spanning from Rs.9000 crore to Rs.20000 crore. The IBA never shared the details with UFBU officially. As the amount will be provided from individual bank’s balance sheet, we feel that all the stake holders including the Unions/Associations have right to be informed regarding exact requirement.

We addressed a letter to the Secretary, DFS, Ministry of Finance, today, text of which is appended.

With greetings,

Yours comradely,

(Debasish Basu Chaudhury)
General Secretary

Source : BEFI

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  1. I m Sudha kamath wife of late R.s kamath ex computer auditor .my husband Mr .Ramanath s kamath expired in the year 2013 Jan 30.
    But I his wife sudha kamath was paid 30% of the basic pay last drawn by husband from the next day ie 31 Jan 2013 as family pension.But as per family pension act if any bank employee dies in harness on duty, his legal heir Is paid 50% of the last basic pay of salary drawn for 7 yrs and thereafter 30% of basic pay drawn by bank employee. I was cheated not paid 50% of basic pay of my husband’s salary.Please look into the matter immediately


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