Categories: Banking

Government approves increase of Bank Employees Family Pension to 30%

Central Government has approved the Indian Banks’ Association’s (IBA) proposal to increase the family pension to 30% of the last salary drawn. The immediate benefit of this approval will be an increase of 30,000 to 35,000 in the family pension of public sector bank employees from a maximum of 9,284 per month, depending on the last drawn salary of the deceased bank employee.

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The other big announcement is an increase in the employer banks’ contribution to the pension fund of employees under the NPS (National Pension System) from the existing 10 per cent to 14 per cent. Approximately 60% of public sector bank employees are covered under NPS

Important takeaways for all competitive exams:

  • Indian Banks’ Association Chairman: Rajkiran Rai G;
  • Indian Banks’ Association CEO: Sunil Mehta;
  • Indian Banks’ Association Headquarters location: Mumbai;
  • Indian Banks’ Association Founded: 26 September 1946.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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