Thursday, April 22, 2010

Bank Pay Hike : F.M. agrees to make pension effective w.e.f. Nov,2009. MOU may be signed on 27th April


 The reports have been coming that UFBU leaders met Honourable Finance Minister on 21/04/2010, who has agreed to make Pension effective from November, 2009.

Further, it is likely that IBA will invite UFBU for signing the MOU on 27/04/2010. UFBU will meet on 26th April to take final decision on different issues.

All India Union Bank Officers' Federation andCentral Bank Officers' Federation has confirmed the news of FM's consent about pension.

Details as per AIBEA version :-


"As discussed on 13th April, 2010, efforts were taken to meet the Finance Minister on the issue of effective date of pension option w.e.f. 1-4-2008 as against IBA proposal of effective date from date of settlement.

Yesterday evening, representatives of UFBU met the Finance Minister in his office in North Block. The following were present from UFBU.

1. C H Venkatachalam, AIBEA
2. S A Kadri, NCBE
3. Harvinder Singh, AIBOC
4. Alok Khare, AIBOA
5. Pradip Biswas, BEFI
6. O P Sharma, INBEF
7. Prem Makkar, INBOC
8. Ashwani Rana, NOBW
9. Sunil Deshpande, NOBO

It was represented to the Finance Minister that since the Actuarial Report was based on the details of 31-3-2008, the pension option settlement should be effective from 1-4-2008, i.e. those who were on service on 1-4-2008 should be treated as existing employees for the sake of the settlement and pension payments on account of the option should be made from 1-4-2008. FM did not agree with our viewpoints. However, he stated that the effective date can be taken as 27-11-2009, i.e. the date on which we had signed the MOU.

IBA-UFBU MEETING on 27-4-2010:

IBA has informed that another round of meeting with the UFBU will be held on 27-4-2010 with a view to signing the final settlement. UFBU will meet at Mumbai on 26th April to take final view of the issues involved including pension cost sharing, issue like outsourcing, etc to pave the way for signing the settlement."

79 comments :

IYER said...

Dear friends, the following is the NEWS LETTER from one of the All India Federation General Secretary of AIBOA of a frontline bank:-

Comrades,

We are compelled to communicate to all officers that not to take cognizance of the rumours spread by certain leaders proclaiming themselves to be mass leaders of an officer’s organisation. Comrades, you all should understand that there is a leader, who claimed himself different from leaders of majority organisation and proclaimed himself as working for majority of Nationalised bank officers. The fact is otherwise.

21.4.2010 – To-day the leaders of UFBU are trying to meet Finance Minter and explain the necessity of extending pension for Retired officers retrospectively. Although IBA has already made it clear, it would not be possible. However, let us hope for some developments.

You are all aware that our National Organisation AIBOA all along suggesting “Pension optees have no obligation to pay any amount and par of recovery of Rs.1800 crores can not be imposed upon them, AIBOA has agreed for sharing a lesser cost from Pension optees to enable PF optees to get one more option in the sprit of cooperation and Trade Union sprit.”

In the meanwhile, we would like to inform you all, certain legal experts have opined on Recovery of 1800 crores under MOU of 27.11.2009.

 It is not legally tenable for any union to enter into settlement with IBA with the hostile provision of calling upon the serving employees who are members of the pension fund to share the cost of the gap along with those who are to be offered one more option for pension. It would be against equity and good conscience, would not be fair and reasonable. Further, any deduction made from salary of such employees for the purpose is violative of their vested right. It would hence be open to challenge.
 Organization of serving employees cannot bind the pensioners who are not their member to bear a share of the cost of gap. Besides, it would amount to offending Article 21 of the Constitution of India. No deduction can be made from the pension of the retirees except for the purpose enumerated in Regulation 48 of Pension Regulation.


In view of the above circumstances, further developments on the pension issue will be circulated in due course. We request all our comrades, not to give any importance to the rumours mongers.

raamraam said...

How many hurdles are still there? will our leaders[?]atleast come forward to sign on 27/04/2010 or drag it for ever so that so many pf optees will die and save a lot. ufbu leaders what is your reply???????????????????????????????????????????????

akhilesh said...

This is in reference to Mr. Iyer post.Does this means that employee
retired on Jan 2010will be treated as
exiting employee?

IYER said...

Now that the Finance Minister by agreeing to pay pension from November 2009, has upheld the sanctity of Minutes signed on 27.11.2009, at least persons retired after that date should be treated as existing employee. However, logically speaking all those who retired after 01.11.2007 should be treated as existing employee to do away with two mistakes - 1. all those pension optees (retired after that date) who are eligible to get upgraded commutation and gratuity and arrears would be made to pay at 1.6% 2. In case of pf optees this definition would do justice by saving them from coughing up exhorbitant amount which they would not have enjoyed for a longer period unlike the old retirees.

IYER said...

dEAR FRIENDS,

IF THE TREND IN CONSUMER INDEX FOR AGRICULTURAL LABOURERS FOR MARCH 2010 IS ANY INDICATION, WE WOULD GET 18 SLABS OF INCREASE IN DA FOR MAY 2010.

guneet said...

OPEN LETTER TO G D NADAF BY JUNIOR OFFICERS
Sri G D Nadaf
General Secretary
AIBOC
Respected Sir,
At the outset, we congratulate you and your vibrant team for such a historical settlement. Last time also, we have heard from you that it was a historical settlement. It indicates that “History repeats itself”.
This settlement is really historical as you have convinced the IBA for one more Pension option and you have acquired two more stagnation increments. Thus, it is really a historical settlement for the Senior Officers and all the leaders. In other way, Leaders are Seniors and Seniors are only leaders.
IBA had given two options for the Officers – (i) Rs.15,000/- to Rs.54,000/- with increment of @ Rs.600/- , Rs.700/- and so on and (2) Rs.14,200/- to Rs.54,000/- with increments @ Rs.650/-, Rs.700/- and so on. You have modified the same and agreed for Rs.14,500/- to Rs.52,000/- with the increments of Rs.600/-, Rs.700/- and so on. Thus, you have nicely taken out two more stagnation increments for the Senior Officials depriving the Junior Officers as you are doing every time. Hats off to you and your team.
Last Bi-partite Settlement was DA Neutralisation Settlement, this Settlement is Pension Settlement. In both the Settlement, one thing is common – Junior Officers have been deprived by the Leaders.
When the CPF was the best, you have chosen that making Pension compulsory for the Juniors. Now, you thought that Pension is the Best, you have merged the Pension issue with Settlement and made it mandatory for the Juniors to contribute for the Pension Fund though they are already Pension Optees.
In this Settlement, salary will be increased for the Junior Oficers is Rs.2,000/- to Rs.3,000/- on an average (as per your chart) which is lower than the Sub-staff and clerks. Thus, it is really a historical settlement.
Therefore, we, all the Junior Officers have decided to contribute our LEVY towards your great fight in cheating the Junior Officers. After contributing to Pension Fund, Provident Fund, Income Tax from our Arrears, if nothing is left also, we will contribute from our own pocket to support your great fight in depriving the Juniors.
RED Salute to your leadership!
Yours comradely,
JUNIOR OFFICERS
CANARA BANK, KOLKATA CIRCLE

T J P said...

