Finance Ministry clarification on SBI-employees deal

New Delhi, Apr 10: The Finance Ministry today clarified that as per the agreement between the management and the employees' representatives, pension will be computed at the rate of 50 per cent of the average pay upto Rs 21,040 plus professional qualification pay, if any and at the rate of 40 per cent above the average pay of Rs 21,040 with a minimum of Rs 10,520 on the revised pay scales prescribed in the Eighth Bipartite Settlement.

The government issued this clarification ''in the wake of a considerable variance in the reports about the agreement''.

The agreement ending the week-long strike was reached by the management of SBI with the All India State Bank Officers Federation and All India SBI Staff Federation yesterday.

UNI