The Finance Ministry has taken a big decision regarding the family pension of banking employees. Now if a banker dies, then his family will get 30 percent of the last salary as pension.
Annual performance review meeting (FY 2020-21) of public sector banks was held today. Finance Minister Nirmala Sitharaman attended this meeting. He had met the heads of all 12 public sector banks. Addressing the media after this meeting, the Finance Minister has made a big announcement regarding the pension of banking employees.
According to this announcement, if a banking employee dies, then his family will get 30 percent of the last salary as family pension. Earlier the family pension in such cases was Rs 9284. In the form of family pension, now the family of banking employees can get pension up to a maximum of Rs 35000.
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— PIB in Maharashtra 🇮🇳 (@PIBMumbai) August 25, 2021
The Finance Ministry has approved to increase the contribution of banks under NPS under the Employee Pension Scheme. Now the contribution of banks to NPS for their employees has been increased to 14 percent. Earlier it was 10 per cent.
PSBs’ contribution for employee pensions under NPS hiked to 14 pc from 10 pc earlier, says DFS Secretary
— Press Trust of India (@PTI_News) August 25, 2021
Nirmala Sitharaman today launched the EASE 4.0 (Enhanced Access and Service Excellence) program. The fourth phase of this program has been launched to improve public sector banks. With the help of this, smart banking will help. With the help of EASE 4.0, there will be more information about agriculture loans and it will become data based. There will be better coordination between the more banks in the financial ecosystem, which will improve the banking sector. Apart from this, there will be improvement in the field of banking technology and governance.
