Sunday, August 22, 2010

AIBEA offers tool to calculate pension for retired employees

Following are taken from "AIBEA" site :
"We had earlier issued our circular informing that AIBEA has developed a Software by which the amount payable to the Bank, amount receivable as commutation / Pension arrears, monthly pension payable, etc, can be worked out instantly.

In response to our communication, more than 3000 retirees have submitted their details and already we have dispatched / emailed to more than 2000 retirees about the amount payable / receivable by them on opting for pension.

Since the Banks have started implementation of the settlement and retirees have to submit their options, we have now decided to launch this software in AIBEA’s website:

Click here to download the software

All our unions and any retiree can access this software in our website and workout the chart for themselves. Just feed the details and one will get this customized chart. The chart will show:

a) Amount payable /Receivable to the Bank
b) Commutation amount receivable from Bank
c) Arrears of Pension from 27.11.2009 to Sept. 2010.
d) Monthly take-home Pension from Oct. 2010

We are sure all our units will make use of this software and help the retirees to know their worksheets.

IBA has released advertisement in various newspapers all over the country.

Bank managements have also started taking steps to implement the same in the respective Banks. Already United Bank of India, Punjab National Bank and Oriental Bank of Commerce managements have issued their Circulars calling for options from the eligible employees/officers and retired staff. Circulars from few more banks are in the offing in the next few days.

The following are eligible to give their option for the pension scheme as per our Settlement.

a) Those who were in service of the Bank on the date of Pension Regulations and continue in service now
b) Those who were in service of the Bank on date of Pension Regulations and retired thereafter
c) Those who were in service of the Bank on date of Pension Regulations and died thereafter while in service or after retirement
d) Those who were in service of the Bank on date of Pension Regulations and have retired under Special VRS 2001

Everyone will appreciate that obtaining this another opportunity to join the Pension Scheme is a unique achievement of the UFBU and has been the cherished desire of all the PF optees.

• Pension is the best social security for our future.
• DA linked pension is the best post-retirement option.
• Pension benefits all

Hence we appeal to all the remaining employees/retired employees who are now in PF scheme to join the Pension Scheme and submit their options in time.

All our unions at all levels should contact the PF optees and advice them to join the Pension Scheme. Our unions should take special efforts to contact the retired employees (PF Optees) and forward the option letters to them so that they may join the scheme in time. "
Source : AIBEA

10 comments:

BALAN said...

INTERPRETATION ON VRS UNDER PENSION REGULATION 1995
In banking industry the concept of voluntary retirement was introduced only under Pension regulation 1995. Hence those persons who has not opted for pension earlier can only resign from their services with less perquisites like 50% accumulation of PL encashment etc. This itself is evident that they are not treated on par with either VRS under pension regulation/ and normal retirement on attaining superannuation. However to shed the work force drastically due to the then prevailing situation in the banking industry IBA has introduced SPECIAL VRS scheme during the year 2000 The PF optee who availed special VRS scheme are now inducted as members of the pension fund under certain terms and conditions and they are also coming under pension regulation .
Even though some banks are having the name VRS for the purpose of leaving the service, pension was denied to them simply because that VRS is not under pension regulation 1995 which is the exclusive property of only the earlier pension optees.
Now as per IBA circular only Special VRS pf optees, persons opted for PF retired subsequently on superannuation and serving p f optees alone are eligible. That is why UNITED BANK OF INDIA CIRCULAR was also modified after four days.
Since SUPREME COURT is not distinguishing between normal VRS normal and special VRS , normal VRS retirees can seek only legal remedies to make themselves eligible for pension.
Everything might have been agreed either knowingly or unknowingly by our great UFBU with our cunning IBA.
The need of the hour is to take up the case of retirees under VRS under normal circumstances and or on medical grounds. UFBU /IBA is having a moral responsibility to include them also as those people had not gone for better greener postures for betterment of their earnings.
They should not play with technicalities, as a person who opted for VRS under compulsion is on par in all respects with SVRS 2000 pf optees. In fact IBA /UFBU should be more sympathetic towards them as they left the service WITHOUT ADDITIONAL PACKAGAE IN THE NAME OF GOLDEN HAND SHAKE./WITHOUT 5 YEARS ADDITION ETC .
So IBA should interpret the MOU in such a way that the above class of normal VRS PF optees also should be made eligible. Let the resigned people cases who have gone for better jobs, may be considered after collecting the data from individual banks separately depending on the merits of the case.
LONG LIVE IBA /LONG LIVE UFBU
LET THEM BE REESPONSIBLE FOR BRINGING CHEERS TO FEW THOUSANDS OF PF OPTEES WHO LEFT THEIR SERVICES UNDER NORMAL VRS EITHER FOR PERSONAL REASONS AND OR ON MEDICAL GROUNDS. In the absence of any other scheme they left with no other alternative but to leave the service because of their ill health /compulsion etc. WISER COUNSEL SHOULD PREVAIL ON BOTH UFBU/IBA NOT TO EXCLUDE SUCH PF OPTEES on technicalities. BE SYMAPTHETIC TOWADRS THEM ALSO.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER VRS 2001 PENSION OPTEE

