The Government has extended another option to the banking industry employees and officers to

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avail the pension scheme, which was first announced in 1993, a bank employees association representative said.

The option to join the scheme has been extended to around 3.5 lakh employees and officials who did not exercise the option when offered earlier, 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.

The scheme, however, is not applicable for those who joined service on or after April 1, 2010, he said.

"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.

The Government pension scheme would benefit around 3.5 lakh banking employees working across 46 banks including 27 public sector banks, private banks as well as foreign banks, he said.

Indian Banks Association (IBA), which has been consented by the Government to facilitate the early implementation of the scheme, has recently issued a circular in this regard, he said.