Dear Friends,

This time, UFBU has borrowed strategy from terrorist organisation to get the 2nd Option of pension.

Some of the terrorist organisations in the country use women and children as shield to protect them from armed forces as they know that the army will not fire on the innocents.

Similarly, the UFBU has adopted 9th BPS as shield to achieve the goal of getting 2nd option of pension for their leaders as they know that government can't ignore sentiments of 9 lacs bank employees .

This is the reason that UFBU is not ready to sign the BPS before finalisation of each and every item of pension option because they fear that they will not be able to get anything once the BPS is signed.

9th BPS was jsut a drama to achieve the 2nd option of pension for a few thousand confused (most retired or due for retirement) bank employees at the cost of majority of working employees.

Shridhar said...

Though FM agrees to make pension payment from Nov,2010 then what about treating existing emp and retirees.The pension cost at increased wage ect was calculated as on 01-11-2007 as existing emp and retirees.So those who have retired after 01-11-2007 will be treated as existing emp or they should be treated as retirees pl clarify.ufbu should be firm on that as they should be treated as existing emp because at the time of calculating pension cost ect by iba themselves has agreed as on 01-11-2007 so dont go back on this issue otherwise it will be injustice to them.Because the person retired on 31-03-2010 will have refund 156% and a person retiring on 30-04-2010 will refund only 1.6% of Nov pay and banks pf.Pl get it cleared from iba and then only go for signing the draft of pension.Dont sign only wage rev both the drafts are signed at one go.

ADITYA said...

IN LIEU OF 24 MONTHS PENSION ARREAR HOW THE LEADERS SATISFIED WITH 5 MONTH'S ARREAR FOR THE RETIRED PF OPTEES. THEN RETIRED PF OPTEES HAVE TO REFUND A HANDSOME AMOUNT TO THE PENSION FUND, WHICH IS NOT POSSIBLE IN MAJORITY CASES. SECONDLY, WHAT ABOUT THE OUTSOURCING ? OUR UNION LEADERS ARE NOW PAPER TIGERS AND THIS IS THE HIGH TIME FOR THEM TO TAKE SANYAS FROM THE UNION. NOW D FINANCE MINISTER(DHRITARASTRA)IS UNABLE TO VISUALISE THE HUGE DIFFERENCE OF PAY BETWEEN CENTRAL GOVT. & PSU BANK EMPLOYEES. THE PRESENT F.M. PREVIOUSLY WAS A BUROCRAT. LIKE OTHER BUROCRATS HE IS PLAYING DEVIL GAME BY COMMANDING IBA IN THE LINE `NOT TO BE LOOSE SHUNTED'. SO, BY WASHING FEET OF FM BY OUR UNION LEADER ON 21ST APR'10, ONLY 5 MONTHS RELAXATION CONSIDERED (ALMS)(BHIKHYAM DEHIM)AGAINST 24 MONTHS. I AM CONFIDENT WITH THE LEADERSHIP OF THESE JACKELS WE THE POOR BANKERS CANNOT EVEN CATCH THE SHADOWS OF SALARY STRUCTURE OF CENTRAL GOVT.EMPLOYEES IN YEARS TO COME. AS SUCH, I REQUEST EVERYBODY NOT TO ACCEPT THIS BPS IN PROTEST AND RESIGN FROM THE ASSOCIATION. THANKING YOU.

seetha said...

let us not discuss the past and think about the future, resign form the union membership first, don't pay any levy, let us be united then at least in the next bps we may get justification

please think and act accordingly

raamraam said...

sita has correctly pointed out. whatis the use in commenting aboutwhat happened.LET US ATLEAST BE VIGILANT HEREAFTER

Sanjay Bhatt said...

Seetha is very very right.I am supporting their thoughts.

Please think for better future, otherwise We will finished in very short time.

jayaram said...

ACCORDING TO BEFI CIRCULAR 14 DT 21.04.2010;
THE FINANCE MINISTER HAD EXPRESSED THAT HE COULD PERSUADE IBA TO PREPONE THE EFFECTIVE DATE AT THE BEST TO DATE OF MOU THAT IS NOVEMBER 2009.

SHANKAR said...

Referring to Jayaram-April 22, 2010 5:39 PM
Now it is evident that even Finance Minister has to impress upon IBA to reconsider their stand in respect of date of effect of pension to the date of MOU.Anybody can judge the diffficult task of negotiating with IBA now.Demanding 30-40 % nay be very easy.
But getting the same? Is it wise to finalize settlement and take arrears at the earliest and enjoy the same or keep the matter hanging for an unduly long period? So many items can be resolved even after signing the settlements as is done in the past.

SHANKAR said...

Referring to Iyer-April 22, 2010 9:48 AM
Unless the news items appears in UFBU website, nothing can be treated as authentic since all understandings between UFBU and IBA are agreed,recorded, signed and published in the website of unions.

SHANKAR said...

AIBEA website for details of meeting with FM

SHANKAR said...

See AIBEA website for details of meeting with FM

Shridhar said...

Our 9 leaders met FM for date of effect of pension FM listens and told that date may be prep one to 27-11-2009 and emp who have retired from that date will be treated as existing emp but those who have retired from 01-11-2007 to 27-11-2009 whether they will be treated as retirees if so it will be totally injustice to them when the cost of pension was calculated by the actuaries appointed by the iba only as on 01-11-2007 and sharing was settled 70% and 30% and now it is said that emp who have retired from 27-11-2009 will be treated as ext emp.So I request leaders not to accept this formula and if they do not agree for our demand immediately give agitation call like indefinite strike call ect.dont accept it at any cost.

