Letters: Need for pension parity

Apropos the letter to the editor, "Bank pensioners' woes" (November 16), someone who retired as managing director (MD) of a public sector bank in 2001 gets a pension of about Rs 20,000 per month, whereas an MD who retired in 2004 gets Rs 40,000. Likewise, an MD who retired in 2013 or 2014 gets a pension of Rs 70,000. One can imagine how difficult it is for the MD who retired in 2001 to take care of himself and his spouse with the pension amount of Rs 20,000 and also meet medical expenses.

That is why bank officers are demanding parity in pension to lead a decent life after retirement. The pension corpus of public sector banks amounted to Rs 1.25 lakh crore as on March 31, 2015. The pension disbursement and retirement benefits are much less than the amount accruing to the pension corpus by way of contribution from the banks as well as interest earned on the corpus.

R Sridhar Chennai

Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number