CPI MP urges Union Finance Minister to initiate pension updation exercise for banking sector retirees

New Delhi [India], June 19 : Communist Party of India (CPI) Rajya Sabha MP Binoy Viswam has written a letter to Union Finance Minister Nirmala Sitharaman urging her to initiate a pension updation exercise for retirees of the banking sector which he called their "justified right".

Binoy Viswam in a letter to Nirmala Sitharaman said that no pension updation exercise was carried out for the banking sector in the past 28 years which is effectively depriving sources of sustenance.

"I write this letter to convey to you the plight of thousands of retirees and pensioners, who after years of dedicated service to the country, are struggling to meet ends pending pension updation. No pension updation exercise was carried out for the banking sector in the past 28 years which is effectively depriving sources of sustenance after employees gave their best years to the organization they served," he said in his letter.

He further said that the demand of bank retirees was not fulfilled even though the All India Bank Retirees' Federation has met the Finance Minister four times in the past one and half years.

"The justified demand of bank retirees was not fulfilled even after their representatives have met you no less than four times in the past one and half years under the banner of All India Bank Retirees' Federation," he added in his letter.

CPI Upper House MP from Kerala further said that while delivering judgement in the famous DS Nakara vs Union of India case, the Constitutional Bench of 5 judges of the Supreme Court laid down the basic principle that pension is not a bounty, but the hard-earned right of pensioner secured during the service period and enforceable under law.

"The Supreme Court upheld that while revising salaries and allowances of existing employees, basic pension of existing pensioners should also be revised and pensioners should not be discriminated with based on their date of retirement. Creating class within the class in the similarly placed group through administrative measures is violative of the principle of equality guaranteed by the Constitution of India," the letter said, adding that years of services rendered by the retirees should not be forgotten and they must be treated justly, enabling the retirees to lead a dignified life post-retirement.