SHYAM SINGH said...

Dear Seetha,

How can we remain united if we resign from unions ? Please clarify.

rishikesh said...

meeting meeting and meeting,members have lost their interest in these meetings at the cost of interest of delayed arrears in the hands of banks.

make a poll and u will find that leaders who made banking industry a hell for employees in terms of working hrs, pay, other benefits in comparison to central govt employees should now take a back seat even at the cost of no bps at all.

They have demoralised bank employees,making compromises at every stages, during the negotiation.
With pain but agree with seetha for implementation of her suggestions.

SNEHA said...

UFBU LEADERS( BASTARDS) WHETHER U ARE WORKING FOR RETIRED PERSONS ARE WORKING MEMBERS, IT SEEMS YOU DONT BOTHER ABOUT WAGE HIKE ANS SEEKING F.M. APPOINTMENT FOR RETIRED MEMBERS, MR. NADAT AND OTHER LEADERS(BASTARDS) OF 9 UNIONS , WE WILL KICK U OUT FROM UNION LEADERSHIP or YOU PEOPLE YOURSELVES RESIGN FROM UNION FOR CHEATING MEMBERS

ADITYA said...

IN THE 80's & 90's BANKERS WERE RESPECTED IN THE SOCIETY AS AFFLUENT, POLISHED AND FOR THEIR CREDIT-WORTHINESS. AFTER VI PAY COMMISSION REPORT,OUR EVERYTHING HAS GONE WITH THE WIND. A LECTURER OF A COLLEGE BOASTED HIMSELF THAT HE COULD NOT GET A JOB IN A BANK AT THAT TIME,BUT NOW HE IS DRAWING 60-70'000 P.M. BY TAKING 4-5 CLASSES IN A WEEK IN COMPARISON TO HIS OFFICER FRIEND IN A NATIONALISED BANK WITH A`DEMOCLISH SWORD' OVER HIS HEAD. OUR LEADERS ARE BOASTING THEMSELVES AS IF THEY HAVE DRAGGED THE HIMALAYA MOUNTAIN `HISTORIC ACHIEVEMENT'. BLOODY SHAMELESS PEOPLE.I REQUEST ALL THE BANKERS TO ASK FOR EXPLANATION FROM THE `KUJI'(SMALL) NETAS IN BRANCH/OFFICE LEVEL THAT WHY THEY HAVE NOT TENDERED MASS RESIGNATION TO THE UNION. `SANGHAM SARANAM GACHHAMI' IS LESS IMPORTANT THAN DARMAM SARANAM GACHHAMI. THANKING YOU.

sudhakar said...

Dear Shanker, I can understand your affinity towards union leaders but you are not seeing the ground reality like Mr Dhrutharashtra (in Mahabharata). It is writing on the wall that UFBU has cheated the members in every possible manner. I am sure there will be a sea change in the coming years in the leadership as the same cannot happen all the time.

akhilesh said...

The news F. M. agrees to make pension effective w.e.f. Nov. 2009. Does this
means that a person retired on Nov. 30 and onwards is to be treated as exiting employee? Please confirm.

SHANKAR said...

Referring to Sudhakar-April 23, 2010 4:53 AM
I have confirmed several times that I am not a member of any union.I am telling facts as to how bargaining with IBA is.Since I came to know true facts about unions I came out of it in January 2008 itself.

SHANKAR said...

Referring to AkhileshApril 23, 2010-5:44 AM
Still it is uncertain.There is an anomoly here between a person retired a month before November 2009 and a person retired in December 2009.There is no information as to how this anomoly is going to be rectified.

akhilesh said...

Thanks Mr. Shankar for reply. As per news cut of date is 27th Nov 2009. This means a person retired on Oct.2009 is to treated as retired employee and a person retired after 27th Nov 2009 IS to be treated as exiting employee. Am I correct Mr shankar? Please reply.

mansi said...

say some thing about family pension. pl. also discuss how much a widow will refund if she decides now to opt pension.
156 percent of cpf of banks share? in her case the present formula of x+y-z will not apply because there will be no y

mansi said...

kindly apprise that right of seeking commutation vests with the pensioner> or if a widow opt for pension inlieu of cpf now can also ask for commutation .

SHANKAR said...

Referring Akhilesh-April 23, 2010 8:22 AM
No as per information received, though the date of MOU is 27/11/2009 effect will be given from 01/11/2009. Hence it may be October 2009 and November/December 2009. We have to wait.

ajitnaik said...

Appeal to Mr.K.Balan, Mr.C.N.Venugopal, Mr.Chandran, Mr.Iyer
Please enlighten the members/ group with details of family pension payable to family members retired from 1993 onwards. This information is essential to all Pf optees before excersising their pension option.

SHANKAR said...

Referring mansi-April 23, 2010 9:30 AM
As per pension regulation Act
1995, it is upto the pensioner to decide about commutation to avail or not.

SHANKAR said...

Referring to Ajithnaik-April 23, 2010 9:51 AM
There is no need to worry. Normally 6 months time will be given to decide.

seetha said...

refering to Mr. shyam singh

dear friend

united doesn't mean that we should be under the same old umbrella and not trying to gather under a new one

hope u got my point

seetha said...

are yaar tumto bank me kam karthe ho aur tume paise ki kya kami hai

this is the comment generally my friends pass on me and i have observed over the years whenever we[bankers] gather we talk about our credit policies and transfers and never on our wages may be talking on this lowers our standard though we know very well that we are lowest paid creatures, let us leave these superiority complex and let us openly discuss our wage problems then only we can solve our problems and definitely not commenting on our leaders who are not better than the present day politicians we all know that our country needs one more personality like SUBHAS CHANDRA BHOSE and he should be born in others house and not in ours general Indian psychology


sou me assi beman phir bhi mera desh mahan

harikrishna said...

(A) One of our readers Mr. Srinivas Duggani says in his email "I am one of the regular readers of allbankingsolutions.com. I want to share here that Legal Steps have been initiated by bank employees / officers at Hyderabad . Mr.P. Rama Krishna Rao and others have filed a case against IBA and other unions for sucking about 30% of employees/officers arrears in Andhra Pradesh High Court at Hyderabad. The case was listed vide No.WP 8237/2010 and the date of hearing is on 27/04/2010.

