After the wage revision under 11th Bipartite Settlement, the amount of Family Pension, Minimum
Pension and Pension for part time employees have to be revised. In the 11th BP Settlement, it has
been agreed that subject to approval by the Government, Family Pension would be payable at the
uniform rate of 30% and without any ceiling (as against existing 30%, 20% and 15% with ceilings).
This has been duly taken up by the IBA with the Government and is under active consideration of the
Government. The approval of the same is awaited.
UFBU has already taken up the issue with IBA and the Government to expedite the approval.
Pending the above, the IBA has now issued their Circular No. 9183 dated 12-4-2021 providing the
revised rates of Family Pension, revised minimum amount of Pension payable w.e.f. 1-11-2017, and
also the minimum Pension payable to Part Time employees.
Copy of the IBA Circular is furnished herein for the information of our Units.
HR & INDUSTRIAL RELATIONS
Designated Officers of Member Banks which are parties to the 11th Bipartite Settlement/ Joint Note dated 11.11.2020
Revision in Pension of employees who retired on or after 01/11/2017 consequent
upon the wage revision as per 11th Bipartite Settlement and 8th Joint Note dated
11.11.2020
Please refer to our letters No. CIR/HR&IR/XIBPS/9314 dated 12th November, 2020 with
regard to wage revision to Award Staff/Officers respectively in terms of Bipartite
Settlement/Joint Note dated 11th November, 2020.
Consequent upon the above wage revision, the pension, dearness relief, minimum pension,
etc., payable in respect of those employees who ceased to be in service on or after
1.11.2017 and are eligible for pension, need to be revised with merger of DR (6352 points).
We give below for your guidance, the details in this regard.
(I) PENSION
The basic pension will be revised on the basis of the revised pay w.e.f. 1.11.2017, minimum
pension of employees other than part time employees will be ₹ 3985.
(II) FAMILY PENSION
In respect of employees (other than part-time employees) who retire/retired from
service on or after 1.11.2017 the ordinary rate of family pension shall be as under:
| Pay per month |
Amount of monthly family pension |
| Upto Rs.15,880 |
30 percent of the ‘pay’ shall be the basic family pension.The basic family pension shall not be less than Rs. 3,985 per month. |
| Rs. 15,881 to Rs.31,760 |
20 percent of the ‘pay’ shall be the basic family pension.The basic and additional family pension shall not be less than Rs.4900 per month. |
| Above Rs.31,760 |
15 percent of the ‘pay’ shall be the basic family pension.The basic and additional family pension shall not be less than Rs.6365 per month and shall not be more than Rs.13,280 per month. |
Pay per month Amount of monthly family pension
Upto Rs.15,880 30 percent of the ‘pay’ shall be the basic family pension.
The basic family pension shall not be less than Rs. 3,985
per month.
Rs. 15,881 to Rs.31,760 20 percent of the ‘pay’ shall be the basic family pension.
The basic and additional family pension shall not be less
than Rs.4900 per month.
Above Rs.31,760 15 percent of the ‘pay’ shall be the basic family pension.
The basic and additional family pension shall not be less
than Rs.6365 per month and shall not be more than
Rs.13,280 per month.
Note:- a) In the case of part-time employees, the minimum amount of family pension and the
maximum amount of family pension shall be in proportion to the rate of scale wages drawn by the
employee.
(III) DEARNESS RELIEF
The dearness relief shall be payable for every rise or be recoverable for every fall, as the
case may be, of every 4 points over 6352 points in the monthly average of All India
Consumer price index for Industrial Workers in the series 1960=100 at the rate of 0.07 per
cent per slab on the basic pension for pensioners and family pensioners.
(IV) MINIMUM PENSION FOR PART TIME EMPLOYEES
In respect of part-time employees who retired on or after 01/11/2017, the minimum
pension payable shall be ₹ 1,335 p.m. in respect of part-time employees drawing 1/3 scale
wages, ₹ 2,000 p.m. in respect of part time employees drawing 1⁄2 scale wages and ₹
3,000 p.m. in respect of part-time employees drawing 3⁄4 scale wages.
Pending amendments to Bank Employees Pension Regulations, 1995, bank may compute
pension as above. Before, however, giving effect to the revised pension, a suitable
undertaking may be obtained from the pensioners as well as from family
members/nominees, to enable the pension fund to make adjustments, if any, at a later
date.
13/04/2021 12:19 
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