Reserve Bank of India Pension Amendment Regulations, 2023

Last updated: 15 November 2023

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The Reserve Bank of India has issued the Pension (Amendment) Regulations, 2023, to update the existing pension rules. These amendments, effective from their publication in the Official Gazette, modify regulation 2 concerning family members eligible for pension benefits. The changes clarify the conditions under which sons and daughters, including widowed or divorced daughters, can receive pension up to the age of 25, marriage, or until they start earning, with specific provisions for adopted and posthumous children. Additionally, the regulations now include provisions for dependent parents of deceased employees, provided certain conditions regarding the absence of a spouse or children and the parents' income are met.

RESERVE BANK OF INDIA (Central Office) (HUMAN RESOURCE MANAGEMENT DEPARTMENT) NOTIFICATION Mumbai, the 31st October, 2023 No. CO. HRMD No. S9781 / 21.01.000 / 2023-24.In exercise of the powers conferred by clause (j) of subsection (2), read with sub-section (3), of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board, with the previous sanction of the Central Government, hereby makes the following regulations further to amend the Reserve Bank of India Pension

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FAQ :

The main purpose is to amend the Reserve Bank of India Pension Regulations, 1990, by updating the conditions for family members eligible for pension benefits.

These regulations generally come into force on the date of their publication in the Official Gazette, unless otherwise specified.

Sons and daughters are eligible until they reach 25 years of age, marry or remarry, or start earning a sum decided by the Bank, whichever is earlier. This also includes legally adopted children and posthumous children.

Parents can receive benefits if they were wholly dependent on the employee, the deceased employee left no widow or widower or child, and the parents' monthly earnings do not exceed a sum decided by the Bank.

Yes, the amendment explicitly includes widowed or divorced daughters under the eligibility criteria for sons and daughters.

Notification No : No. CO. HRMD No. S9781 / 21.01.000 / 2023-24
Source : https://egazette.gov.in/(S(qlalsy00vxa4lc4t1o1xss2h))/ViewPDF.aspx

Attached File : 322600_11232_249959.pdf

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