It appears the legal bettle has begin even before the 9th Bipartite Settlement has seen the day of the light. The delay and dragging of the settlement has led to utter dissatisfaction, anguish and confusion among the ranks. Bankers are fed up with the so-called big leaders. We give below two links which show how legal battle is likely to be in this regard:-

(i) The details of the Show Cause Notice issued by Andhra High Court (copy sent by K S Ramesha Sastry Sastry ;

(ii) Opinion of Supreme Court regarding how pension is required to be paid

Full details in www.allbankingsolutions.com

sukhi said...

mein sabhi pareshaan or frustrated bankers se appeal karta hoon ki aiboc ki silver juiblee celebrations par in leaders ke kapde f... do. unka balaat.... kar do. let us make these celebration historical as these leaders have achieved a historical settlement. with revolutionery greetings,

Master said...

A writ petition has been filed in A.P. High Court in Hyderabad by 6 bankers. Petition No.8237 of 2010 and date for hearing is 27.04.2010.

Before Accepting the writ & proceeding on case The court has sent a show cause notice on 16.04.10 to IBA and Gen. Secretaries of AIBEA, NCBE, IBOC & AIBOA. asking them to "why this writ petition should not be admitted in the circumstances set out in the petition and the affidavit filed in Writ Petition."

Writ Petition is filled by :-

1.P. Ramakrishna Rao, S/o P.L. Narasimha Rao,
2.Srinivas Garikapati, S/o Late G.S.R. Sastry,
3.K. Nagaraju, S/o K. Arjun Rao,
4.M. Kiran Kumar, S/o M.V. Subrahmanyam,
5.B.V.S.N. Rao, S/o B.V. Nagabhushan Rao,
6.Muppalla Venkateswarlu, S/o Gopala Krishna Murthy.

Wait & watch......

ravi said...

master sir,

it is really very good news that our fellow bankers have gone to the court.

please le us know the further devlopment and extend our support.

at least people are now out of the fear psychology of union.once it will be over union and association will collapse like sand homes.

we wish immediate clsoer of all the union at least we will be cut by only one sword not by both management and union

SHANKAR said...

I will never be a party to such writ petitions for the following reasons.
The order of the Apex Court is very clear and applicable to Government employees, where the entire establishment expenses are provided through budgetary allocation. Where as in banks, each item of expenditure is to be provided out of profit earned by that particular bank. Each bank is treated as separate entity and one bank will not share the expenditure of another bank.
Further, the existing pension scheme itself is on sharing basis. Entire amount of Management contribution towards PF, payable to the concerned staff member is transferred to the pension corpus fund when that employee opted for pension.
Percentage of sharing may be different this time. But no government will provide even a single rupee for banks for establishment expenses or pension corpus fund. Government acts as a regulatory authority and not as an employer. Those who are interested in stalling the settlement process may file such writ petitions.
I know about my 10 to 15 colleagues who applied for VRS in 2000 and subsequently wanted to withdraw. Since the management did not agree they went to courts. Management kept quite without challenging. But informed them that they are not eligible for any compensation towards VRS. Thereafter on the day of VRS Scheme coming to an end, they were forced to withdraw their cases in a hurry on their own since the managements did not appeared to the case even once. And told that they will obey the court judgement whether it is in favour or against management.

adin said...

For employees who move from job to job, group RRSPs are much more flexible saving plans compared to defined contribution pension plans. If leaving an employer, defined contribution pension assets are kept in the plan or transferred to other pension assets or locked-in retirement accounts.
pension

seetha said...

referring to Mr.Shankar

it is very clear that we are not the employees of Govt., rather we come under the labor law hence we have more rights than the employees and the time has come to execute the same till today we have the attitude of polishing the darker side to discover something brighter as is happening in this Bps let us not continue the same and let us fight for our rights

SHANKAR said...

Referring to Seetha-April 23, 2010 5:49 PM
I donot have any illusions.I am
100 % practical. In 1989 at the time of passing Part II,C.A.I.I.B.
-Commercial Law-,I use to read all cases pertaining to
"Legal decision affecting bankers" In the journal of the Indian Institute of Bankers.I have been in the habit of studying all case laws.I know what will be the result.I do not believe "Fighting for the sake of fighting" When we fight we should win. I never get carried away by foolish ideas from any corner.

Vasu said...

Notice were issued to IBA and General secretaries of all unions in the matter of writ petition filed in AP high and the hearing is scheduled for 27.4.10. Despite this how is it that IBA proposed that settlement can be signed on 27.4.10 which was duly endorsed by all unions. Can any one please enlighten. Vasudevan

amarjit singh said...

Though notices were issued to IBA and General Secretaries of all unions in the matter of writ petition
Filed in AP High Court, the hon’ble AP High Court has not restrained IBA and unions from signing 9th BPS. The court has simply observed “Any settlement will be subject to further orders to be passed in the writ petition”.

Shridhar said...

Mr.so called great leaders dont bend now as per our demand ask iba to treat for pension cost sharing to emp who were on the eastablishment of bank as on 01-11-2007 and contribute.If the date is fixed as 27-11-2009 it will very injustice to those who have retired from 01-11-2007 to 26-11-2009.Members will curse you.Let the date may be from 27-11-2009 but they should be treated at par with ext emp to those who were in bank as on 01-11-2007.Dont go back if not agree then go for agitation call for indefinite strike now this is very crucial fact so act accordingly.

Sanjay Bhatt said...

Inquiry must be ordered for UFBU Leaders and IBA team as Lalit Modi for IPL.

All Leaders house,bank accounts,lockers and office should be sealed and competent authority should be find out the reason of Why the whole process of wage revision is going unsuspected manner?

We can't get from filing of writ or plea etc,because UFBU leaders and IBA team members are more than politicians.

Resigned from unions can only effective pest control for those Red Ants.

If you will resigned from unions than no question arise for levy and subscription.

If you believe me most banks management told associations that don't interfere in transfer matters.So,no hope than no need.You also seen last and recent wage revision,So,think for you only.before 5 years most bank management has transferred leaders to rural far areas, and up to date some leaders busy for come back.so, don't hope from them.

Always success makes man as a leader(HERO),And failure makes ZERO.

Now You can decide yourselves that
So called... are HERO or ZERO.

Regards.

#Comments required in against and favor also.

** If leader can't achieve happy for their members than they have no right to seat on leader chair.
If they continue than They are not leader but cheater.

And than also We follow them Than We are the Blind.And God also can't save us.

Om Shanti said...

