Updating Bank Retirees' Pension

*pension updation RBI has been done for the retirees upto 31-10-2017. Something is going to happen in SBI too.*     * RBI pension updation formula only for RBI or pension updation of all other banks (PSBs) will also be done under this formula?*     This a topic which is very important for retirees. For this, the retirees have been striving for 27 years. It is true that in both the cases of RBI and SBI, the government, retirees and UFBU is not giving representation to the UFBU Leaders and Retirees Organization , but *it is the result of the efforts made by the retirees together for the last two-three years*. If you try a little more, you can overcome the problems of retired colleagues of all banks. Recently during my Himachal tour, I was staying at Solan (Himachal) in a hotel, then three of my old friends who retired in 2020-22 came to meet me. It was 4 o'clock in the afternoon, it was time for tea and the tea arrived. The conversation started with a sip of tea. 👉 *Question- Brother, pension has been updated in RBI, so why not all of us?* Their  question was reasonable. RBI retirees also struggled for a long time on pension updation, but in 2019 *a proposal was sent to the Ministry of Finance, Government of India along with the recommendations of the entire board and  all the organizations of RBI (retirees organization + working employees / officers organization)  with that action  updation till 2012 Done.* Now in 2023, on the same basis, pension updation of RBI retirees till 31-10-2017 has been done. You will remember that in 2020, through a letter by me, according to the RBI formula, a letter was sent that pension should be updated for the retirees of other banks as well. Even at that time, *some leaders of UFBU had told the expenditure on pension updation to be Rs 95,000 crore.* In my aforesaid letter, denying the expenditure of 95000 crores, after calculating the total expenditure on pension updation about 7000 crores. That letter was specially sent to all the leaders and the Government of India. *Big organizations of retirees AIBPARC, AIBRAF and the retirees organization of Kerala had also calculated the expenditure of 6000 to 7000 crores for pension updation*  .In his letter, pension updation of 1.63 was said for the retired colleagues between 2012-2017., our calculation 1.63 factor was absolutely correct, which has been announced by the RBI/Government of India recently in  June 2023.    👉 *Question...What is the RBI Formula? How is it beneficial to other bank retirees?* As per the wish/ demand of many friends, once again I am explaining the calculation according to the RBI formula for all of you. According to this formula, the pension updation of the retirees of other banks (PSBs) will have to be done which is their right :- Pension updation factors are derived on the basis of RBI formula, so that all of you also become experts. *AS PER RBI FORMULA* *CPI Merger* if pension Rs1/-than updation              BPS               DA CPI   -  DIFF -  *01-11-1998    1684*  *31-10-2002    2288*      *604* Factor 604÷ 4=151 x 0.24= 24.00%... 1+.240+10% of 1.240=    *1.49* *01-11-2002     2288* *31-10-2007     2836*      = *548*    548 ÷ 4=137x 0.18= 24.66%.... 1+.246+10% of 1.246=  *1.37*  *01-11-2007     2836* *31-10-2012     4440*      *1601*   1601÷ 4=401x0.15= 60.15%.... 1+.601+10% of 1.601=      *1.76* *01-11-2012     4440* *31-10-2017     6352*      *1912*   1912÷4=478x0.10= 47.80%...... 1+.478+10% of 1.478=    *1.63* 👉 *Question.... Brother Dharam ji, it is true that the pension updation in RBI has been done by a factor of 1.63 times till 31.10.2017. But those bank employees/officers who retired between 1-11-2017 and 31-10-2022 will also get the benefit of some updation?* *Yes, they will definitely get the benefit.* Those retirees who have retired till 31-10-2022. They have full right to get pension updation *after 12th BPS!!!!* *We don't know or understand why they take three years to finalise BPS. While how much DA will be merged in Basic pay is only 30 minutes work*. I am putting here in front of you the calculation of the benefit of pension updation to the colleagues retired  from *1-11-2017 to 31-10-2022* by taking out the DA merger point on 1-11-2022.   If not today then tomorrow they will get this pension updation. *If honestly the government applies the RBI formula to the retired associates of all the banks.:-* As per RBI Formula discussed as above , the factors have used a merger of DA points on every BPS the same pattern  of RBI as under.....*PENSION UPDATION UPTO 31.10.2017 & 31.10.2022*            increase Increase increase                   In          upto         upto   *BPS*     BPS   31.10.17    31.10.22                2017-22   1.43       --            *1.43* 2012-17 : 1.63     1.63        *2.33* 2007-12 : 1.76     2.86        *4.10* 2002-07 : 1.37     3.98        *5.63*   1998-02 : 1.49     5.94        *8.37* Before 98: 1.62    9.56    * 13.48*   ☘️☘️ 🙏🙏  *Dharam* 🙏🙏...(read more)

