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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Public sector banks (PSBs) are poised to deliver approximately 30% higher dividends to the government…
Bank of Maharashtra has emerged as a top performer among public sector banks, showcasing impressive…
In a proud moment for Kannadigas and dairy farmers in Karnataka, the Scotland cricket team…
In a world where speed and connectivity reign supreme, the race towards the next generation…
Venezuela has recently witnessed a poignant environmental milestone, marking a grim reality of the climate…
Fusion Micro Finance has obtained a $25 million loan from the United States International Development…