AIBEA Version :
"ANNUAL WAGE INCREASE OF RS. 4816 CRORES FROM
1-11-2007
ONE MORE OPTION FOR PENSION ACHIEVED
WE DEDICATE THIS ACHIEVEMENT TO THE MEMORY OF
COM. PRABHAT KAR ON HIS 25TH DEATH ANNIVERSARY DAY
Yes, today, 27-11-2009, is the 25th death anniversary of our great leader and doyen of bank employees trade union movement, Com. Prabhat Kar. On this solemn day and during the centenary year of this father of our movement, we deem it a befitting commemoration and tribute to his life-long pioneering role in shaping up the service conditions of bank employees that the Minutes have been signed with the IBA on our wage revision demand and more importantly, securing another option for more than 3 lacs of employees/officers/retirees to get the benefit of our unique pension scheme.
Salient features:
a) Annual wage increase of Rs. 4816 ( Rs. 2239 crores for officers and Rs. 2576 crores for workmen employees ) w.e.f. 1-11-2007.
b) All the existing employees who are now in PF scheme will be given an option to join the existing pension scheme.
c) All those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.
d) Full settlement on the above to be finalized within 90 days.
Wage revision – what we have achieved:
|
| 7th BPS | 8th BPS | NOW |
| Additional annual wage load | 12.25 % | 13.30 % | 17.50 % |
| Total quantum of annual wage increase (Officers & Workmen) |
1497 crores |
2200 crores |
4816 crores |
| Annual Average Per Capita Increase Ø For Workmen employees Ø For Officers |
12,550 24,025 |
23,300 43,600 |
56,200 91,800 |
ONE MORE OPTION TO JOIN PENSION SCHEME
– A UNIQUE ACHIEVEMENT:
In 1993, after bitter struggles and against all odds, AIBEA and AIBOA achieved pension scheme for bank employees. Today, once again, with the leading role of AIBEA and AIBOA, another milestone has been anchored. More than 3 lacs bank employees, officers and retirees will now get another option to join the pension scheme to insulate themselves with this unique social security benefit. It is a very commendable achievement indeed.
Dear comrades, with the signing of this Minutes, the main understandings have been reached. Now the UFBU will be taking steps to expedite the final settlement with revised pay scales, allowances and other improvements and thereafter for implementation of the same and payment of arrears to the employees.
Dear comrades, on this happy occasion, it is necessary to remind ourselves that these achievements were preceded by persistent efforts and protracted negotiations by the leadership of UFBU and backed up by the exemplary unity of the bank employees and officers and their successful participation in the strike actions. It is the result of our unity, militancy and perseverance."
Source : AIBEA (The text is as available with AIBEA website)
SBI Association walked out of the meeting, NPS for new entrants w.e.f 01.04.10.
Representatives of SBI employees unions walked out of the deal saying their interests were not protected. But with the United Federation of Banking Unions, the body that represented nine employees associations, signing the minutes of the meeting, the deal is said to have been clinched. Now SBI employees would have to negotiate with the management to ensure that their interests are protected.
SBI Officers may go in strike.
Wage Increases and Pension Option
Wage increase
Banks (all public sector banks, some old generation private sector banks and a few foreign banks) have agreed to an aggregate annual wage increase of Rs 4,816 crore (or 17.5 per cent increase over the collective establishment cost of Rs 27,520 crore as on March-end 2007 on account of employees), said Mr K. Unnikrishnan, Deputy Chief Executive, IBA.
About seven lakh bank employees, including officers, clerical and award staff, will stand to gain due to the wage revision, said Mr Vishwas Utagi, General Secretary, All Bank of Maharashtra Employees Association.
Further, 2.72 lakh existing employees and 35,000 retired employees will benefit as another option for pension is being extended to non-pension optees.
The total liability on account of existing employees exercising the pension option is Rs 6,000 crore and that due to retired employees is Rs 3,116 crore. The gap in the pension liability will be shared between banks (70 per cent) and employees (30 per cent).
Retired employees
Retired employees (non-pension optees), who were in the service of the bank as on September 29, 1995 and March 26, 1996 and retired thereafter, choosing the pension option will be required to return the bank's contribution to the provident fund with interest thereof received by them at the time of retirement.
Further, they have to contribute to the pension fund their share of 30 per cent of the gap in pension fund.
Existing employees (non-pension optees) can exercise the pension option by contributing to the pension fund their share of 30 per cent of the gap in pension fund.
This contribution will be recovered from the arrears payable on wage revision.
According to the agreement, a defined contributory retirement benefit scheme will be introduced for workmen/ officers joining the services of banks on or after April 1, 2010.
Though SBI employee representatives too were part of the negotiations, they were unhappy with the pension agreement as the pension scheme of other public sector banks is better, said Mr Utagi.
The IBA and the unions will finalise the joint note within three months.
(With inputs from Business Standard and Hindu Business Line.)
819 comments :
1 – 200 of 819 Newer› Newest»congrates for bank employee.at last the day came out.its a good news for all.though s.b.i has not signed MOU.hope they will soon get the rejoice.its a happy moment.njoy the pays wage.thanks to iba and ufbu.thanks.
The wage revision talks ended abruptly with discontentment of AIBOC and SBI union representatives. What ever it is, the next demand of the employees should be Bank Pay commission and parity with Central Government Employees. All of us should toil for the achievement of the above demands and betterment of the working conditions of bank officers.
It is good to listn that the Wage revision has been taken place, but it must be kept in mind that the wage/pay of Bank employees has been under extreme discriminate policy of the Govt. Where on the one hand it increases the wage of other orgenisation(s) with open hand/heart, resulting the PRICE RISE TO THE UTTERMOST LEVEL, on the other hand it has migerly negotiated with the Bank employees resulting a most poor wages till date. The Bank employees are working in such a condition, which could be termed as "MOST RISK BEARING", whereas, other employees of other orgenisation (I.E. Central Govt etc)have no risk at all. I must say that the wage revision is just a sign of "Step Mothership.
S.K.G
We have succeeded in our struggle in getting second option for pension to PF optees.Now the second struggle has just commenced (ie) up dation of pension and parity of wages depending on Risk borne by the employees. Let us not wait for next settlement and commence to popularize the need for increased pay from now onwards there by we can convince the government by 2012.
It is shame on part of UFBU and Venkatachala!!!!! SBI are always winner that is why they have not signed it!!!!!!!!! Shame shame this wage settlement. Banker's will not get anything,young officers money being looted by retiring officers once again!!!!!Over 70% increase will go to PF optees who are newly joining the pension line. Congratulations to Nadaf and his team. They will get better deal,rest bankers are dying and will die!!! Shame shame!!!!
our idiot leaders and IBA have cheated us.day will come when all the public sector bank will be in red as at this pay scale no good quality staff will join us.
I also request all the bank employees not to accept this revision and protest in the simillar manner as the one made by the defence personal after 6 th pay commission
Bank unions, IBA sign wage pact; SBI employees back out
by Siddhartha Singh | 27th-Nov-09 18:48
The Indian Banks' Association and the United Forum of Bank Unions today signed the Memorandum of Understanding on wage hike, union forum convenor C.H. Venkatchalam said.
The wage hike will benefit 900,000 employees belonging to public sector and old generation private banks like Federal Bank.
"The actual benefit to each employee will be known over a period of three months after banks calculate it. The wage hike will cost banks Rs 46 billion annually," Venkatachalam told NewsWire18.
He said employees who have retired after 1995 will be eligible for a second pension option. "Second pension option will benefit 300,000 employees and banks will have to bear an additional cost of Rs 42 billion on pension."
The wage hike will come into effect retrospectively from Nov 1 2007.
Separately, All-India State Bank of India Officers' Federation President T.N. Goel told NewsWire18 their union is not part of the pact, as it seeks a higher wage hike.
"We may go on a indefinite strike to press for our demand some time in mid-December," Goel said.
According to an estimate, the wage hike pact between IBA and bank unions mandates a salary hike of 17%, while the SBI union demands 24%.
The so called leaders and IBA have cheated us. they have robbered the new empolyees for want o fpension option for them, which they only declined whne first offerred in 1993. They leader should have atleast take a cue from that of SBI and rejected this offer, ( but they were interested in their own interest for pension option then for the interest of the majority of the bank employees) I also request all the bank employees not to accept this revision and protest in the simillar manner as the one made by the defence personal after 6 th pay commission
Shame!!! Shame!!!
In the history of Banking in India, this day can be termed as a "Black Day". We are settling for a wage hike which would reduce the stature of a Bank officer to that of a Cetral Government LDC.
Keep working for 12 hours a day, 7 days a week for pea nuts, while your new counterparts(Yes, LDCs) will have a strict 10 to 5 job for 5 days in a week.
We deserve this for our inactiveness.
G.D.Nadaf is a man of double standard.He is balancing his position between AISBOF and AIBOC.One can find following message by him at http://www.aisbof.org right now- "Com. G D Nadaf & Com. Kadri NOT NOT NOT Signed Wage Revision MOU with IBA".On the other hand his http://www.aiboc.org right now, is displaying-"Congratulations
Wage Revision MOU Singed
with IBA on 27/11/09" Nationalised bank employees please be aware of this man and try to understand his game.
associations from the first day was in favour of pensioners and those who are on the Warge of retirement (may be some leaders retiring soon) and done nothing for young officers nor in benefit of banks. with this salary not a single person who has quality and talent will work with our banks.
I DON KNOW WON BUT OUR DEFINATLY BANKS LOST THE BATTLE.