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Bank Retirees Pension Updation: Ensuring a Secure Future Retirement is a significant milestone in one's life. It is a time when individuals can finally bid farewell to the daily grind of work and embrace a much-deserved break. However, without proper financial planning and support, the golden years of retirement can quickly turn into a period of stress and uncertainty. This is where the importance of a secure and updated pension scheme for bank retirees comes into play. Banking sector retirees have traditionally enjoyed relatively stable and secure pension schemes, thanks to the efforts of their respective banks and the government. The pension system acts as a social safety net, providing a regular income stream to retirees, ensuring a certain degree of financial stability and independence. However, with the ever-changing economic landscape and rising inflation rates, it is crucial to regularly update pension plans to ensure they keep up with the cost of living. A stagnant pension can quickly become insufficient to cover basic expenses, let alone enjoy a comfortable retirement. Fortunately, banks and the government have recognized the need for pension updation for retirees to keep pace with the changing times. Pension updation aims to regularly adjust pension amounts, taking into account factors such as inflation, rising healthcare costs, and the overall standard of living. This ensures that retirees can maintain their pre-retirement lifestyle and meet their day-to-day expenses without worry. Pension updation is not just a necessity; it is a matter of justice and fairness towards those who have dedicated their careers to the banking sector. Retirees are entitled to receive a pension that adequately reflects their years of service and contributions to the bank's growth and success. It is a way to honor their commitment and recognize their valuable contributions. Furthermore, pension updation is also crucial for the well-being of retirees and their families. Many retirees depend solely on their pension income to cover not only their day-to-day expenses but also medical bills and other unforeseen costs. Inadequate pension amounts can lead to financial strain, health issues, and even social exclusion. Some banks have taken proactive steps to ensure pension updation is carried out regularly. They have established mechanisms to review and revise pension amounts periodically, taking into account inflation rates and other relevant factors. Additionally, some banks have tied pension updation to the employee's salary structure, guaranteeing a fair and proportionate increase. While these efforts are commendable, it is essential to ensure that every bank retiree, regardless of their tenure or rank, benefits from pension updation. This can be achieved by establishing a comprehensive and standardized pension updation policy that applies uniformly across all banking institutions. In conclusion, pension updation for bank retirees is not just a financial matter; it is a matter of respect, dignity, and justice. An updated and secure pension system ensures that retirees can enjoy their well-deserved retirement with peace of mind, free from financial worries. It is the responsibility of banks, in collaboration with the government, to guarantee a fair and regular pension updation process for all banking sector retirees. By doing so, they help build a retiree-friendly environment and foster a culture of gratitude towards those who have dedicated their lives to the banking industry. https://inflationprotection.org/updating-bank-retirees-pension/?feed_id=146399&_unique_id=652d1ec526bd7 #Inflation #Retirement #GoldIRA #Wealth #Investing #BankPensionUpdation #BankRetireesPensionUpdation #BankersPensionUpdationRBIformula #RBIFormulaforBankPensionerPensionupdation #RetirementPension #BankPensionUpdation #BankRetireesPensionUpdation #BankersPensionUpdationRBIformula #RBIFormulaforBankPensionerPensionupdation