Legal UpdatesRBI

RBI issues RBI Pension (Amendment) Regulations, 2017

RBI updates

RBI amends Reserve Bank of India Pension Regulations, 1990 under the power conferred under Sec. 58 (j) (2) of section 58 of the Reserve Bank of India Act, 1934. RBI amends Regulation 28 by inserting the words “or the last pay drawn whichever is more beneficial to the employee” after the word “average emoluments” under Reserve Bank of India Pension (Amendment) Regulations, 2017.

Regulation 28 of RBI Pension Regulations, 1990 refers to the rate of pension and states that, “the rate of basic pension will be 50% of the average emoluments subject to a minimum of 2 [Rs.720/-] per mensem in the case of a full-time employee, and proportionate amount thereof in relation to rate of wages applicable in the case of part-time employee. Service of 33 years will qualify for the full pension. In the case of an employee who has put in less than 33 years of service, pension will be payable on proportionate basis for the number of years of qualifying service.”

Reach us at nikita@lawyersconnect.info for the original copy of RBI Pension (Amendment) Regulations, 2017

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