Stage Present Revised As of NOV 2009 CPI HRA 8% FPA CCA PQP I PQP II Incre
Pay Pay 212 slab ments
1 10000 15300 4669.56 1224 975 535.50 550 1150
2 10470 16000 5096.84 1280 975 560.00 550 1150 700
3 10940 16700 5096.84 1336 975 584.50 550 1150 700
4 11410 17400 5310.48 1392 975 609.30 550 1150 700
5 11880 18100 5524.12 1448 975 633.50 550 1150 700
6 12350 18800 5737.76 1504 975 658.00 550 1150 700
7 12820 19500 5951.40 1560 975 682.50 550 1150 700
8 13320 20250 6180.30 1620 975 708.75 550 1150 750
9 13820 21000 6409.20 1680 975 960 550 1150 750
10 14320 21750 6638.10 1740 975 960 550 1150 750
11 14880 22600 6897.52 1808 975 960 550 1150 850
12 15440 23450 7156.94 1876 975 960 550 1150 850
13 16000 24300 7416.36 1944 975 960 550 1150 850
14 16560 25150 7675.78 2012 975 960 550 1150 850
15 17120 26000 7935.20 2080 975 960 550 1150 850
16 17680 26850 8194.62 2148 975 960 550 1150 850
17 18240 27700 8454.04 2216 975 960 550 1150 850
18 18800 28550 8713.46 2284 975 960 550 1150 850
19 19360 29400 8972.88 2352 975 960 550 1150 850
20 19920 30250 9232.30 2420 975 960 550 1150 850
21 20480 31100 9491.72 2488 975 960 550 1150 850
22 21040 31950 9751.14 2556 975 960 550 1150 850
23 21660 32900 10041.08 2632 975 960 550 1150 950
24 22280 33850 10331.02 2708 975 960 550 1150 950
25 22900 34800 10620.96 2784 975 960 550 1150 950
26 23520 35750 10910.90 2860 975 960 550 1150 950
27 24140 36700 11200.84 2936 975 960 550 1150 950
28 24760 37650 11490.78 3012 975 960 550 1150 950
29 25380 38600 11780.72 3088 975 960 550 1150 950
30 26000 39550 12070.66 3164 975 960 550 1150 950
31 26620 40500 12360.60 3240 975 960 550 1150 950
32 27300 41550 12681.06 3324 975 960 550 1150 1050
33 27980 42600 13001.52 3408 975 960 550 1150 1050
34 28660 43650 13321.98 3492 975 960 550 1150 1050
35 29340 44700 13642.44 3576 975 960 550 1150 1050
36 30020 45750 13962.90 3660 975 960 550 1150 1050
37 30700 46800 14283.36 3744 975 960 550 1150 1050
38 31600 48150 14695.38 3852 975 960 550 1150 1350
39 32600 49700 15168.44 3976 975 960 550 1150 1550
this what we are going to get.
vivek kumar
CongratulationS UFBU!
Atlast, you won the game of chance
for the livelyhood ex-senior employees/officers of Indian Banking Industry towhich none of this community would forget
to recognize this Himalayan Achievement craved under the banner of UBFU till their life time and even the existing employees/officers for having been achieved these minutes ...
Once again, we shall salute
'UBFU ZINDHABAD' & indulge in
'TILL WE SUCCEED, WE SHALL FIGHT...
Hearty congratulations to UFBU on this splendid achievement.
Past mistake with regards to Option of Penion has been rectified now. UFBU can proud about on this great ressult.
All PF optees as well as retired bankers will remember this unique achjevement throughout their life.
Let us strive hard further in the days to come to achieve parity with other sectors.
Mohan.
Bank employees will get 17.5% wage hike, pension benefit.
SBI unions walked out of pact saying interests not at all served
- IBA agrees on second pension option, wage hike
Banks and unions today settled on a 17.5 per cent hike in the salary of 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension. State Bank of India employees association representatives, however, walked out of the wage settlement.
According to the decision taken, while the wage hike, effective from November 2007, would cost an additional Rs 4,816 crore annually, the pension scheme would result in an outgo of Rs 6,000 crore.
Of the gap (Rs 6,000 crore), 70 per cent cost (Rs 4,200 crore) will be borne by banks, while the remaining 30 per cent will be borne by the employees. after signing the deal. Unions had agreed to banks’ outsourcing of some of the tasks. Banks have also agreed to streamline the allowances for workmen. IBA would thrash out the details of the increase over the next 90 days. The hike would cost Rs 2,232 crore to meet the additional salary for officers, while Rs 2,584 crore would have to be set aside for workers. There would not be an additional burden as the higher pay and pension benefit had been factored in and provided for.
The total burden on commercial banks is estimated at Rs 25,000 crore for the agreement period. The annual profits of listed public sector banks in 2008-09 was Rs 32,530 crore.
This is the second pension option for public sector banks and would cover 272,000 serving employees and 60,000 employees who did not opt for the scheme in 1993 and have since retired.
Those who join public sector banks from April 2010 would be covered by the New Pension Scheme with 10 per cent of their basic salary and dearness allowance deducted as their contribution. Banks would make a matching contribution.
Representatives of SBI employees unions walked out of the deal saying their interests were not protected. SBI employees would have to negotiate with the management to ensure that their interests are protected.
THE NEW DEAL
* Average wage hike 17.5% for 702,000 public sector bank staff
* 272,000 serving employees, 60,000 retd personnel to earn pension
* Wage hike to cost Rs 4,816 cr a year
* Staff to bear 30% of pension gap, estimated at Rs 1,800 cr; remaining Rs 4,200cr to come from banks
* Those joining from April 1 to move to contributory New Pension Scheme
Two SBI union representatives refused to sign the minutes of the meeting and their future course of action would be decided on Tuesday due to the reason that the proposed 17.5 per cent hike, 4-5 per cent would go towards paying pension expenses of other bank employees. This is not beneficial to SBI officers as well as employees. It reduces the effective rise in wages to SBI officers and staff members. Hence, SBI unions decided not to be party to the memorandum.
Sources privy to the wage negotiations said that the SBI union representatives had raised the demand for revision of their pension benefits only a few days before the settlement and so it could not be accommodated this demand as it would have delayed the process for everyone, said the source.
With public sector bank employees eligible to receive a defined benefit pension equivalent to 50 per cent of their last salary drawn, SBI unions said they were at a disadvantage since they only received 40 per cent of the last salary drawn in the form of pension. Other banks, however, pointed out that apart from the pension benefit SBI employees were eligible for provident fund and gratuity, which was not available to the employees of the six State Bank associates.
Source: BUSINESS STANDARD
Dear Balan Sir, where are you?We are waiting for your comment on MOU signed and SBI union's walk-out.I have also posted something on GS AISBOF here at above (November 28, 2009 12:17 AM).Having a 17 years of service in a nationalised bank recruited through BSRB and opted for pension right from 1993-94, I feel the golden plate of this MOU is the capability of providing the scope once more to the employees with PF option,to correct their past mistake.Young generation employees please try to feel the helpness of a person with PF option.Wage negotiation will come and go in time intervals but one more pension option in lieu of 7 or 8% more hike definitely things to be welcomed.
Dear Mr.Chandan,
Opting for PF was whose mistake????.Why do the Compulsory pensioners and those who have opted for pension should suffer without any mistake of their own.
My point is - Pension is certainly an important one, a social security which is required for everyone. But, let the PF optees who r planning to switch to Pension forego their arrears towards pension fund and contribute their share for the pension fund deficit. Why should the Pension optees bare the burden.
Please also understand that with mass retirement till 2013, do u think there will be any corpus left in the pension fund for the present young bankers who will retire, say after 15-20 years??
Do you think the pension fund can survive with such a kind of burden which is going to accrue within 4-5years?? please analyse.........
Comments of Mr Venu, who fought for this achievement and critical comments of Mr. Balu are not availalbe. Are they not satisified with the settlement. What happened to them.
First of all Congratulations !! At last the mistake has been rectified by those who had committed the mistake earlier in 1993/1995(i.e CPF Optees) and it is, no doubt, the pension optees who will suffer to some account of the past mistake of the CPF Optees. But as is said "Better Late than never". After all they all are our brethren, even though they were at one time spoilt by the narrow mindedness of the AOBOC/NCBE combine. Let us all unite and work for the welfare of the common man and our Indian society with full stead and responsibility and I am sure we will achieve a better wage settlement in the times to come. The past must be forgotton....March on dear comrades !!
CRITICAL ANALYSIS OF MOU DATED 27 TH NOVEMEBER SIGNED BETWEEN IBA AND UFBU
PENSION: Covering the left out and retired employees who opted for PF is the main focus of one of the active player of the UFBU namely AIBEA. The convener of the forum also belongs to AIBEA. Whenever negotiations on one more pension option raised its head IBA cleverly played the cost card and they expressed that the industry can not absorb this liability at all. UFBU also gave strike calls on combining this issue with various other issues. Strikes were materialized some time and called off on some occasions based on several false MOU s. One such MOU was signed for pension also to complete with in 90 days during 2008. What ever may be the reason whether the lack of, bargaining power or lack of interest from other SBI dominated constituents like AIBOC, NCBE etc UFBU could not achieve rather compel neither the government nor IBA in the matter.
The funny thing is that when the pension option was sought during 1996 AIBOC and BEFI came out with beautiful computerized calculations based on the then prevailing interest rate of 12%. A newly recruited clerk of 1996 retiring after 40 yaers will get a PF conribution of more than 50 lakhs. AIBEA in their circular cautioned the employees and advised the members to view pension as a social security and not opt on calculation basis. But greediness and cruelty of fate. I also saw the calculations and being a member of AIBOC opted for PENSION and advised my entire department to ignore the calculations of BEFI and AIBOC as interest rates were already peaked out and there is a possibility for downward interest regime. Government can not afford to pay or rather willing to pay 12% interest for PF . Hence around 60% were opted for pension and 40% were opted PF.