Respected Shanker Ji,

I am reading this blog for the last 6 months and all of your comments are very mature and also correct. One can easily understand that you are very knowledgeable person. But I would like to bring it to your kind notice that your knowledge is actually demotivating as every time you have mentioned that gettinng 40% increase in banks is a dream and we can never achieve it even in any of settlements further to come. You have also commented on pension & other issues which are very much disappointing as we the bankers are living with hope that some day we will also be at par with the Govt. of India officers with our sincere determination and esteemed efforts of the bankers that is being shown in this blog.

Since you are very much intelligent and also have lot of experience, most humbly, may I request your goodself to kindly publish only those comments which could boost the morale of our society. I hope that you will write some positive blogs so that members are motivated.

With Regards

ashwani said...

The UFBU idiots have messed the entrire wage revision because of their ignorance. hey should immediately call indefinite strike to correct the mistake made by them on27.11.2009.
They should have negotiated on undermentioned lines.
1.Management:Bank settlement is for 5 yearswhereas govt. settlement is for 10 yeras.
Union Reply: The bank employees get half of increase only after 23 months i.e from Nov.07 as in case of govt. it is from 01.01.06. Further half increase will be almost after 7 years i.e from nov2012

Nidhi said...

There is urgent need to delink the pension issue with wage settlement. If it is not agreeable to UFBA, IBA and GOI should consider scrapping this 9th B.P.S all together and constitute a pay commission to look into wage revision.

At no cost existing pension optee will pay pension fund gap for these interest greedy PF optee retired people.

They have already lived the a decent life and made good fortune for there old age, because of better salary in past. There salary were in comparision with central Govt. during 80's and they can afford good house, education for their children.
But now with such low salary current serving employee are finding it difficuilt make a simple living and cannot afford to have simple education for their wards. Owning an house will remain a distant dream.

SO IN BREIF PENTION OPTEE SHOULD NOT GIVE A PENNY FOR FILLING PENSION FUND GAP FOR PF OPTEE. IF INSISTED BY UNIONS, BRING MOBILIZE ALL PENSION OPTEE UNDER ONE UMBERALA AND FIGHT LEGAL BATTLE FROM COURT AND TAKE IT TO A LOGICAL CONCLUSION.

FOR PF OPTEE/UNION LEADERS:
All this problem of 2nd pension option, sharing of cost for pension, etc. etc. is because of one and only one thing.
"RATE OF INTEREST HAS COME DOWN FROM 14 TO 15% IN 1996-97 TO 8% NOW." IF the rate would be same (around 14 to 15%) whether you would still be asking for second option.
Suppose you had invested Rs. 1 Lakh in share market in 2007 and now its current value is only Rs. 10000. My question is whether you can ask SEBI to give a second option to get back your original Rs. 1 lakh.

Indira Gandhi has done a great thing in Nationalization of Banks. But now I am afraid these narrow minded Unions/IBA will make PSU bank to a cooperative bank or community based bank managed by selfish unions/local potical leaders.

SNEHA said...

THE ONLY SOLUTION FOR THE MESS OF 3 th BPS TO SCRAP THE SETTLEMENT AND DEMAND FOR A WAGE COMMISSION FOR BANKERS AS IS DONE TO CENTRAL GOVT. STAFF.
IMPORTANT: WE SHOULD KICK OUT THE UNION LEADERS( BASTARDS) FOR CHEATING THE MEMBERS.

BRIJESH said...

I DON'T UNDERSTAND THAT HOW CAN ALREADY PENSION OP TEE ACCEPT THIS DEDUCTION FOR PF OP TEE & POOR SETTLEMENT,
BANKERS ARE NEED TO CREATE A NEW UNION QUICKLY BEFORE SETTLEMENT & KICK OUT ALL THOSE LEADERS WHO SOLD THE ALL BANKERS FOR THEIR PROFIT ............................
..............COME ON WAKE UP BANKERS & START CHAINING WITH ME

AajTak said...

Dear Nidhi,

"FOR PF OPTEE/UNION LEADERS:
All this problem of 2nd pension option, sharing of cost for pension, etc. etc. is because of one and only one thing.
"RATE OF INTEREST HAS COME DOWN FROM 14 TO 15% IN 1996-97 TO 8% NOW." IF the rate would be same (around 14 to 15%) whether you would still be asking for second option.
Suppose you had invested Rs. 1 Lakh in share market in 2007 and now its current value is only Rs. 10000. My question is whether you can ask SEBI to give a second option to get back your original Rs. 1 lakh."

You are not an authority to give 2nd pension option.Understand?
every persons has own reasons for not to opt pension,so, you can not
think for only low interest rate reason.


Dear Brijesh,

When you establish new union Please write my name as member of your new union,I want to be first member of "All India Old Pension Optee Employees Association(AIOPEA)"Please put yearly subscription details and leaders names.
Dear be practical.It is not possible with single person.If it is possible than I am happy and really I will join.Change is Natural thing.

chandan said...

Referring AajTak 25, 2010 10:49 PM


"every persons has own reasons for not to opt pension"

---------------------------------------------------------------------------------------

What can be the other reasons apart from interest rate? Please specify some of them.

Thanks.

AajTak said...

Mr.Chandan

R U Nidhi?

Pension option first time introduced in bank
that time and union leaders not properly
guided us.I accept Interest rate reason is most
reason for non opting pension,but it is not
only reason.If U feel injustice as per our
constitutional right U R free to knock on
Court door,OR wait up to decision of Who has
filed petition in AP High court.It is mass mistake,
than We can not blame to single.If I am telling you
today 7-8% rate of interest I am firm on my option
and will not opt pension R U believe this? No.
Yes I will opt Pension.From Dec-2009 I read
all your comments,U r very matured person.
I do not aspect this type of answers from you.
I think U R angry on PF optees,U should be angry
on UFBU leaders.They R center of Whole thing.
I accept for new pension opttes do not charge 1.6 factor from old pension optees,New pension optees are not a part of IBA and UFBU negotiating team.Whole things about pension is compulsory gift from UFBU and IBA.In this case What role of new pension optees? Can they change it?No.So,My means is that nobody should be blame to new pension optees instead of UFBU and IBA.Understand? U better understand.

Nidhi said...

Ref. to AajTak,

Donot preach here who has authority to give 2nd Pension option. Now court will decide who has the authority to decide on this issue and not by your cheat Union leaders.
If you cannot reply logically shut your mouth and donot try to defend your useless leaders. We know very well that you are agent of union cheat leaders.
Regarding your comment that "Union leaders has not properly guided you" in choosing PF or pension option. You are not nursery kid who does not understand this basic. Donot hide your greed under the carpet of proper Union leader guidance. Many leaders themself opted for pension.

