Pensions in RBI
From Indiapensions
The pension scheme in RBI was introduced before it was introduced in the public sector banks. The scheme came into force on 1st November, 1990. It is primarily a defined benefit scheme that pays pension at a replacement rate of 50%.
Applicability
The pension scheme in RBI covers three classes of employees:
- Employees who were recruited or who joined the bank on or after 1.11.1990.
- Employees who were on the rolls on 1.11.1990 and who had opted for the pension scheme.
- Employees who retired from the bank after 1.1.1986.
The employees who retired between 1.1.1986 and 1.11.1990 were allowed to join the scheme provided they returned the Bank's contribution to provident fund and interest accrued on it along with a simple interest at the rate of 6%. The interest was payable for the period between the date of retirement and the date of repayment. These employees started receiving pension from 1.11.1990. The employees were allowed to commute their pension after due medical examination.
Operational framework
Benefits
There are several classes of pensions and the pension an employee receives depends on the manner in which he retires.
The full rate of pension for the retirees of the Reserve Bank is fifty percent of the average emoluments subject to a minimum of Rs.375/- per month in the case of a full time employee. In case of a part time employee the minimum pension is a proportionate amount which depends on the rate of wages applicable. An employee who has put in 33 years of qualifying service is eligible to receive full pension. In case of members with less than 33 years of qualifying service, the pension is a proportionate depending on qualifying service.
The scheme also provides for a family pension after the death of the member. The ordinary rate of family pension is calculated as :
| Pay Range | Rate of Family Pension per month |
|---|---|
| Up to Rs.1500 | 30% of pay, subject to a minimum of Rs.375 |
| Rs.1500 to Rs.3000 | 20% of pay, subject to a minimum of Rs.450 |
| Above Rs.3000 | 15% of pay, subject to a minimum of Rs. 600 p.m. and maximum of Rs.1250 |
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