Bank of India, first PSB to permit employee’s choice in NPS Policy

Bank of India (BOI) has become the first public sector bank to permit its employees to choose their Pension Fund Manager (PFM) and investment scheme under the National Pension System (NPS). This historic decision marks a significant milestone in addressing employee demands for financial autonomy in retirement planning.

This decision follows guidance from the Pension Fund Regulatory and Development Authority (PFRDA) and the Indian Banks’ Association (IBA), which authorized banks to allow this choice to employees, with approval from their managing boards. BOI’s board subsequently issued a circular implementing the change, making it a trailblazer among public sector banks.

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The decision comes amidst an ongoing social media campaign by PSB employees demanding equal rights to choose their pension fund managers. The hashtag #NPS_Discrimination has gained traction, amplifying the voices of thousands of banking professionals advocating for policy reform.

The initiative sets a precedent for other public sector banks to follow. This development reflects the growing influence of employee advocacy and union efforts in shaping policies that empower workers.

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