We will fight on this issue and unite all pension optee under one umberella and definetly take it to logical conclusion.

kumar said...

those grumbling pension optees reply to this
S K Patnaik says :

I read various views and opinions by some of the readers/visitors of this site regarding pension contribution. All of them are unanimously opposing the contribution by the Officers/emplyoess who are alredy in the pension scheme earlier.

The lot of Officers/employees who are already in the pension scheme be it by exercise of option or by default, they should bear it in mind that a great amount of sacrifice was made by those who are now getting another option. During the earlier wage settlements a major portion of the amount was earmarked for the benefit of those officers who are now crying and threatening legal action.

It is to remind those who are showing displeasure and attempting to misguide the innocents that any misguidance on their part may endanger their interest also. The wage settlement is on mutual benefit of all concerned. No one was forced to sacrifice any thing. IBA is representing Management and also answarable to the Govt. of India. Any discriminatory settlement as alleged from some corner is baseless and an futile attempt to derail the long negotiated and awaited settlement.

so if you call pf optees are greey..what we call you...part of your pension will from pf optees share

chandan said...

Referring AajTak 26, 2010 10:01 AM:

No. I am not Nidhi. Please find the difference in style of writing.I am a pension optee and why should I support you for your mistake? You people were quite over-smart during 1993-95 on this issue. But all your arithmetic failed according to pass of the time.You people's visions were very poor.You PF optees create problem for yourselves and for others like us due to you people's foolishness. Why would have been union guide you for your option?You all were matured enough and many of you could had opted for SVRS-2000 despite unions' call not to opt for the same.What's your answer?

Thanks.

AajTak said...

Nidhi Madam,

Don't angry.
I accept, I am Kid.
If You are not nursery kid than fight and get your right.
When U unite all pension optees then tell me.No meaning to bark here.U do not ready to understand main reason.

akhilesh said...

Can any one will tell if wage pact is going to be signed today in view of
judicial process?.

joshialappuzha said...

9Th BIPARTITE SETTLEMENT IS GOING TO BE SIGNED NOW…..
FRESH OPTEES OF PENSION NEED TO PAY ONLY 2.8 TIMES NOVEMBER 2007 NEW BASIC PAY &ALLOWANCES.EXISTING PENSION OPTEES MAY BE EXEMPTED FROM SHARE.
http://bankflash.blogspot.com/

Anamika said...

I am quite confuse for various comments, could you please help me that am i eligible for new pension scheme because i retired on 2005 july and at the time of retirement I completed 33+ years of service and my option was PF optee.

joshialappuzha said...

9th BIPARTITE SETTLEMENT SIGNED JUST NOW.PENSION COST ONLY FROM PF OPTEES @2.8 TIMES OF REVISED PAY OF NOV 2007.NO OUTSOURCING CLAUSE.
http://bankflash.blogspot.com/

Mr.M.C.Agrawal said...

really shameful.....changed the things oer night?why not the arrears from 01.11.2007?why not the interest on commutation amount from 01.11.2007 or from day of retirement when the interest burden is to be borne on banks pf contribution...what is this 56% extra if interest is to be borne...?what prevented the leaders from signing the settlement
M.C.Agrawal

Nidhi said...

Ref. to AajTak,
It seems you have lost your mental balance, that is why you using such indecent worrds like "bark" in this forum.
I can understand your problem. But truth is always bitter.
UFBA Leader has understand this patiailly today under legal threats when they decide to recover pension fund gap only from PF optee.
We have won the first battle. But still we have not achived what we wanted. We have throw out these current leadership and make a fresh begining. We should strive to achive benchmark wage of central Govt. which used to happen in early 80's.
Employees should understand their future is not safe in current unions. They are currently working for only for a section of ex-employees.

chandan said...

REFERRING AajTak :


AajTak said...
Are O Babumosai,

Kisne roka hai aap ko court jane se.Jao stay lao.ye unionwalo ka jadu hai,paise sabko barabar dene padenge,tumhe bhi dene padenge,hukam to hukam hota hai.Nahi dena hai to stay lao.sab rukwa do.aur bhi maza ayenga aur 30 mahine,bahut sara arreares milega.Kuchh nahi honewala,paise aur samay brbad mat karo.Baki jo ho sake vo karlo.
April 19, 2010 12:04 AM


Read more: http://paycommissionupdate.blogspot.com/2010/04/bank-9th-bipartite-final-position-for.html#ixzz2Nd7JZwu3
--------------------------------------------------------------------------------------------------------------------

Reply:

ye unionwalo ka jadu hai,paise sabko barabar dene padenge,tumhe bhi dene padenge,hukam to hukam hota hai.

2.8 factor tume banaya AajTak se KalTak.

Kuchh nahi honewala,paise aur samay brbad mat karo.

aur bhi maza ayenga.

Kease rahi O bhai KalTak.

Three cheers for Pension Optees.

Thanks.

MADAPPA said...

SUDDEN CHANGE/INCREASE OF DEDUCTIONS FROM PF OPTEES IS DUE TO FILING OF WRIT AT AP HC. HAD THE AP LITIGANTS WAITED FOR SOME MORE DAYS FOR FILING THE CASE, THE PF OPTEES WOULD NOT HAVE BEEN BURDENED WITH 2.83 TIMES RECOVERY.

MORE OVER THE FATE OF THEIR WRIT ITSELF HANGS IN BALANCE IN VIEW OF CHANGED CIERCUMSTANCES. THE IBA HAS CLEVERLY AVOIDED DEUCTIONS FROM PENSION OPTEES SENCING TROUBLE. HAD THE EARLIER PROPOSAL OF DEDUCTION WAS IMPLEMENTED THERE WOULD HAVE BEEN A STRONG CASE FOR COURT BATTLE AND BOTH THE PENSION/PF OPTEES COULD HAVE WON THE BATTLE.

SINCE, THE AGREEMENT IS SIGNED NOW, THE PF OPTEES HAVE TO THINK OF TAKING THE MATTER TO COURT FOR ILLEGAL AND ILLOGICAL DEDUCTIOS OF 2.83 TIMES OF NOVEMBER 2007 REVISED SALARY.

