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Monday, July 17, 2023

Nearly 30,000 Reserve Bank of India (RBI) retired employees have received a 13.56% increase in pension after a gap of four years

On Thursday, the government informed its decision to revise the pension for RBI employees who retired before 1 November 2017. The revised pension was effective from June 2023.
The basic pension of pensioners retired prior to 1 November 2017 shall be revised by a factor of 1.63 ie, the existing basic pension of 100 will be revised to basic pension of 163 from the month of June 2023 onwards," said the letter written by chief general manager of human resources at RBI.
"On revision of pension, dearness relief will be paid at the rate applicable on pay scales based on CPI=6352."

The current RBI officers are awaiting a revision in pay for the year 2022-27, negotiations for which are expected to start after the Indian Banks' Association decides on the pay revision for bank employees.

As at end-March, the staff strength of the Reserve Bank of India stood at 13,815, comprising 6,858 in Class I, 3,698 in Class III and 3,259 in Class IV officers.

The last pension revision happened in 2019 where employees received a 10% increase in pension plus Dearness Allowance (DA) with each of the three wage revisions in 2002, 2007 and 2012. The revision in pension had then happened after a gap of 16 years when retired employees protested against government negligence.

The pension scheme was first introduced in 1990 and since then, RBI employees have seen pension revision on four occasions. Unlike banks, RBI has its own pension fund created out of RBI contributions surrendered by the employees when they opted for the pension scheme, in line with the central government pension scheme.

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