Pension issue remains unresolved, Reserve Bank stares at union agitations
With
the year coming to an end, and no communication on the issue of updating
pension yet, the Reserve
Bank of India (RBI) could be heading towards big agitations in the New
Year.
The
government was expected to communicate by month-end its nod for improvement of
the RBI's pension scheme, but that has not been done yet.
In
August, the RBI staff went on mass leave, protesting the government's rigid
stance on the issue, harming the "real-time gross settlement" system
for a few hours. However, this time, the unions may go on an indefinite strike
and the RTGS system, which is the backbone of financial transactions in the
country, could get severely impacted for days on end, the unions have
threatened.
What is the RBI
pension issue
The
central bank has a pension kitty of over Rs 160 billion with which it manages
the pension of its staff. For this purpose, it doesn't seek money from the
government like other central government departments. At the very least, the
RBI wants its staff to have pension on par with central government employees,
and with a provision that it is inflation indexed, or the amount gets adjusted
with inflation. Read
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