Anish said...

The pension calculating software loaded on Aibea website has the following mistaks :--

My Date of joining - 04-01-1979
Date of retirement - 30-12-2000
(On 31-12-2000 was Sunday)

The length of my service shows as
21 years only. It should be 22 Years.(If retirement date given as 31-12-2000 then also length of service shows as 21 years only.)

When length of service is more than
21 and half year, it becomes 22 years as per Pension Rules.

There is similar mistake in this same software while calculating the age factor for arriving at the figure of commutation factor. My age is 55 years and 11 months, so it should be taken as 56 years, but the Aibea software shows as 55 years only.... !!!!

Please modify the software and let us know the same.

T. K. Patel, Ph- 9377003575
Email- callhappy@rediffmail.com

mahesh agrawal said...

MR BALAN,
THE CONCEPT OF VOLUNTARY RETIREMENT WAS THERE EVEN BEFORE PENSION REGULATION IN SOME BANKS LIKE SYNDICATE BANK...I AM QUOTING AS UNDER...
Syndicate bank(officers) service regulations 1979 vide circular
no.35/80/bc/pd/13/(pcr-15) dated 24.01.1980 clearly spells about
VOLUNTARY RETIREMENT and are reproduced in verbatim as under:

VOLUNTARY RETIREMENT: AS PER REGULATION 19 AN OFFICER IS FREE TO RETIRE ON VOLUNTARY BASIS EVEN BEFORE HE COMPLETES 58 YEARS OF AGE i.e.AGE OF NATURAL RETIREMENT.AN OFFICER IS FREE TO RETIRE ON VOLUNTARY BASIS SUBJECT TO THE FOLLOWING RULES:

1 AN OFFICER MAY RETIRE ON VOLUNTARY BASIS ON THE COMPLETION BY HIM OF 30 YEARS OF SERVICE OR 55 YEARS OF AGE AS AN OFFICER EMPLOYEE OR OTHERWISE BY GIVING 3 MONTHS' NOTICE OR SALARY IN LIEU OF SUCH NOTICE.
2.OFFICERS WISHING TO RETIRE ON VOLUNTARY BASIS WILL BE GIVEN ALL SUCH BENEFITS AS ARE AVAILABLE TO THE OFFICERS RETIRING ON COMPLETION OF THE AGE OF RETIREMENT.THIS WILL INCLUDE EVEN THE FACILITY OF ENCASHMENT OF LEAVE.

IN THE CIRCUMSTANCES VRS OPTEES IN SUCH BANKS SHOULD GET PENSION
OPTION NOW AS BEING GIVEN TO RETIRED ON SUPERANNUATION...
I REQUEST OUR LEADERS TO URGENTLY INTERVENE AND TAKE UP THE MATTER WITH IBA TO PROVIDE PENSION TO ALL VRS OPTEES AND ALSO TO RESIGNEES WHERE VRS SCHEME IS NOT THERE. WE ARE ANXIOUSLY WAITING THEIR REPLY/CLARIFICATION IN
THE MATTER PLEASE.
M.C.AGRAWAL
mca1957@rediffmail.com

M.C.AGRAWAL
EX-CHIEF MANAGER
VRS OPTEE ON 26.09.2009 AFTER COMPLETING ~32 YEARS OF SERVICE AND @ AGE
OF 52 YEARS (TAKEN VRS ON MEDICAL GROUNDS AND ILL HEALTH)
B.

Parameswaran said...

Dear Balan Sir

Concept of Voluntary retirement is available in some banks even before the pension regulation comes in to picture. Full encashment of leave is permitted in respect of VRS employees.

ashok said...