How vigorously this pension option issue was raised in the VII TH AND VIIITH bipartite negotiations was a million dollar question. During those period the VERMA COMMITTEE recommendations on the health of the banks were given focus. Banks were divided into strong banks and weak banks and they are given permission even to split the arrears payment etc.but it was not accepted by the unions. When survival of banking industry itself at stake where is the negotiation of pension option etc. Hence IBA insisted that pension issue reopening was not at all possible. Even the individual bank wise negotiations idea was mooted depending upon the capacity to pay factor in an attempt to divide the UFBU across the board .That was also defeated.
After seeing the worldwide financial disaster during 2007, and since financial institutions/ banks in INDIA stood like a solid rock by keeping strong health our leaders got some positive clues and got unexpected bargaining power. Hence they might have decided to clinch the issue at any cost in this settlement . Further they also prepared the charter of demands for 40% increase. Recruits of late 1970s and early 1980s started retiring after the massive VRS 2001 scheme ( incidenatally I am a vrs 2001 pension optee and retired at scale III level )In the coming two years more than 40 thousand employees will retire. Hence the urgency.
to be concluded
May be you are right Sunilji, we'll think them as our brethren and share our money with them but do the NEW PENSIONERS feel the same way. if so let them show this by coming forward to share their EXTRA MONEY with us atleast for limited time. I bet they wont.
continued
Considering the spiraling increase in the cost of living AIBEA as a responsible trade union vowed to protect the interest of the employees who opted for PF and pf retirees at any cost even by foregoing certain additional percentage in wage revision that might have been accrued to all employees .BEFI even though not happy with the settlement, signed for the simple reason that pension option is important than the quantum of increase in wages because future dignity/lively hood of nearly 3 lakhs employees are at stake. NCBE walked out because SBI is getting all the possible benefits . CPF AND 40% pension with some ceiling. Anyway that is far superior than our pension.
FINANCIAL IMPACT: nationalsied banks are earning more than 20000 crores profit annually. This will improve in 2010,2011 etc as high cost depsoits booked at the rate of 10% running into thousands of crores will start maturing in the years to come which on renewal will bring down the interest expenditure.
Clerical staff who may draw 30000 including stagnation, pqa maximum etc in the revised scale will start retiring in 2010, 2011 2012 etc. These 30 to 40 thousand employees exit may even reduce the establishment expenditure and even 100% subsitute at a pathetic starting salary of say 9000to 10000 are being recruited , the expenditure will take care of both pension to the outgoing and starting salary. So BANKS WILL NOT AND SHOULD NOT FEEL THE BURDEN IN THE INITIAL YEARS.
Proper supervision: Since this cost sharing concept has become a KAVASAGUNDALAM OF KARNAN WHICH CANNOT BE SEPARATED EASILY, the board of directors of officers and workmen union should be more vigilant and what ever contingent liabilities that banks has to provide should be properly accounted on a yearly basis. Whether they have contributed their portions correctly since 1995 also has to be taken care off.
CORRECTIVE STEPS TO BE TAKEN ; I f everything was monitored properly and getting additional share from the profits of nationalised banks to reduce the gap if any instead of blindly transferring to the government , bank employees can also achieve PENSION UPDATION as available to central government employees which alone can guarantee peaceful living after retirement. UFBU should not be lethargic after signing the setllement but explore the possibility of getting pension up dation also BY STUDYING THE FACTS AND FIGURES .
EMPLOYEES :NARROW APPROACH SHOULD NOT BE THERE AND ONE SHOULD NOT GET PRVOKED OR FEEL SAD THAT SENIOR EMPLOYEES ARE ONLY BENEFITTED ETC. OR PF OPTEES WERE BECOME THE BURDEN TO THE BANKS.
KBALASUBRAMANIAN
SEPARATE COMMENTS WILL COME FOR WAGES, COMPARATIVENESS ETC
With several comments appearing in this blog it is evident that the new generation staff have not been enlightened about the concept of pension/wage revision.It is totally wrong that the second option for pension to retirees and existing PF optees is at the cost of new staff. Not even a single pie of the new generation staff is adjusted towards second pension option for retirees or existing PF optees.PF optees are returning their PF contribution with 30 % of the total burden and opting for pension. Whether it is beneficial to them or not depends on the number of years he/she survives after opting for pension.
The burden shared by PF optees/retirees all these years is set right now.Seniors have been fighting for their legitimate right of another option for pension with IBA (since 14 years from 1995 after removal of restrictive clause by IBA)and the same has been conceded now but surely not at the cost of new generation staff.New employees are required to fight for improvement in the present pension scheme to be at par with the central government employees in future also and the fighting with the managements is part of their career till retirement.Seniors will always get more than their juniors in any industry in the entire world. This is prevailing since decades.There is no point in murmuring about it. In respect of pension they can refer the case of NGEF(KARNATAKA)company whereas the company was closed about 20 years back but still their employees are getting pension from LIC even today. This is because annuity for each employee was purchased from LIC out of the corpus fund available at the time of closure of the company. In case of closure of any bank, the management can not play with the corpus fund.They are required to purchase annuities in the name of each employee either in service or retired and pension has to be continued.If this concept is understood there will not be any ambiguity.
Dear Kumar,
I am not completely disagreeing with you.But I am surrounded by so many pf optees, who are very close to me. Even some of them are my childhood friends.Observing to their tense situation for last couple of years and feeling helplessness of their family-members due to it; being a human-being I have no other way out, but to stick to the view expressed by me at November 28, 2009 6:59 AM.I also request you to read Mr Balan's comment posted here at November 28, 2009 12:57 PM in this regard.With thanks I remain.
There is no use of our discussions here. We have to accept whatever our UFBU leaders have "achieved".
Let us pray that anomolies may be rectified from time to time and remaining disparities should be taken care in 2012.
Red Salute and Hats Off to "UFBU" for achieving this extrordinary feat. Many employees who were left out of pension scheme for opting P.F. and resigning thereafter will be joyfully benefitted.
Thanks once again to UFBU & the Govt.
Though it is clear that hitherto the PF optees were sharing the burden of pensioners which is evident from the balance sheet of banks, some are again and again arguing as to why pension optees should bear the burden of PF optees. This is absolutely wrong.PF optees are demanding for one more option by sharing the burden themselves and not with pension optees.Since facts and figures are available with all the banks,about sharing of pension burden by PF optees to pensioners all these days IBA has rightly made sharing of the burden at uniform rate of 30% of the additional cost to all.There is nothing wrong in it.If anybody has any doubt, they can go through the balance sheets of various banks to find out the truth.Further there is no need to convince others since the MOU has already been signed based on facts and figures and since it is right.
niranjan ...
it is not clear who will contribute for the gap in pension fund .. is it employees who are opting of PENSION or all the employees
MOU is signed now by unions with IBA. However gratuity ceiling is not raised from Rs 3.50 lakhs to 10.00 lakhs for bank staff. This ceiling has already been removed in respect of Government employees. The recommendation of IBA is pending with the Government. This has to be vigourously taken up with IBA since bank employees are always getting step motherly treatment by the Government and this is the time for settlement
With SBI backing out of current settlement with around 3 lakhs employee, because as their leaders told that they are not willing to share 4% to 5% from the current 17.5% wage hike towards pension fund. Therefore it will be interesting to see the actual hike in our wage because now not only we have fill the current deficit of pension fund because of second option but also have to contribute some % as 3 lakhs employees of sbi will not be contributing anything for pension fund.
You should not be surprise to find a token increase of 5 to 6% in our wage after this revision.
What about employee who had not retired but left bank, do they gets benefit of pension
It is sad to note that some section of employees are very much averse for the retired people now getting the one more pension option thought to be at their cost.The benEfit is for 60000 retired personnel only that to with a condition to return the Banks share of PF WITH INTEREST.When 7.2 lac current employees getting the various benefits,as a remedial measure the retired peoples pension option achievement now was viewed by few writers here as a great failure of UFBU and smeared them with many hurting comments.
What ever it may be, the achievement is great in many counts.Dont forget the great struggles led by AIBEA IN THE PAST FOR THE CAUSE OF BANK EMPLOYEES knows better to take care of all sections of employees existing and exited .lET US CELEBRATE THE MOMENT ,REJOICE.
HATS OF UFBU and AIBEA,AIBOF
HATS OFF TO UFBU AIBEA.
as per pension regulation act as applicable to bank employees, an employee who resigned on his own, is not eligible for pension. Hence case of Raju is doubtful.
How 17.5% wage is calculated against the old pay...what will be the new scale for clerks.
I request the members to clarify on the following aspects covered in the MOU---
“The pension liabiity for the past retirees( Nos. 60000 or is it 35000 only ) worked out as on 31.03.2008 is put at Rs. 934.95 crores (as employees share) where as for the serving employees (Nos.272000) that figure is given as Rs.1800.54 crores.I could not understand why so much variation . The liability figure for retirees is apparently on higher side taking the numbers involved , especially when they propose to give effect to pension to all only with effect from the date of Joint Note to be signed with in the next 3 months.Probably the actuarial calculation is made on the assumption that the pension is to be paid from the respective dates of retirement to the retirees.
When the liability is computed as on 31.03.2008 , the pension payment should start at least from 01.04.2008”
Please clarify also on the basis of working to arrive at the extent of contribution to be made by the employees retired during the period from 01.04.2008 to the date of settlement/Joint Note to be signed with in the next 90 days as per MOU--
THANKS
Dear Lok
As the pension burden for existing employees is being shared by the employees who have opted for pension you cannot compare the pension load of existing and retiring employees.
NEW PAY SCALES FOR CLERKS:
6485-315-5055-490-6060-690-11660-735-13865-825-17165-1425-18590-825-19415.
Why not Bank Unions strive for getting the CGHS type medical fecility to all Bank employees. Our present medical reimbursement is system is not enough to cover the cost. Even after retirement the CGHS scheme is far more beneficial to everybody.
congrats, my basic is 19920, pl give me specific quantam rise figure in laymans language.