THE PF OPTEE IS TO PAY THE AMOUNT TOWARDS THE PENSION FUND IF HE HAS TO OPT FOR PENSION. IF HE IS NOT GOING TO OPT HE IS NOT REQUIRED TO PAY WHICH MEANS THAT THE FUND GAP IS ONLY ON ACCOUNT OF PENSION PAYMENT. IF THE EXISTING PENSION OPTEE IS NOT REQUIRED TO CONTRIBUTE, THEN HIS PORTION OF GAP WHO HAS TO BEAR? WHY THE PF OPTEE HAS TO BEAR THE GAP OF PENSION OPTEE?

THE GAP MUST BE THERE FOR TWO REASONS I.E CARELESS INVENSTMENT OF PENSION FUND IN POOR INTEREST EARNING SECURITIES AND LESSOR CONTRIBUTION FROM MANAGEMENTS TOWARDS PENSION FUND TO SHOW BETTER PROFITS FOR WINDOW DRESSING AND TO RIG THE BANK BALANCE SHEET. FOR BOTH THE REASONS THE POOR EMPLOYEES ARE NOT RESPONSIBLE. THEN WHY THE POOR EMPLOYEES HAVE TO CONTRIBUTE FROM THE ARREARS FOR GETTING PENSIONN OPTION.

NOW IT IS TIME TO THINK OF FILING A WRIT ON BEHALF OF ALL PF OPTEES BOTH RETIRED AND SERVING SO THAT BOTH THE IBA AND UFBU ARE EXPOSED AND THE AMOUNT THAT IS GOING TO BE RECOVERED FROM THE ARRAERS OF PF OPTEES IS REFUNDED BY THE ORDER OF THE COURT.

kumar said...

3 cheers for pension optees
1 st and 2nd cheers for for making pf optees to bear their burden of pension cost in the last two BPs

3rd for making migrants to bear once again their share of shortfall

long live old pension optees
atleast say thks to pfotees

Pradip said...

I want to suggest CANCEL the recent Bank wage revision and launch PAY COMMISSION for Bank Employees..

bankvrs said...

to kumar
3 cheers to pension optee's - not for reasons given by u but for 1> using their own wisdom 2> not blindly following union leader's advice and 3> understanding the meaning of social security (which pf optee's are realising today - earlier higher interest/big money on retirement etc were the only criteria, in deciding about pension option in 1995 itself

kumar said...

the only fault with pf optees is once when we knew that iba started to earmark some amt for pension in the previous 2 BPS (the earlier agreement is pension in lieu of employers contribution) we should have asked for higer scales then pension optees...that only will be justified. parity in wages should be maintained between pen and pf optees

ashwani said...

PF optees unite and fight for the arrear for sharing pension cost in last 3 bipartite.

All are requested to resign en masse from union and give notice to IBA stating that majority are against this poor settlement and give fresh charter of demands.
Following issues yet not signed
Higher Housing Loan @ 6% simple.
5 days week or compensation for 6 days working
closure of branches having staff less than 5
300 days leave accumulation

savinder said...

I am PF optee and i reciprocate the views of Mr. Ashwani . We should fight for justice and ask IBA to give us the benefit of Pension load
in the previous settlements and then no recovery has been made from these pension optees so that PF optees may be benefitted. Now they are the beneficial and we are the looser one.
ssg

IYER said...

Dear Friends, there have been many questions on effective date of commutation in case of already retired employees, definition of existing employee and retired employee to decide on 2.8 times/156% etc., By virtue of my friendship, I could get connected to Sri CHV and got his following answer. I hope this will set all the doubts in theminds of our friends:-

- existing employee means all who are in service on 27 4 2010

- retired employee means anyone who had retired prior to 27-4-2010.

- existing employee will pay at 2.8 times of Pay as of Nov. 2007

- retirees will pay Bank PF + 56 % less commutation

- commutation factor will be based on the date of application for commuttaion.

- commutation is payable from that date.

- till then full pension will be payable.

- those retired prior to 27 11 2009, arrears of pension will be payable from 27 11 09 (full pension) upto date of commutation and commuted pension from that day till it is sanctioned and paid.

t- hose who retired after 27 11 09 , arrears of pension is payable from the date of his retirement.

1 11 07 has no connection with this pension settlement.

1 4 2008 was attempted and agreed by ib and government.

hence date of settlement i.e. 27 4 2010 is the cut off date.

for existing employyes, earlier ufbu tried for a differential formula of sharing. due to legal implications this was not agreed by iba.

then we suggested equal sharing at 1.6 times by both pf optees and poension optees. iba was initially agreeable but later deue to court cases, legal opinions, etc. they did not want to take risk and hence 2.8 has come.

there are sentiments and feelings why all cannot share as originally suggested. knowing legal complications iba did not want to take risk. Unions had the choice either to accept 2.8 or leave the pension option issue. unions opted for the 2.8 formula because getting option was the foremost objective.

onething must not be forgotten. While they pay 2.8 times of pay to get this option, the Banks ae paying Rs. 4200 to the fund for the option cost.

This amount will not benefit existing pension optees. There are equal sentiments that but for pension option, this 4200 crores would have been available for wage revision and would have benefitted all with more than 17.5% wage revision, whereas now this 4200 crores is going only for the benefit of pf optees.

hence we cannot go by all these.

The main achievement is pension option . this is the greatest achievement of ufbu.

kumar said...

this is from allbankingsolutions
I am Special Assistant, drawing max. stag inc, max PQA, and FPA
My arrears calculations are as follows:


Gross Arrears 1,32,281.00

Less: New P.F. contribution - 23,092.00

Income Tax @ 20% - 26,456.00 (my income will cross 5 lacks) Recovery for Pension Cost(2.8 times) - 74,228.00


Nett. Arrears Payable Rs.8,505.00 for 30 months


QUESTION 1 : IN 7TH &8TH BIPARTITE ADDITION PENSION COST WAS GIVEN OUT OF WAGE REVISION AT THE RATE OF 8.25%&9.25%. IN 9TH BIPARTITE ALSO IT IS AGREED TO GIVE OUT OF WAGE REVISION. ON AN AVERAGE OF Rs10000/- BASIC PAY A PF OPTEE’S AMOUNT COMES TO Rs1.30.000/- (WITHOUT CONSIDERING INTEREST) FROM 1997 TO 2010.

IF I DECIDE TO REMAIN AS PF OPTEE WHETHER THE BANK WILL REFUND THE AMOUNT WITH INTEREST?


