Retired RBI Officials To Receive Increased Pension

Approximately 30 thousand retired employees of the Reserve Bank of India (RBI) have received an increase of 13.56 per cent in their pension after a gap of four years.

The government on Thursday, confirmed the revision of the pension for employees of RBI who retired before 1 November 2017. The revised pension came into effect from June 2023. The existing basic pension of Rs 100 has been revised to Rs 163 effective June 2023.

The current employees of RBI are awaiting the revision for the year 2022-2027. The negotiations are expected to begin after the Indian Banks’ Association finalises the pay revision.

The pension scheme was introduced in 1990. RBI employees have seen four pension revisions since then. Unlike other banks, RBI has its pension fund created out of RBI contributions surrendered by the employees, aligned with the central government pension scheme.