NEW PAY SCALES FOR CLERKS:
6485-315-5055-490-6060-690-11660-735-13865-825-17165-1425-18590-825-19415.(20 YEARS)
SLAB MERGER-137(DA UPTO 2836 POINTS)
ADDITIONAL LOAD FACTOR AFTER MERGER-18%
DA SLAB RATE-.15% PER SLAB OVER 2836 POINTS
HRA-8 %, 7 %, 6%, 5.5%
CCA-3.5%, 2.5 %
I have a request to UFBU leaders to be clarified.
The pension option for retirees will be given provided they return the Banks contribution of PF with interest at the time of retirement plus additional load of 30% calculated separately.
So far as my knowledge goes the retirees should return to the bank the Banks contribution of PF with interest thereon plus an additional 6% of simple interest from the date of retirement till the date of return of the contribution to the Bank so that they will be elgible for pension from the date of their retirment itself. Of course at present with the additional load of 30% as agreed between IBA and UFBU.
Kindly let me know whether UFBU is going to work out the pension of retirees in the above manner or in a different manner.
In case UFBU is going to make applicable the pension payment from a prospective date other than from the date of retirement of the employee,will the employee be not put to loss by way of
1.loss in the amount of pension received instead of from the date of retirement from a prospective date.
2.Number of years lost for commutation.i.e in case of an employee retired on 2005 and he has commuted his pension then he will be elgible for restoration of his full basic pension in the year 2020 i.e. after 15 years. In case of prospective agreement for pension say from 2009 his restoration of full basis pay will be done only on 2024 i.e he will be
delayed by 4 years for getting his basic pension fully restored.
Kindly therefore clarify as to how you are going to take care of the above aspects.
COPIES OF THE MOU WITH SIGNATURES WERE POSTED IN BEFI WEBSITE. PLEASE GO THROUGH THE SAME AND GET ADDITIONAL INFORMATION.
SEVERAL ASPECTS ARE YET TO BE CLARIFIED. SO WAIT AND WATCH ATTITUDE IS ABSOLUTELY ESSENTIAL INSTEAD OF IMAGINING SOMETHING AND ARGUING AMONG THE GROUPS. ONE THING IS CLEAR .UFBU HAS GONE TOO MUCH AND SACRIFICED ,TO SOMEHOW SECURE THE SECONDPENSION OPTION . HOW THE SCHEME IS GOING TO BE DISTORTED. WHAT WILL BE THE DATE OF IMPLEMETATION ETC ARE STILL UNTOLD STORIES. BE VIGILANT. SBI HURDLE ALSO HAS TO BE SEEN AS IBA HAS NOT ACCEPTED ITS REQUEST.
KBALASUBRAMANIAN
ok now please tell me as it is our govt is going to give all the collected money to a few assest managers who will invest in stock market so that we all get pension.
Would it be not risky going that way
why should we ourselves not handle our money instead of opting for pension.
In last revision in 2005, for scale I 13.5% was mere 3% (Also note that it was without pension burden). And now 17.5% with pension burden will definetly mean -3%. i.e. Scale 1 newly join have to contribute something from their existing pay and donot even think of any raise in wage.
Mr. Venkatachalam Please let us have your view on this. When you are giving some % increase, should not the percentage increase be uniform across the scale.The same practice is followed every where in the industry whether it is defence, railways or even other public sectors. But we are made to belive by leaders like Mr. Venkatachalam that Banking is isolated case left by its poor employees to be manipulated by unions and Management both.
Every body should outrigthly reject this revision and insists of pay commisions by GOI.
I agree with Nidhi, she is quite right about the system of revision.
On the other hand the parity between the different banks pension schemes, would have been taken into consideration for the AMOUNT OF NET INCREASE IN the SALARY BY 17.5%.
S.K.G
DEAR ALL,
YOUR APPREHENSIONS THAT SENIORS ARE ALWAYS BENEFITTED IS 100%CORRECT.IT IS NOT DUE TO THE CONVENER MR.VENKATACHALAM. IT IS HAPPENING SINCE I ST BIPARTITE SETTLEMENT BECAUSE OF THE STRUCTURE OF THE SALARY SCALE 170-10-230-15 ETC--560 SOME 19 STAGES IN THE CLERICAL SCALE. . THE CENTRAL GOVERNMENT LDC SALARY SCALE IS PATHETICALLY LOW AT THAT TIME.
IN THE SUBSEQUENT SALARY REVISIONS THE STRUCTURE OF THE PAY SCALE IS MAINTAINED. RATE OF INCREMENTS AND OTHER THINGS ARE VERY GOOD IN THE PAY STRUCTURE THEN EVEN VI TH PAY COMMISSION SCALES. WE WERE AT THE TOP TILL 1996 BECAUSE OF THE SALARY RUNNING SCALES. MORE THAN 300% FOR STARTING AND TAIL END OF THE SCALE.
SAME 300% IS MANITAINED NOW ALSO . SUPPOSE IF IT STARTS AT 6000 THE ENDING MAY BE AROUND 18000 FOR 19 STAGES WHICH YOU CAN NOT SEE IN ANY OF THE PAY COMMISSION SCALE.
FIXATION IS ALWAYS FROM STAGE TO STAGE IE MAXIMUM IN THE SCALE TO THE MAXIMUM IN THE REVISED SCALE. SAME NUMBER OF STAGES MAINTAINED. HENCE ENTIRE BENEFIT OF WAGE REVISION IS PROGRESSIVELY GOING UP IN GEOMETRIC PROGRESSION SPEED AND REACHES THE PEAK WHEN IT REACHES THE MAXIMUM. I GOT A GROSS TO GROSS INCREASE OF 35 ( THIRTY FIVE ONLY) AFTER THREE YEARS OF SERVICE AS CLERK DURING 1980 SETTLEMENT.
SIXTH PAY COMMISSION SCALES AND FITMENT IS EXACTLY REVERSE THEY ARE MULTIPLYING BY SOME FACTOR 1.86 AND FIXING IN THE CORRESPONDING SCALES. IN THAT SENIORS ARE NOT AT BALL BENEFITTED. THEY ARE SHOUTING. IN BANKS JUNIORS ARE SHOUTING. IN CENTRAL GOVERNMENT SENIORS ARE SHOUTING AS THE DIFFERENCE IS NOT REFLECTED TO THE LENGTH OF SERVICE. WHICH SYSTEM IS CORRECT. NO SATISFACTORY ANSWER.
THE FOLLOWING METHOD CAN BE ADOPTED NOW.
SINCE JUNIORS ARE GETTING VERY LOW INCREASE AND GAP BETWEEN THE STARTING SALARY FOR CLERKS AND SUBSTAFF IS GOING TO BE VERY LOW WHEN COMPARED TO SIXTH PAY COMMISSION SCALES
AN ADHOC PAY OF 2000 TO CLERKS AND 1500 TO SUBSTAFF MAY BE GRANTEDSO AS TO ENSURE A MINIMUM SALARY OF 12000 TO CLERKS AND 10000 TO SUSSTAFF WHICH CAN BE SET OFF AGAINST DA INCREASE AND FUTURE INCREMENTS SO THAT HE CAN ATLEAST DRAW A DECENT SALARY INITIALLY UNTIL THE BARRIER CROSSES THAT LEVEL. THIS HAS TO BE REPEATED EVERY TIME THEN ONLY THERE IS SOME JUSTIFICATION, WILL ANYBODY IS GOING TO HEAR US. NO.
YOU HAVE TO SWALLOW THOSE THINGS AND WAIT FOR BECOME SENIORS TO GET THE BENEFITS. NO OTHER VIABLE ALTERNATIVE.
FUNDS NOT AT ALL CONSTRAINTS AS OUR PROFITABILITY LAST YEAR EXCEEDED 20000 CRORES. HIDE AND SEEL GAME AND LACK OF PROPER PRESENTATION AND LACK OF SERIOUS AGITATIONAL PROGRAMMES MADE EMPLOYEES TO FORCEFULLY ACCEPT THIS SETTLEMENT .
AFTER RECTIFYING THE ANOMALIES IN 2012 LET THE GOVERNMENT INCLUDE BANKING ALSO AS PART OF VII TH PAY COMMISSION. MEANWHILE LET THEM APPOINT AN INDEPENDENT HONEST COMMITTEE TO GO INTO THE DETERMINATION OF WAGES TO FINANCIAL SECTOR EMPLOYEES AND ACCEPT THE REPORT
EVEN WITH IN THE SECTOR THERE IS WIDE VARIATIION IN SCALES AND PENSION.
RBI SCALES SUPER TO ANY OTHER SCALE
SBI CPF ABSOLUTELY FREE AS A THIRD BENEFIT BECAUSE OF THE COMMITMENT TO IMPERIAL BANK OF INDIA.
NATIONALISED BANK EMPLOYEES ARE THE WORST HIT.
NEITHER GOVERNMENT EMPLOYEES
NOR PUBLIC SECTOR EMPLOYEES
NO PARITY WITH IN THE INDUSTRY
ONLY A COMMITTEE WHICH CAN GET THE FEED BACK CAN DO SOME JUSTIFICATION . NOBODY FROM IBA SHOULD BE THERE.
K BALASUBRAMANIAN
can anybody tell the probable pay structure with justification.
shri bala
with basic of rs.17120/- what amount of monthly increase i should expect.
The represntative of Bank employees sign an agreement with one or other innovative option to harm the Bank Employees.mr Venkatachalam has hit two birds with one stone for existing employees
1.They are denied their justified rise in salaries which could have given some external parity.
2.The existing pension optees will also have to shell out 3% of their basic towards pension coepus which is an invetion that can happen only in Bank.It is give by one hand and recover by other.
