Will the Minister of FINANCE be pleased to state:-

(a) how often Reserve Bank of India (RBI) has increased the wages of its officers and staff during the last five years ending 31 March, 2008 with the details of every increase;
(b) whether it is a fact that similar increase in emoluments has not been given to pensioners;

(c) if so, the reasons therefor;

(d) whether RBI would follow Government policy to give the benefit of increase to pensioners similar to that given to the working employees; and

(e) if so, by when that would be implemented?

ANSWER

The Minister of State in the Ministry of Finance
(Shri Pawan Kumar Bansal)

(a): In the last five years ending 31.3.2008, the wages of the officers and staff of Reserve Bank of India (RBI) were revised only once in the year 2005 to be effective from 1.11.2002.

(b) and (c): The employees who were in service on 1.11.2002 and retired thereafter have been granted pension on the basis of the revised pay scales effective from 1.11.2002. The employees who retired prior to 1.11.2002 are granted pension as per RBI Pension Regulations, 1990.

Regulation 28 of the RBI Pension Regulations, 1990 relating to the rate of pension, inter-alia, provides that the rate of basic pension will be 50% of the average emoluments. Further Regulation 2 (2) defines the average emoluments as the average of pay drawn by an employee during the last 10 months of his service.
(d) & (e): The pension of the RBI employees is governed as per the RBI Pension Regulations, 1990 and the policy of the Government in this regard does not relate to them.