QUESTION 2 : ARREARS BEING GIVEN AFTER 30 MONTHS. INTEREST ON DELAYED PAYMENT COME TO AROUND Rs.16,000/-


WHEN IBA IS KEEN IN RECOVERING ADDITIONAL EXPENDITURE, WHY EMPLOYEES SHOULD LOOSE SUCH A HEAVY AMOUNT?


Suggestion: All the empl. are not going to draw pension from today. Therefore recovery should not be at one go. Instead it may be recovered in EMI till the dt. of retirement of the respective empl.


2. Employees drawing different Spl.Allowance (new) i.e Nil,510,1250.1500, etc., on 01.11.2007 will pay different amt. for pension cost, but all will draw the same pension amt for their spl. allow. as it will be uniform for all clerks from May 2010.


3. An Employee retired on Mar 2010 and got Rs.700000/- as PF has to contribute Rs.392000/- as pension cost, while an empl. Retiring on June 2010 will contribute only around Rs.60000/-

Is it correct?

Jay Vijay said...

Dear Shri Nadaf,



In my last letter I had warned your good selves about the coming exodus of members from this Uniouns.



But unfortunately You didnt heeded my warning.



Now i think you good office will have to work overtime more then you had worekd for the last 30 months to bring this Historic 9t Bps.



Inspite of all this if you still dont heed and reopen the 9th Bps then i fear that As you said that this is the historic 9th Bps Then really it looks like that it will create a History in Bank Uniounism.



I had warned your goodselves to Save what you can but i Think you was in the illusion that Till this date these Literate bankers have tolerated all injustice what we have did then this would a historic injustice 9th Bps But i am sorry to say this time yoiu are chek-mated and the days of Bank Uniouns are in reverse counting.



Slowly the awareness is spreading and you will yourself see the curtain fall in front of you.



I dont think you remeber this just 2 days back what statement you gave to the gathering saying it is illegal to load the pension gap only on pf optees because in last all settlement they have sacrificed without any complain.

And you did a volta facie.

So now It is uopto you maybe you stil have a chance to stop this exodus if you give a notice to Iba for cancelleing this 9Th Bps.

You were knowing this that Iba was in a hurry to introduce Nps from 1-4-2010 and you even argued that we want more details .

Then what happen all off a sudden you agreed on all the terms of Iba.

How can we call you our Rakshak

You have proved us that you are Bhakshak not Rakshak.

May God give you enlightment to save your Unioinsim.

It is impossible to reverse the new Trend which have started against Unions.

Trends are Trends No one can change its course.

If you are knowing anythig about Trends or you know anything about stock market. I hope you will understand theimportance of Trends.

Some important characteristics about Trends.

1.Trends are not created It happens due to policies And your this policy of stabbing the back of members has reated this Trend.

2. Trends cant be changed by force. If you try it will create a havoc and it will become more stronger. So dont try such gimmicks now.

3. Trends last more then you can think. This is going to happen. See the fate of Unionism of Banks 1 year from this date.

4. It is not my challange but it is the nature of Trends infact your policies have been instrument in reversing the trend of Uniongiri.

5. So you and your all other Union affliates are the responsible for this

Recently we got a report from some members of State Bank of Travancore that Unioun members are extorting money even from customers & clients and buying flats and crs and other luxories.

It is heinous on the part of Banks Union doing the work of a goon to extract money from

How can you legitamise all your & your affliates action if they all starting the help of law of the land .

Just think of this You wont be able to face it.

You thought this will last forever?

Just see the future Trend as it develops as you are now in the oppsite side of thsi Trend against Uniounism.



Even God cant save this now. The exodus has begun and you will see this in a months time the true picture how many members have shrinked And yes you now need to cut down on all you luxory and also office expenses and your flight tours because not only monthly fees this time you will have to bear with very little levy. Maybe that time you will feel the heat of your own actions against these members.

Jay Vijay said...

What is the solutions Now for bankers?

Now is the time to give a fitting reply to these Bank unions

1.Resign Enmase from respective Bank Uniouns and give a copy of this letter to your respective Branch Manager to be forwarded to respective Banks Zonal office so that levy is not dedcuted directly from the arrears in connivance with Union leaders.

2.Also mention in the letter to stop deducting the monthly Unioun fees and not to deduct levy of any sort to Unions from arrears.

3.Also Put a demand on Unions for Union fund collection accounts Audited by CA for last 5 years.

Afterall we are Bankers we cant be treated like Dock workers.

These 3 things are more then they would be able to digest and they wont be able to give you the audited accounts.
Do this as early as possible and members show our unity.

ashok said...

REFFERING F.M.APPROACHED FOR EFFECTIVE DATE OF TREATING AS EXISTING EMPLOYEES AND DATE OF PAYMENT OF PENSION AS 1.04.08
THE F M AGREES FOR EFFECTIVE DATE AS DATE OF MOU.
CAN ANY ONE ENLIGHTEN ME WHY THE EMPLOYEES RETIRED AFTER 27/11/09 ARE BEING TREATED AS RETIRED ONES FOR PAYING THE LOAD OF 156%.
MY LAST QUERY WAS GOT ATTENTION OF SHANKER, SIR. THIS TIME ALSO HOPE TO HEAR FROM HIM .
PLEASE DO RESPOND AND OBLIGE

SHANKAR said...

Referring to Ashok-May 26, 2010 2:22 PM
I attended a meeting convened by AIBOA on 14/05/2010 at J.C.Road, Bangalore where a leader of AIBOA, who was instrumental in negotiating the pension option with IBA explained various constraints.At the outset it was evident that both the Government and IBA were adamant and not ready to extend one more option of pension to PF optees stating that the common actuarial valuation of Rs 6,000.00 crores shortfall is far below the actual amount required to extend another option of pension as on date.Hence that factor is irrelevant.Even FM indicated that the PF optees have the option either to accept or reject the offer if it is not beneficial to them.Hence UFBU decided to accept what is offerred now and to take up discriminatory issues such as 2.8 times contribution by new recruits during the period from 1993 to 1995etc at a later date after everybody comes to the fold of pension option.This factor of 156 % repayment of amount of CPF received by retirees prrior to 27/04/2010 may not be a closed chapter.
What he explained was that with the amount of commutation, pension arrears for 9 months and wage arrears up to the date of retirement will reduce this 156 % substantially within a short period of time.Whatever amount of pension received there after will be beneficial to retirees. Let us hope the matter will be taken up by unions later.

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