In whole we can say young officers are worst sufferers and Govt is also not bothered for their interests
God save banking from cluthces of Mr.Venkatas/UFBU/IBA etc.
The number of CPF retirees from 1995 onwards in 19 public sector banks is given as 60000.This number may not be correct.What about VRS 2000 scheme CPF retirees.Whether the 60000 includes them also.If so the figure 60000 requires a thorough check up.The 60000 CPF retirees have to fund approximately 900 crores towards 30% gap.The exiisting 2.34 lacs non pension optees and 1.66lacs pension optees now in the services of the bank are to contribute the balance amout of 2100 crores towards 30%gap.This means the retirees have to contribute about 1.5.lacs each and the present workmen 0.5lacs each.Ofcourse the contribution may go up even if fewer employees do not opt for pension. It is not clarified whether all retirees will get pension benefit from date of retirement.If a notional date is agreed the employees who retired at a very early stage,say 1995 and opt for commutation will be affected very much in respect of restoration of full pension.The Bank Management gave pension option twice.The only organisation that stirved for pension option consistantly is ofcourse AIBEA and AIBOA.It is a fact that the other unions or assosciations even went on to the extent of making employees come out of pension option during Bank Management Second Offer.That had drastially reduced the percentage of pension optees in 1995.Ofcourse for this the employees are also to be blamed.Now all Unions or Assosciations can boast the present pension option is victory for them.-R.Jayram
The Minutes have been signed with the IBA on our wage revision demand and MORE IMPORTANTLY, securing another option for more than 3 lacs of employees/officers/retirees to get the benefit of our UNIQUE PENSION SCHEME.
Salient features:
All the existing employees who are now in PF scheme will be given an option to join the EXISTING PENSION SCHEME.
All those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.
Full settlement on the above to be finalized within 90 days.
ONE MORE OPTION TO JOIN PENSION SCHEME
– A UNIQUE ACHIEVEMENT:
More than 3 lacs bank employees, officers and retirees will now get another option to join the pension scheme TO INSULATE themselves with this UNIQUE SOCIAL SECURITY BENEFIT.
It is a very commendable achievement indeed.
What is implied in it? Could any one explain the meaning inbetween?
Though the scheme is an existing one, it should be an UNIQUE SOCIAL SECURITY SCHEME with which all of us would be insulated ourselves.
In view of the above, the retirees are ought to pay out 30%of their pension cost in addition to the returning of CPF payment.
All is TRUE if UFBU is TRUE !
Hello Mr. Rajendran,
If we calculate the employee share of 30% contribution to meet the Pension Fund gap basing on the data given in MOU , the burden comes to around 10.47 % of the individual's outstanding of Bank's contribution in the case of existing employees.
BUT THE RETIRED EMPLOYEES HAVE TO SHELL DOWN 156.40 % OF THE BANK'S CONTRIBUTION ( COMPRISING OF BOTH PRINCIPAL AND INTEREST COMPONENT) THEY HAVE RECEIVED AT THE TIME OF RETIREMENT TO BECOME ELIGIBLE FOR EXERCISING THE OPTION FOR PENSION NOW.
Is it not a glaring anamoly to be rectified by UFBU by taking up the issue with IBA before finalising the full settlement / joint note ?
In one of the union's circular the following words are appearing "those retiring after 31-03-2008 till date of settlement". Please let me the value of the date '31-03-2008"
". Please let me the value of the date '31-03-2008"
Parameswaran,
pl elaborate the meaning of the above sentence,i know this you might have picked up from BEFI site but your doubt is not clear to get clarification
I have the following suggestion to make to UFBU leaders to be taken up with IBA during the discussion of the modalities of implementing the another option for pension in case of retirees.
Since the option can be exercised by all retirees from 1995 I feel it will be very difficult for them to return at this moment the Banks contribution of PF with interest received by them at the time of their retirement plus the additional load of 30% as the amount may be with them or might have been used otherwise. The following method can be adopted in the case of all retirees if possible.
I am sure many of the retirees will be opting for commutation of pension and those who are opting, a letter of consent can be obtained from them to commute their pension and adjust the same against the total amount due from them and balance if any should be paid by them and they should also consent for receiving the reduced pension after commutation.
This I feel will be of very great help for retirees particularly those who have opted for PF in earlier years i.e those who have retired more than 5 years ago.They have to arrange for substantially less amount which will be of very great help to them in their old age and at the same time they will be able to opt for pension. I am sure all the retirees will be highly grateful for UFBU and IBA in case the above suggestion is accepted.
The words are in page 2 of aiboa circular which is available in their site.
Pradeep
Set off of PF with interest against commutation is already agreed.
Refund of management contribution of PF together with interest thereof received at the time of retirement is little bit ambigous.Whether it connotes the meaning of refund of the quantum received then with future interest from the date of retirement till refund now ? if so at what rate?
Further, whether pension is payable from the date of respective retirements or from the date of MOU/ joint note?
Whether those who resigned during the relevant period are also eligible for second pension option?
Some union activist who is in the know of things PLEASE clarify.
It is a fact that several bank staff particularly officers who were PF optees were ready to quit banks in 2001 itself when special VRS scheme was announced.However since a demand for pension was already made by unions and the same was pending at IBA and as the resigned employees would not get pension, they were forced to remain in banks pending finalization of II pension option. Only those officers who were above 55 years and posted to Kolkota and other Northern branches, North eastern Region, out of state, remote rural branches knows about the hardship they suffered while working in those branches forcibly leaving their family members,aged parents at their home state by maintaining 2 establishments.The fact that more than 2 lakhs bank officers took VRS itself shows how difficult it was to work in banks in 2001 itself.Though situation became worst thereafter, majority of the senior officers were reluctantly continuing in the service of the banks as they were in the "TRISHANKU" world waiting for another option for pension.Managements behaved like ruthless terrorists and ill treated and humiliated subordinate officers including some executives.After fighting for nearly 14 years for another option for pension if any body feels that II pension option should not have been given, this settlement would not have been materialized.Every senior officer was individually ready to bring a stay through courts of law to the entire process of negotiations.However with a ray of hope they waited patiently which has resulted in this settlement now.But neither IBA nor Government of India is capable of giving back the life of deceased officers and filling the hollowness in the life of their family members.It is hoped that at least in future such social security measures are settled without much loss of time/life of employees.
.......now somebody tell me what happens to the employers contribution of pf..of those staff who migrate to pension scheme im a pf optee and my employers contribution of pf is around 4.5 lacs where it goes somebody clarify???
hi what would be the net salary of newly appointed clerk after pay revision
Anybudy has knowledge then Please give information about New Revised Pay
OLD :Nov'2009
Basic - 13210 New - ?
DA - 8322 New - ?
HRA - 793 New - ?
What is new DA % as per new pay.
Who will calculte new pay structure?
Help me.....I can't understand 137 slabs(2836 points)merger of DA.
Dear Sanjay Bhatt, Wage revision necessarily involves capitalisation of DA points which prevails as of the cut off date agreed upon by the unions. This time the load factor was arrived at taking 31.03.2007 figures. The Average Consumer Price index considered for DA as of that date was 2836. Since 2288 points had been merged with Basic pay during 8th Bipartite settlement the remaing points (2836-2288) of 548 converts to 137 slabs. Now after adding DA at 137 slabs with BASIC pay, relevant percentage equal to the agreed load factor i.e. 17.5% is added to the initial basic pay. Likewise all stages of increments also undergo change. The resultant figure again undergoes rounding off with some cushioning and the end product is new pay structure. Now for all practical purposes you may construe that your present basicc pay is having the initial basic pay plus capitalised portion of 2288 points. It is here we get a very fair deal and it gets you a decent retiral benefits also.
And, now post revision of pay scale, we will get DA at 0.15% per slab instead of the present 0.18%. It requires to be factored to adjust the capitalised DA. For example for November 2009, post revision DA Slabs would be 213 (350-137). New pay structure would be arrived at by IBA and mutualised with UFBU before signing of settlement. Since it involves factoring of enhanced pension cost post revision, any chart doing rounds presently may not be precisely correct. Hence please be patient.
Can Any One Tell Me what is the NEW PAY SCALES FOR CLERKS. plz mention in Detail
I have already posted the likely pay scales earlier when teh announcement has come from ministry of finance a month back. once again i am posting the same. it is a reasonably good estimeate subject to major change depending teh interpretation of cost sharing when the d day apprioaches. otherwise it may be more or less near to the point. only consrvative estimate/projection
OFFICERS RUNNING SCALE PROJECTION
14000-700(6)-18200-750(3)-20450-800(12)-30050-900(9)-38150-1000(6)-44150-1300-45450-1400-46850.
Pay scales at 2836 index level. (AS AGREED BETWEEN UFBU AND IBA IN EARLIER TALKS) Added 12.5% to the merged old basic and DA thereon
DA for every 4 point rise in CPI 0.14% ( based on one percent for every 28 point rise )
213 slabs of 0.14% based on November 2009 DA 29.82%
HRA 10% Assumed no minimum no maximum
CCA 4% Max 700
BASIC DA HRA CCA TOTAL
14000 4174 1400 560 20134
10000 6300 850 400 17550
NET INCREASE 2584(1 5%increase )
150% CAPITAL COST ON HRA LEASE FURNITURE ETC NOT TAKEN INTO ACCOUNT
CLERKS RUNNING SCALE PROJECTION
6200-300(3)-7100-450(2)-8000-650(5)-11250-700(3)-13350-800(4)-16550-1400-17950-800-18750
Pay scales at 2836 index level. Added 12.5% to the merged old basic and DA thereon
DA for every 4 point rise in CPI 0.14% ( based on one percent for every 28 point rise )
213 slabs of 0.14% based on november DA 29.82%
HRA 10% Assumed no minimum no maximum
CCA 4% Min 250 Max 450
BASIC DA HRA CCA TOTAL
6200 1848 620 250 8918
4410 2778 377 175 7740
NET INCREASE 1178(15.%)INCREASE)
PQA 200,400 FOR GRADUATION
200,400,600 PLUS CAIIB PART I
200,400,600,800,1000 CAIIB PART II
FPA 800 EQUAL TO THE LAST STAGE OF THE INCREMENT
STAGNATION INCREMENTS 800 EACH
AS STAGE GOES UP MONETARY BENEFIT IN ABSOLUTE TERMS GOES UP
STAGE TO STAGE FIXATION
K BALASUBRAMANIAN
Any body can clarify whether the proposed pension option will cover employees who took VRS also
There should be no doubt about the coverage of VRS people for 2nd option is open for all retirees - the word VRS denotes the type of retirement (whether it is superannuation retirement or VRS should not matter) only and so far there is no restriction on any type of retirement, we should construe that all retirees are eligible. The essense is that all non-optees will get a chance to opt.
