Family pension of bank employees set at 30% of last drawn salary: Govt

PSBs' pension contribution for employees under NPS also hiked to 14%, says DFS secy

Family pensions of deceased bank employees will more than treble now, with Finance Minister Nirmala Sitharaman removing its cap in favour of a uniform 30 per cent slab to be calculated on the last salary drawn by the employee.
 
With this, the family pension rises from a maximum of Rs 9,284 per month to as high as Rs 35,000, depending on the last drawn pension amount.
 
Debasish Panda, secretary, Department of Financial Services, announced this on Wednesday in the presence of the FM. He also announced an increase in pension contributions by banks under the National Pension System