A BLUNDER MISTAKE IN OPTION PENSION FORMS
----------------------
Some Bank's have issued circular for option to pension.
The form meant for retirees does not include the column for option/choice to commutation. When Bank is not asking option /choice reg. commutation how bank will set off it against the gap /penalty of 56 %.
Commutation factor will also be changed.
ALL ARE REQUESTED TO DO WHATEVER POSSIBLE FOR INCLUSION THE CHOICE OF COMMUTATION IN THESE FORMS. UNIONS SHOULD ASK THE RETIREES TO WRITE THE BANKS A SEPERATE LETTER MENTIONING THAT THE APPLICANT OPTS FOR COMMUTATION ( 1/3RD.)
thanks
ashok goel
a retireed bank emplyee

dejectedbankemployees said...

Attention retired employees!
Read
http://www.bankers-sangharsh.com/viewtopic.php?f=4&t=267&sid=91de50f81bfc724c89c33f4e551b9fd8

rajveer said...

mr dejectedbankemployees
hahahahaha do u know why i am laughing kyoki bank wale hamesha calutaion me hi jindgi beeta de detey hai aur maar jatye hai aur unke hath kuch nahi ata hai sabko sirf meri ek sedhi aur sacchi salah hai jo mill raha usko le lo aur ye maan lo ki jo mil raha hai wahi apka hai nahi to............... agar is baar kise high court me gaya na to 30 din ke andar stay vacate nahi hoga aur court india me court ki kya condition hai ye kise say nahi chupi hui hai jitne bhi pf opptee hai wo to pehlye say hi dedh shane(very clever) hai socha ki poora paisa bhi mil jayega aur aish bhi karengay paar hua kya iska ulta intrest rate ghat kaat aagay 7 percent hawa nikl gaye aisa nahi hai sab ne pension ko off karke pf ka option chuna thaa theyy kuch samjhdar log jinhone pension lee aur ajj aisah kar rehy hai to sir ji apne bhi leni chahiye the pension shuru me hi kyo pf ko chose kia aur ajj apko nahi lag raha hota 18 lakh ka lose apka paisa pooora milta..........par nahi apko to paisa bhi pooora chaiye aur pension bhi poori chaiye to mere dost aisakabhi hua hai jo ajjho jayega jitne bhi log hai sabsay mai yehi kahunga kia apne ankhe band karkey pension le lo chaiye kitna bhi ghata ho jyae aftaer all shayad hi koi bank employ hoga jo apne poori sailry draw karta hoga sab ne loan liya hai kise ko to uske adhi bhi nahi milti hai yaar paar pension to poori milegi .................pension lene me koi lose nahi hai khai say bhi koi lose nahi fayda chod kar ke so TAKE PENSION

rajveer said...

sir jo log koi ye bhi batye ki union bank of india me koi good news hai ki nahi matlab pension ka option aya ki nahi kuch pata nahi chal raha hai aurto aur RO waley bhi kuch bata nahi patye hai ki kya ho raha hai agar kise ko kuch pata chale to pls mujhey batye
monujnu@gmail.com

chandan said...

@BALAN August 22, 2010 2:15 PM:

Mischief played by IBA and silently supported by so called UFBU on OSR retires/ normal vrs must be challenged by concerned quarter in court of law to get back the justice. Allowing SVRS 2000 IBA already made this case a weak one on denial the same to other VRS pf optees.So immediate legal recourse must be started.

Mohan.V.R. said...

Indian Bank has issued 2nd option circular where detailed guidelines are issued. It prescribes commutation only after MEDICAL check up. Therefore netting will be difficult for atleast few. PNB has no such prescription. readers may highlight such differences for the benefit of many.

Search the web

Custom Search

Contact Us

Viewers may share any information with the administrator in this email shyamali00@gmail.com
Any news, if approved, may be published in this blog under his /her name.

.................RECENT HEADLINES

Related Posts with Thumbnails

Blog Archive

Do You Know These?:

Bookmark This Page

Bookmark and Share
All the information published in this webpage is submitted by users or free to download on the internet. I make no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this page and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. All the other pages you visit through the hyper links may have different privacy policies. If anybody feels that his/her data has been illegally put in this webpage, or if you are the rightful owner of any material and want it removed please email me at "shyamali00@gmail.com" and I will remove it immediately on demand. All the other standard disclaimers also apply.