Thank you Iyer. Some rumours are going round that VRS persons are not eligible for pension option. Only persons retired on super annuation are eligible for one more option. Thanks for the clarification. Who can give authentic information for me.
Heartiest Thanks to Balan Sir for his scale projection posted here, on December 3, 2009 2:25 PM.I feel he is the first, to construct such a scientific projection on officers & clerks on expected revised scale.His text has been converted into attractive print-outs, by me right now and will be available to the bank employees of my city(a state capital)from tomorrow onwards in their academic interest & purpose.Sir,please keep it up for us.
AS PER MINUTES OF DISCUSSION DATED
27TH NOV.ONLY THE RETIREES ARE ELIGIBLE AND NOT THE EMPLOYEES THOSE WHO HAVE RESIGNED.
IN MY PROJECTED CLERICAL SCALE THERE IS A HIGH INCREMENT STAGE OF 1400, THAT CAN BE BROKEN INTO 800+600 AND THE 600 CAN BE ADDED IN THE BEGINNING SCALE SO THAT ADDITIONAL BENEFIT OF 600 BASIC PLUS OTHER ALLOWANCES CAN REACH JUNIORS. STARTING SCALE OF 7000 WILL COME . SENIORS ARE NOT GOING TO LOOSE ANYTHING. ANYBODY WHO IS CLOSE TO THE TOP LEADERSHIP OR SOME SENIOR LEVEL WHO CAN INFLUENCE DECISION CAN SUGGEST THIS. SINCE THEY ARE DOING THE MERGING ON A MECHANICAL WAY NOBODY WILL THINK PARITY, BENEFIT TO JUNIOR ETC.
K BALASUBRAMANIAN
As stated earlier, it is more wise to be a class three employee in any state government rather than an officer inPSB. In today's news paper carries a news item stating that AP government is likely to increase their wages by 25-30%. Are we comparable to them in any manner.The police constable/elementary teacher gets a better pension than our officers. Congratulations to UFBU
Dear Madappa,
Please do not come into conclusion that resigned officers are not eligible for pension.MOU will not mention each and every detail. The government/IBA/UFBU will take care of the resigned officers also as resigned pension optees are getting pension why not resigned PF optees.
Anybody know what SBI employees are going to get from this Wage revision?
Dear Sudhakar,
With reference to your post December 4, 2009 7:40 AM , I like to inform you that as per service conditions persons resigned are not entitle for pension.No resigned pension optees are getting pension.Please throughly read Industrial level pension-1993/95 for Public Sector Bank Employees/Officers.You can also refer Swamy's pension rules and regulations of central goverment employees as reference, because Industrial level Bank pension based on the concept of central govt pension. Many pension optees in a wrong practice refer VRS etc as Resignation, because previously there was no pension scheme in most of the banks.Two years back one fellow, after completion of 26 years of his service tendered a resignation refering some clauses of pension regulation-1993/95, but central office asked him in writting, to apply for VRS in that clause instead of tendering resignation. So again he had to apply for VRS.So the words "resigned pension optees are getting pension" is technically seriously wrong as per Establishment rules.
whatever may be when will be new scale of pay will be implemented?
Is it after 90 days or once again there will be a meeting to finalise th issue? kindly please clarify Mr. balan!
There is one thing i want to get clarified,what about gratuity calculations! is it amened by G O I/M O F.
Mr.Balan has to reveal his views/comments on the following when he finds time at the instance of retired persons:
- Details of EXISTING SCHEME OF PENSION applicable to employees on service.
- Features of UNIQUE SCHEME OF PENSION (UNIQUE SOCIAL SECURITY BENEFIT) applicable to all retired persons as declared in the minutes of the MOU.
- Categories of retired employees coming under the perview of SECOND OPTION for Pension.
- Recovery of 30% of ADDITIONAL COST of Pension as claimed by the IBA in addition to returning of CPF of management contribution even from the RETIRED employees.
Sorry for disturbing you Sir.
SHANKAR SAID
PENSION OPTION MUST BE EXTENDED TO ALL THE ELIGIBLE EMPLOYEES WHO WERE IN SERVICE AS ON NOVEMBER 2007 AS SOME OF THE ELIGIBLE EMPLOYEES HAS LEFT THE SERVICES DUE TO VARIOUS PERSONAL EXIGENCIES. FOR INSTANCE , EMPLOYEES WHO HAVE LEFT THE BANKS PRESUMING THERE IS NO POSSIBILITY FOR SECOND OPTION HAS BEEN IGNORED. IMAGINE EMPLYEES WHO LEFT DUE TO FAMILY PROBLEMS AFTER PUTTING IN 25 TO 30 YEARS OF SERVICE WHO IS OTHER WISE ELIGIBLE FOR PENSION IS NOT INCLUDED IN THIS MOU THOUGH THEY WERE IN SERVICE OF THE BANK DURING THIS PERIOD AND WERE DEPRIVED FROM EXERCISING THIS OPTION. WHY ONLY RETIREES WHEN ALL SUCH EMPLOYEES WERE IN THE BANKS SERVICE AS ON NOVEMBER 2007. THEY WERE ALSO MEMBERS OF THESE UNIONS DURING THIS PERIOD. THOSE WHO HAVE LEFT THE SERVICE OF THE BANK DUE TO COMPELLING CIRCUMSTANCES AFTER PUTTING IN 25 TO 33 YEARS SERVICE DURING THE YEARS 2007, 2008 AND 2009 OCTOBER MUST BE ALLOWED PENSION OPTION., HOPE THE AWARD STAFF / OFFICER UNIONS WILL TAKE UP THIS IN THE GUIDELINES FOR PENSION REGULATION BEFORE IMPLEMENTING THE NEW SETTLEMENT
ELIGIBILITY OF PENSION AS PER PENSION REGULATION 1995 AND INTERPRETATIONS UNDER THE MOU SIGNED
APPLICABILITY
Pension regulation 1995 is applicable to all employees who are/were in the services of the bank on or after 01 January 1986.
QUALIFYING SERVICE
Minimum of 10 years of service in the bank as on the date of retirement for pension
Broken period
More than six months it shall be treated as full year less than six months will be ignored
FOREFEITURE SERVICE
RESIGNATION OR DISMISSAL OR REMOVAL OR TERMINATION OF AN EMPLOYEE FROM THE SERVICES OF THE BANK SHALL ENTAIL FOREFEITURE OF HIS ENTIRE PAST SERVICE AND CONSEQUENTLY SHALL NOT QUALIFY FOR PENSIONARY BENEFITS.
ELIGIBILITY
In other words the employee must retire from the services of the bank in any one of the following ways so as to make himself eligible for pension.
1.ATTAINING SUPER ANNUATION
SUPER ANNUATION PENSION
2. VOLUNATARY RETIREMENT (VRS)
Employees should have completed twenty years of qualifying service .In such cases the qualifying service of an employee shall be increased by a period not exceeding five years subject to the condition that the total qualifying service rendered by such an employee should not exceed 33 years and it does not take him beyond the date of superannuation.
NOTE : TO MAKE THE PERSONS ELIGIBLE FOR PENSION AMONG THE PENSION OPTEES UNDER VRS 2000 SCHEME IBA HAS AMENDED THE REGULATION WITH RETROSPECTIVE EFFECT TO MAKE THE QUALIFYING SERVICE UNDER VRS TO 15 YEARS.
TREATMENT TO VRS 2000 PENSION OPTEES: IBA after loosing the legal battle permitted member banks to notionally add 5 years of notional service for the purpose of calculating pension for 20 years and above. No five years addition for VRS 2000 15 to less than 20 years category who opted pension .IBA VIEWED THE SCHEME AS A SPECIAL CASE AND THEY HAVE NOT EXLPLICITLY STATED IN THE VRS CIRCULAR AND HENCE THE BENEFIT OF DOUBT AND AMBIQUITY WAS ALLOWED TO THE VRS RETIREES BY THE SUPREME COURT.
3. INVALID PENSION
Minimum ten years of service : FOR BODILY OR MENTAL INFIRMITY WHICH PERMANENTLY INCAPABLE OF HIM FOR THE SERVICE.
4. PREMATURE RETIREMENT PENSION
5 COMPULSORY RETIREMENT PENSION.
SO ALL THE EMPLOYEES WHO OPTED FOR PF OTHERWISE ELIGIBLE TO RETIRE UNDER PENSON REGULATION 1995 WILL BE GIVEN ANOTHER CHANCE TO OPT FOR PENSION.
SINCE COST SHARING AND QUANTUM OF ESTIMATE TO BE COVERED ARE TIKLISH ISSUES AND THEY THEMSELVES ARE IN CONFUSED STATE INSPITE OF FIGURES ARRIVED WHAT EVER WE DISCUSS MAY BE A WASTEFUL EXERCISE.
ONE THING IS CLEAR.
