Pension scheme for coop bank relaunched
Tribune News Service
Dharamsala, April 21
Kangra Cooperative Bank (KCC) chairman Jagdish Sapiya today informed that the bank had re-launched its contributory pension scheme. He said the scheme had gone defunct and was closed in April, 2010.
He said earlier, bank retirees got pension on the government pattern, but now they would be given fixed pensions.
According to sources, bank retirees would get pension between Rs 2,500 and Rs 5,500 per month.
About 200 pensioners were not getting pension since April 2010 due to mismanagement of contributory pension funds.
The contribution pension scheme was started in 1998. At that time, it was decided that the bank would contribute Rs 50 lakh as the corpus fund, the interest for which would be used for the pension scheme, while the capital investment would remain in the name of the bank.
Sapiya said the bank still had Rs 8.67 crore in its pension corpus fund. Besides, the board has decided to include the Employee Welfare Fund worth Rs 25 crore available with the bank for pension scheme.
The Registrar, Cooperative Societies, had allowed to include three per cent of the annual profit of the bank in the pension scheme. The employees would now contribute four per cent of their basic salary towards contributory pension scheme, he said.
