UFBU CIRCULAR : Units and members are aware that in our 11th Bipartite Settlement / Officers 8th Joint Note singed on 11.11.2020, it was agreed therein as under:

a) For Employees / Officers who have joined the Banks on or after 1-4- 2010 and who are governed by the New Defined Benefit Contributory Pension Scheme, while the employee / officer will continue to contribute 10% of Pay plus DA, the Bank would make contribution at 14% of Pay & DA subject to approval of the Government.

b) It was also agreed, subject to Government approval, that FAMILY PENSION shall be payable at uniform rate of 30% of Pay of the deceased employee (without any ceiling).

IBA had duly sent their recommendations to the Government on the above issues for their approval.

Today, in a meeting in Mumbai, Hon. Finance Minister informed that the Government has cleared the above two proposals. The formal communication of the Government is expected to be received by the IBA/Banks in a day or two. The IBA will now take steps to advise all the Banks to implement the above improvements.

The improvement in management’s contribution under NPS from 10% to 14% will benefit all the young workforce of the Banks. Similarly, the long awaited improvement in Family Pension will bring good relief to the family pensioners. … Sd.. S K Bandlish, Convener