PENSION FOR THE RETIRED WILL BE PAID ONLY WITH PROSPECTIVE DATE. NO QUESTION OF INTREST EITHER AT THE SB RATE OR AT SIMPLE RATE OF 6% ON THE PF WITH INTREST RECIVED AT THE TIME OF RETIREMENT.
COMMUTAION WILL BE ALLOWED AND THE PF REPAYABLE WILL BE DEDUCTED FROM THAT AMOUNT.
15 YERS FOR RESTORATION ONLY FROM THE DATE OF COMMUATATION TO THE DISADVANTAGE OF THE OPTEES CONSIDERING THE AGE.
ALL EMPLOYEES TO SHARE THE BURDEN ARISING OUT OF THE INCREASE IN PROVISION BECAUSE OF WAGE REVISION.
PF OPTEES BOTH EXISTING AND RETIRED HAS TO SHARE THE NET ADDITIONAL COST ESTIMATED IE 1800 CRORES.
K BALASUBRAMANIAN
Pl clarify whether 5 years notional will be added for the people retired with service of 15 to less than 20 years. Mr. Balan wording on this is not clear.
Der sri murthy,
IBA HAS AMENDED THE PENSION REGULATION ACT 1995 WITH RETROSPECTIVE ACT TO MAKE MORE PERSONS ELIGIBLE UNDER VRS2000 SCHEME.IF THE VRS WAS UDNER VRS 2000 SCHEME THEN FIVE YEARS ADDITION MAY NOT BE THERE FOR 15 TO LESS THAN 20 YEARS CATEGORY .
SINCE THE AMENDMENT WAS IN THE REGULATION ITSELF THE FUTURE RETIREES AMONG THOSE OPTED FOR PENSION OR TO BE OPTED NOW MAY BE ALLOWED 5 YEARS WEIGHTAGE IF THEY SUBMIT VRS UNDER PENSION REGULATION 1995. ANYWAY BEFORE DOING ANY SUCH ACT THEIR INDIVIDUAL BANKS POSITION IN THIS REGARD SHOULD BE ASCERTAINED AS ALL THE PARTIES ARE NOT POSITIVELY INCLINED TO PASS ANY BENEFITS TO THE BANK EMPLOYEES. WE HAVE TO SEEK REMEDY ONLY FROM GOD FOR SUCH A FATE.
K BALASUBRAMANIAN
As per interpretation of Balan reg the Return of Bank's share of PF and also 30% by new pension optee to become eligible for pension now, seems not much beneficial since it is prospective.My understanding in clear cut terms as per respected balan's version,
suppose bank's share of pf is:4 lacs 30% load sharing i.e 1.2lacs,total 5.2lacs(No interest) to be paid back out of commutation allowed.if commutation amount is less than 5.2 lacs as in above example, he has to pay from his resources.Then he will be eligible for the pension now onwards with less pension i.e commuted portion.and also the restoration of full pension from the date of commutation.
I will be thankful if any learned member confirms or enlightens more on the topic.
Thanks Mr. Balan. One more thing, Pension means "pension paid from the date of retirement". Hence my contention that pension is always from the date of retirement and in this case also the same is applicable. One more pension option is given and it doesn't mean that pension will have new date and if so a lot of complication in calculation will arise. As you said God alone knows what is in store. Murthy
Second option for pension is to be effective from the date of retirement and if so, the pension is payable from the date of retirement and not prospective. When the entire PF amount is to be refunded together with 30% of the load amount, it is justified that the pension is payable to the retired employees from the date of retirement.
Dear Bank Pensioners
While searching on internet I could not find a group discussing
specific problems of bank pensioners. I have observed that many
pensioners are posting their views/ comments on other sites , as there
was no specific group/ blog site addressing to the specific needs of
bank pensioners. I could observe that many bank pensioners have access
to internet and do not find any difficulty in posting their comments/
posts on blog sites. Hence I felt that there is a need to form such a
group where bank pensioners can express their views, share their
knowledge and help each other and bank pensioner community.
This group is a forum for the retired psu bank pensioners for
sharing their common problems. There are many issues at individual
level pensioner, which can be raised here. The idea is to share and
exchange of knowledge of various pension rules, court judgements for
the benefit of all bank pensioners.
There are issues like second option of pension, neutralization
of D.A, Updation of pension etc. There may be many other issues on
which one can post a comment/ view and start discussion.
So join the group and tell your pensioner friends to join the
group. Visit the blog site bankpensioner(.)blogspot(.)com
Mr. Balan has written that even employees retired has to share in the 1800 crore load. I feel this is applicable only for those employees who have retired w.e.f 1.11.2007.
For all other pensioners the load has been arrived at 30% of Rs.3116 crores i.e Rs.945 crores.
Dear pradeep,
SINCE THERE IS NO PENSION UP DATION , THE EMPLOYEES RETIRED FROM 01.11.2007 WHO WILL BE COVERED BY PENSION ON NEW BASIC PAY ALONE HAS TO PAY FOR THE LOAD AND NOT OTHERS.
EVEN THOUGH PENSION IS FROM THE DATE OF RETIREMENT THERE IS A NEW CONCEPT IN THE BANKING INDUSTRY. MONETARY BENEFIT ONLY FROM THE PROSPECTIVE DATE. EVEN FOR VRS 2001 PENSION OPTEES RECTIFICATION OF ANOMALY IN BASIC FOR THE MERGER OF PAY AND DA IN VII TH BIPARTITE SETTLEMENT WAS ALLOWED ONLY FROM PROSPECTIVE DTAE DUE TO MONETARY CONSTRAINT. THAT WAS THE AGREEMENT . NOBODY HAS APPROACHED ANY COURT FOR REMEDIES.
K BALASUBRAMANIAN
Mr,Balan
Please specify how 137 slabs(2836 points)DA merger in current basic be a new basic? Please How can calculate? Some also Put new pay scales of clerks and officers in this blogs,Its wright or not?
Whether the newly joined POs in SBI are eligible for pension (third benefit) or not . Provident fund & gratuity is there.
As per MOU signed between UFBU and IBA all new employees joining the bank on or after 1-4-2010 are eligible for New Pension Scheme. So they are entitiled for Gratuity and Pension. Ofcourse SBI may strike a different deal with their management. We have to wait and see.
Now minutes/MOU has been signed and settlement will also signed,So,now disscution about good or not has no place.So,now say somthings for next revision and say about better nice pay scals and allownses etc...Good Luck. EVERY ......
Pension option also signed so now no disction has place.If anybudy has power to change it then try it.I think SBI pepole has some power and they will get more then other.Our unity(UFBU) is only face not reality of our stegnth.
DEAR SANJAY,
,
METHODOLOGY OF ARRIVING PAY SCALES
THE PRESENT STARTING BASIC PAY FOR OFFICERS
10000 WHICH CORRESPONDS TO 2288 POINTS OF CONSUMER PRICE INDEX.
UFBU AND IBA IN THEIR EARLIER MEET IDENTIFIED 2836 POINTS AS MERGER POINT. HENCE DA OF 137 SLABS IE (2836-2288)=548/4=137 WHICH IS EQUAL TO 2466. HENCE MERGED BASIC PLUS DA UPTO 2836 POINTS IS 12466 . IBA HAS AGREED A WAGE INCREASE OF 17.5%. IT HAS TO BEAPPORTIONED TO VARIOUS COMPONENTS LIKE BASIC , HRA , CCA ETC
SINCE OFFICERS ARE ENJOYING LEASE FACILITY THEY WILL NOT CONCENTRATE ON HRA . HENCE THEY WILL TRY TO LOAD MAXIMUM INCREASE IN THE BASIC. WE HAVE ASSUMED 12.5% INCREASE
HENCE REVISED PROJECTION BASIC STARTING WILL BE 12466*1.125 WHICH IS EQUAL TO 14024 ROUNDED OFF TO 14000. INCREMENT STARTING IS 560 SIMILAR;LY MERGER AND ADDING 12.5% WILL BE AROUND 700. IN THIS WAY FULL LENGTH OF THE PAY SCALE CAN BE CONSTRUCTED BY ANY BODY . IT IS THE INPUT FIGURES WHICH IS IMPORTANT. HRA CAN BE ASSUMED AT 10% ETC.
EVERYHING WAS ASSUMED ON A CONSERVATIVE BASIS AS NO ONE KNOWS HOW MUCH THEY ARE GOING TO TAKE FROM 17.5% FOR ICCREMENTAL COST ON PENSION.
THE SACLES I HAVE ALREADY PROJECTED.IN THE BLOG.
AS AGINST THE CENTRAL GOVERNMENT OFFICERS STARTING SALARY OF 34000 WE MAY END UP WITH 20000. THERE WILL BE DIFFERENCE OF 14000
THE GAP CAN NOT BE FILLED UP IF WE CONTINUE BIPARTITE TALKS LIKE THIS
REQUIREMENT IS A COMMITTEE TO GO INTO THE STRUCTURE OF PAY SCALES FOR THE ENTIRE FINANCIAL SECTOR EMPLOYEES VS CENTRAL GOVERNMENT VS PUBLIC SECTOR EMPLOYEES.TERMS OF REFERENCE SHOULD INCLUDE NATURE OF JOB RISK FACTOR WORKING HOURS ETC
ALL THE A NOMALIES TO BE RECTIFIED AND PARITY SHOULD BE SANCTIONED ATLEAST WITH EFFECT FROM 01.11.2012 THE DATE OF NEXT SETTLEMEMNT WITH OUT ANY NEGOTIATION
EITHER A FINANCIAL PAY COMMISSION OR THE FINANCIAL SECTOR SHOULD BE INCLUDED FOR WAGE DETERMINATION WHEN THE GOVERNMENT APPOINTS SEVENTH PAY COMMISSION WITH EFFECT FROM 01.01.2016.
