Quick Summary
Banks contribution to NPS Corpus of PSU Bank employees to be enhanced to 14% In a bid to provide relief to families of bank employees, the Government has approved the Indian BanksAssociations (IBA) proposal to increase the family pension to 30% of last salary drawn. This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. This was announced by the Secretary, Department of Financial Services, Ministry of Finance, at a press meet addressed by
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FAQ :
The family pension for bank employees' families has been increased to 30% of the last salary drawn.
Previously, the family pension was capped at a maximum of Rs 9,284/-, with slabs of 15, 20, and 30 percent of the pensioner's pay.
The increase was announced by the Secretary of the Department of Financial Services at a press meet addressed by Finance Minister Smt. Nirmala Sitharaman.
The enhanced family pension could amount to as much as Rs 30,000 to Rs 35,000 per family.
Yes, the employers' contribution to the NPS has also been approved to be increased to 14% from the current 10%.
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