Thursday, June 3, 2010

2ND OPTION ON PENSION FAMILY PENSIONERS -: AIBOC's Circular

CIRCULAR NO: 81                                                                  2nd JUNE, 2010

TO ALL AFFILIATES/MEMBERS:
2ND OPTION ON PENSION
FAMILY PENSIONERS
          As per the settlement reached in respect of the 2nd option on Pension, the legal heirs of employees who have already retired are eligible for Pension as Family Pensioners.  They are also required to return the Provident Fund balance along with 56% of the amount as their share towards the Pension Fund.  In view of the meager Pension that they would be getting and also the non-provision of the commutation facilities, they are placed in a most disadvantageous position.  Hence, we have sent a communication to IBA requesting them for providing certain relief to them.  A copy of our communication is enclosed.
2.       All our affiliates/members are requested to await further developments in this regard.
With greetings,


                                                                                          (G.D.NADAF)
GENERAL SECRETARY










No./1452/171/10                                                                       02.06.2010


To,
The Chairman,
The Indian Banks’ Association,
World Trade Centre Complex,
Centre 1, 6th Floor, Cuffe Parade,
MUMBAI – 400 005.


Dear Sir,

2ND OPTION ON PENSION
FAMILY PENSIONERS
          The current settlement on extension of 2nd option on Pension to all those employees serving as well as retirees, prescribes certain conditions.  These conditions are applicable to the legal heirs of the deceased employees also, who will be eligible for the Family Pension as per the extant provisions of the Pension Regulations.  The Pension Regulations do not provide for commutation of Pension by the Family Pensioners and further the rate of Pension payable to them is far less than the regular Pension.  However, these employees are also required to make payment of PF balance received by them along with 56% of the balance thus placing a huge burden on them.  They would find it extremely difficult to raise this money and also subsequently service such loans from the lesser Pension they would be getting. We therefore suggest that the IBA can come out with a special provision to provide them appropriate relief.  Our views in this regard are:-
a)     They may be exempted from the payment of the additional amount over and above the Provident Fund they have received to provide certain relief to them;
b)     They may be notionally permitted to avail the commutation and the same may be treated as ex-gratia on humanitarian consideration and need not be recovered from the Family Pension as per the present provisions in the Pension Regulations;
c)      Any other suggestions that may emerge during the course of meeting on the subject to provide necessary relief.
2.       We therefore request you to kindly look into the matter and convene a meeting exclusively on the subject to resolve this vexatious issue.
3.       Please treat the matter as urgent.

Thanking you,
                                                                                             Yours faithfully,

                                                                                                (G.D.NADAF)
GENERAL SECRETARY

3 comments :

Jay Vijay said...

Nadaf Babu,

what a historic 9bps settlement you have done?
and then went to enjoy in advance to shimla Wow.

All retired non pension optees after paying 56% more will get pension wow.Even widows of died ex-bankers would get pension
Raeely but at what price?
How it is possible as per pension regulation act
All retired non pension optees were pf optess and when a pf optee who retired after 20 years under volutary retirement was forced by banks to write word RESIGN IN THEIR APPLICATION AND AS PER PENSION REGULATIONS ACT A RESIGNEE'S PAST SERVICE IS COUNTED AS FORFEITEED HOW CAN THEN THEY WILL GET PENSION OPTION.
AND FOR FAMILY PENSIONER THERE IS NO PROVISION FOR COMMUTATTION

So Nadaf Babu did you not read pension regulation act before this settlement?
WHo and which retirerd employees are going to get benefits only thoSe who toOk superannuation with pf.
Is this you call a historic settlement
Shame on you for patting your ownself for the blunders you old are doing

sudhakar said...

It is definitely historic. In the present VI pay commission pay scale implementation stage getting a paltry sum and loosing gratuity benefit at par with Government employees is quite historic. Possibly no trade union leader will rejoice this great success except UFBU.

ashok said...

PENSION TO BANK EMPLOYEES AND
FAMILY PENSDION TO THE SPOUCES
----------
THE FACILITY OF COMMUTATION OF PENSION SHOULD BE AVAILABLE TO THE SPOUCES of THE BANKERS.
ashok goel

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