Business Times

State banks neglect one category of pensioners


The first Republican Constitution which was passed in parliament in 1972 had brought many changes to the country’s administration causing many problems not only to the public servants but also to employees of state banks.

The powerful Independent Public Service Commission was abolished giving its powers to the Cabinet of Ministers. As a result of this constitutional change many employees who had joined the government institutions during that period were denied their promotions as well as pension rights. Although, pension rights were regained by the trade unions in 1976 the CBK government again in 1996 scrapped the pension rights of new entrant both in government and state banks.

The above is the brief story of constitutional change. I joined the bank’s permanent employment service during that period. My letter of appointment which was signed by me on 8th January 1970 confirms that I am entitled to a bank pension and W&OP. Accordingly, I am entitled to 85% of the last drawn salary as pension under rules and regulations of the BoC (Bank of Ceylon) pension scheme which is presently known as the BoC Pension Trust Fund. It is regrettable to note that I have been deprived full pension due to my early retirement which I got in 2002 after serving the bank for 33 years. Now I am receiving 67% of the salary as pension after deducting 10% for committed pension and 3% for early retirement in addition to this the bank has deducted contribution towards the W&OP from my monthly pension until I reach 60 years.

Today, MPs are entitled to receive full pension after they complete just five years in parliament. They do not need to wait till 55 years to enjoy full pension rights. Unlike the government pensioners they get salary increases too in time. Why these diffrences? Isn’t this an injustice to the people?

W.G.Chandrapala, (Retired bank clerk).

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