Communist Party of India (CPI) Rajya Sabha MP, Binoy Viswam, has urged Union Finance Minister, Nirmala Sitharaman, to initiate a pension updation exercise for retirees of the banking sector. In a letter to the finance minister, Viswam highlighted that no pension updation had been carried out for the banking sector for the past 28 years, which is depriving retirees of their sources of sustenance. He argued that it is the hard-earned right of retirees secured during their service period and enforceable under the law. The demand of bank retirees has not been fulfilled even though the All India Bank Retirees’ Federation has met the Finance Minister four times in the past one and a half years. Viswam called for retirees to be treated justly, enabling them to lead a dignified life post-retirement. The Supreme Court has previously upheld that revising basic pension amounts of existing pensioners should be considered just as important as revising salaries and allowances of existing employees.
CPI MP Urges Finance Minister to Update Banking Sector Retirees’ Pensions
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