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Nabard's Serving, Retired Staff Stage Protest Over Pension Issues

Nabard was carved out of the Reserve Bank of India (RBI) in 1981, by replacing three of its departments --Agricultural Credit Department (ACD), Rural Planning and Credit Department (RPCD) and Agricultural Refinance and Development Department (ARDC).

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Officers, employees and retired staff of Nabard on Monday staged a day long sit-in protest demanding resolution of their long-pending pension related issues, as per a statement. The protests were held at Nabard's head office in Mumbai and 30 regional offices across the country. The staff members of Nabard -- both serving and retired -- were protesting under the banner of the United Forum of Officers, Employees and Retirees of NABARD (UFOERN).

The Forum said it is demanding benefits including full pension after 20 years of qualifying service, calculation of pension based on last pay drawn or the average emoluments for the last 10 months, whichever is more, and updation of pension with each wage revision, on par with RBI employees.

It also wants reopening of the pension option, which allows Nabard staff, both serving and retired, to switch from Compensatory Provident Fund (CPF) to pension, like implemented in the RBI in June 2020. Nabard was carved out of the Reserve Bank of India (RBI) in 1981, by replacing three of its departments --Agricultural Credit Department (ACD), Rural Planning and Credit Department (RPCD) and Agricultural Refinance and Development Department (ARDC). At that time, the RBI management in order to assuage the fears of employees, while appealing to them to join Nabard, assured them in writing that the pay, allowances and superannuation benefits would be protected and revised at par with their colleagues who remained with the central bank, the statement said. The parity with RBI in all service conditions including pension was further cemented over the years in all the seven bipartite wage settlements with the workmen association of Nabard, it added. It said the pension regulations of Nabard were framed in 1993 on the same lines as that of RBI. However, the revisions made over the last eight years in the pension regulations of RBI with the approval of the Department of Financial Services (DFS) under the Finance Ministry are yet to be approved by the department for Nabard, the Forum said.

This is creating a disparity among the employees who had opted for Nabard and who stayed back in RBI, it claimed. 

(PTI)