Bank employees have received yet another pension option from the government. They have been allowed to avail the pension scheme which was initiated in 1993, said a representative of a bank employees association.

The scheme has been given out to 3.5 lakh employees and officials who had not availed the option then, the representative said.

"The All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) made the Government bring the pension scheme in the banking industry in 1993. The Government has now extended another option to the provident fund optees," AIBEA secretary, Vishwas Utagi, said.

Utagi added that the scheme is not applicable for those employees who have joined on or after 1 April 2010.

"This index-based pension scheme should be taken as the best social security scheme and employees and officials alike should not let go this opportunity," Utagi said.