Canara-Syndicate Bank retirees call on colleagues to fight pension reform

Canara-Syndicate Bank Retired Staff Organization (CSBRSO) has called on similar organizations of public sector banks to form a common platform that can lead the drive to find a solution to the pension adjustment that has been going on for over thirty years.

Over eight lakh pensioners have looked to the authorities with hope and trust for years, KS Bhat, general secretary of CSBRSO, said. business line. “It is unfortunate that such trust and hope are misplaced. Pension updates are a fundamental and constitutional requirement. Periodic pension reviews are not charity,” he added.

Living with dignity

A reasonable pension is an integral part of the right to a dignified life. CSBRSO condemned what it called the step-motherly attitude of authorities towards pensioners. Pension updates have been made more than twice by institutions like RBI, LIC and EPFO. But in public sector banks, there has been no revision since 1995. Bhat expressed concern over the lack of follow-up on the matter after several assurances from the Finance Minister.

Assurances from the minister

The Minister of Finance said this in an interview business line on October 20, 2020, that ‘I cannot answer any question on banking sector without starting with a big thank you to all of them (bank men)…I had a meeting with the newly appointed SBI Chairman…one of the questions I asked…as a big brother among all banks, he should talk to IBA to resolve issues related to bank staff, pension, family pension and pension for those who retired long ago and are not at par with those of equal rank. I communicate with the IBA; The Secretary (Banking) also works with them. I want bankers to get their due.”

Robust corpus fund

The Finance Minister reiterated these sentiments during his speech at the IBA’s 73rd Annual General Meeting. CSBRSO pointed out that the bank employees’ pension scheme is unique as it is paid from a fund established by transferring the balance of the Contributory Provident Fund by pensioners. The fund had started with a modest corpus but has since grown to a robust size of over ₹4.57 lakh crore.

Inequality in premiums

Another concern is the disparity in IBA health insurance premiums, especially 18 percent GST on group insurance of retired employees. Working employees are exempt from health insurance premiums, while this is not allowed for retired employees who have to make do with a meager pension, Bhat said.

Published on February 5, 2026