ENTIRE FINANCIAL SECTOR WILL BECOME SICK BY THAT TIME FOR WHICH CENTRAL GOVERNMENT REPRESENTED BY MINISTRY OF FINANCE/IBA/ UFBU ARE JOINTLY AND SEVERALLY RESPONSIBLE.
K BALASUBRAMANIAN
LIVE CALCULATION FOR PENSION VRS PF OPTEES
I WAS A SCALE III SENIOR MANAGER AT THE TIME OF AVAILING VRS UNDER VRS 2000 SCHEME. I OPTED FOR PENSION.
SUPPOSE I OPTED FOR PF THE CALCULATION MAY BE AS FOLLOWS.
BANKS PF CONTRIBUTION ALONG WITH INTEREST =2.53 LAKHS
PENSION DURING 2001 ; 4978( AFTER COMMUTATION )INCLUDING DEARNESS RELIEF
PENSION AS ON NOVEMBER 2009 11100(AFTER COMMUTATION )INCLUDING DEARNESS RELIEF
PENSION
AVRAGE 10 MONTHS BASIC PLUS PQAPLUS BASIC PORTION OF FPA/2 *NO. OF YEARS OF SERVICE/33 IS 7014
I COMPLETED 25 YEARS OF SERVICE AT THE TIME OF VRS HENCE 5 YEARS WAS ADDED DUE TO THE COURTESY OF SUPREME COURT .
HENCE THE FACTOR IS 30/33.
COMMUTED VALUE
51 YEARS( AGE NEXT BIRTH DAY ) 12.95 YEARS PURCHASE
3.11 LAKHS
HYPOTHETICL CASE
PF AMOUNT TO BE SURRENDERED =2.53 LAKHS
COMMUTATION=AGE MY NEXT BIRTH DAY 60 FROM THE PENSION TABLE THE NUMBER OF YEARS PURCHASE TO BE TAKEN 10.12 YEARS
COMMUTATION AMOUNT=7014/3/10.12*12=2.77 LAKHS
COMMUTED VALUE IS HIGHER THAN PF CONTRIBUTION OUTSTANDING
SINCE ALL THE PF OPTEES TO BE OPTED FOR PENSION MUST HAVE REACHED THE MAXIMUM IN THEIR SCALE PENSION PAY AMOUNT AND THE COMMUTED VALUE WILL BE HIGHER .
1800 CRORES TO BE SHARED AMONG 3.2 LAKHS PF OPTEES INCLUDING RETIRED PF OPTEES. HENCE THE AVRAGE FIGURE IS 60000
IT MAY VARY FROM 60000 TO 80000 DEPENDING ON THE LENGTH OF SERVICE.
HENCE A SUM OF AROUND 80000 MAY BE REQUIRED TO BE SHELVED BY THE RETIREES WHO OPTED FOR PF . THIS MAY BE EQUAL TO SIX TO NINE MONTH TO ONE YEAR PENSION DEPENDING ON THE LEVEL .
WHATEVER THEY ARE GOING TO GET THERE AFTER IS AT THE COST OF THE BANK ONLY.
THE PROJECTION IS OPENLY AN IDEA AND NEED NOT REPRESENT THE COMPLICATED MOU FORMULA WHICH NO ONE KNOWS .
K BALASUBRAMANIAN
I am a promotee officer of Oriental Bank of Commerce, I want some clarification from all of you people regarding fitment from clerical to officer cadre. My bank is doing some mistake in fitment. The rules are as under:-
“If the promotee officer has passed CAIIB Part –I or both parts of CAIIB at the time of his promotion, notional basic pay will be arrived at after reducing the increments earned for passing CAIIB, from the clerical basic pay. He shall then be fitted in the officers' scale in accordance with the above table and appropriate one or two increments in the Officers' scale shall be added with basic pay so fixed. The date of increment will be determined as per (2) above, if after reduction of increments in the clerical scale, the basic pay falls in the lower clubbed stage. This adjustment, however, will not be made where the number of increments to be reduced is higher than the number of increments to be granted”
My bank is doing some mistake in fitment. They are reducing only two increments from clerical scale (instead of 3) and after arriving at officer scale they are adding two increments. Since they are reducing only 2 increments the whole reducing/adding exercise has no impact in the basic pay arrived in officer scale. They are continuing 3 increments for CAIIB to those employees how have passed CAIIB in clerical cadre. And those employees who complete CAIIB after promotion to officer cadre get only 2 increments (one each for JAIIB and CAIIB).
My problem is that as a result of bank’s this mistake my juniors are able to get basic pay equal to me which is not justified. My joining date to clerical cadre is 19.02.1994 and I got promoted to officer cadre JMG-1 on 01-11-2005 and my present basic pay in JMG-1 is 15440/-. I am a post graduate and I did JAIIB in clerical cadre and CAIIB after promotion to officer cadre. You will wonder that my fellow employee who joined bank in clerical cadre after 18 months of my joining and became officer 4 years after my promotion (joined bank as clerk on 01.10.1995 and promoted to officer cadre on 01-12-2009) is able to get basic pay same as my basic pay. The reason is banks wrong fitment formula. We both have same educational qualification.
Is it justified to me ? Is my bank not doing any mistake ? What is the practice in other banks ? I have read the fitment circular of so many banks all are word to word same.
Message Received to our Bank Leader from UFBU Convenor CHV 2day 7.30 p.m. IBA has fixed meeting with UFBU on 9-12-2009 at 2.30 p.m. This will be followed by a Sub-committee meeting on 10-12-2009between IBA Sub-comittee and Workmen Union and Officers' Assn. accordingly. Do not get mood out with Scales of Pay projected on the net. We will get better scales and HRA as full 17.5% is taken for wage fitment. It includes BPAY, Stagn Inc, Spl Pay, FPA, DA, HRA, CCA, OA and naturally 10% of PF. The amount available for this loading will be 17.5% - 4816 crores (2577 + 2339) less amount allotted to Contribution towards Gratuity, Leave Salary, Medical Benefits and Minor items. From the working available with leaders a major chunck of 15% out of 17.5% is available for Pay structure. Our Contribution towards Pension Fund 1800 crores / 3.2 lakh average is 56250. But from Parttime sweeper to SCA It ranges from 12000 to 60000 pm ie., 500 to 2250 pm recovery from arrears for 27 months and for Officers 1000 to 3000 pm recovery for 27 months. With ref to staff strength of banks agreeing for this settlement are 47 banks. From the total arrears of 4816 + 4816 + 1204 crores for 27 months arrears it is learnt Fin Min advised for early signing and payment of arrears by February, 10 so ITax TDS amounts to Rs.1750 to 2000 crores - back to Govt. Steps are being taken by UFBU to NET the amount for RETIREES who would opt for ONE more OPTION as majority do not ready money on hand. Only book entry. I will release the tables shortly after the 2nd meeting to be more realistic.
Govt has paid us more than what is expected. Only our leaders sidelined all the money in the name of Pension.
2007-08 Arrears 4816 crores
2008-09 Arrears 4816 crores
2009-10 Arrears 1204 crores
Bank Contribution
to Pension fund for
existing employees 4200 crores
For Retired emp. 2700 crores
No time in India, to any sector, whether Pvt or Public or Govt. this much money is paid to employees that too with 15 years dating back pension benefits.
Let us see How Nadaf the Double game man of AIBOC is going to make a Havoc on the above. SBI Tripartriate Meetings SBI Clerical, Officers, Management Meeting on 7-12-2009. They are pleading with Mr.Bhat to direct IBA to pay them Extra than Others by a separate settlement with SBI, besides 17.5%. (Note I gave a caution notice 1 week before MOU that NCBE will not participate)
I have my analysis & tables in Excel. I am unable to cut & past it. can any body give their bank officer strength From JMG I to GM level. I need for cross verification.
WHAT IS THE LIFE TIME EXPECTANCY OF A RETIREE AFTER RETIREMENT AT THE AGE OF 60 ? AS SUCH IT WILL BE AN INJUSTICE, IF IBA/UFBU/CENTRAL GOVT. DENY THEM PENSION BENEFITS FROM THEIR DATE OF RETIREMENT AS THE RETIREES NEED GREAT HELP FROM BANKS WHERE THEY REALLY CONTRIBUTED TO GROWTH OF THE BANKS.IF THE PENSION PAYMENT IS PROSPECTIVE THERE WON'T ANY BEEFIT TO THE RETIREES BY OPTING PENSION AFTER REPAYING BANKS CONTRIBUTION AND INTEREST. AS YOU ALL KNOW, MOST RETIREES' SUBSTANTIAL LIFE TIME AFTER RETIREMENT DATE, HAS ALREADY BEEN OVER FROM THE DATE OF RETIREMENT.
COMPARE THEIR BENEFITS WITH THAT OF EXISTING PF OPTEES WHO ARE IN SERVICE !! CERTAINLY, THE EXISTING PF OPTEES WHO ARE NOW IN SERVICE ARE NOT GOING TO LOOSE ANYTHING.
SO,SHOULDN'T ALL CONCERNED WITH DRAWING UP THE FINAL PENSION RE-OPTION AGREEMENT CONSIDER THIS VITAL ASPECT OF ALLOWING PENSION BENEFITS RETROSPECTIVELY FROM THE DATE OF RETIREMENT AND NOT PROSPECTIVE.
THIS WILL EVENTUALLY AVOID A LEGAL BATTLE BY RETIREES.THEREFORE, THIS PENSION RE-OPTION NOW SECURED SHOULD BE AT PAR WITH EXISTING PENSION EFFECTIVE 1986 AND RESTROSPECTIVE.
INCREASING THE SHARING THE COST OF PENSION EFFECTIVE FROM THE CURRENT SETTLEMENT EFFECTIVE DATE 11.01.2007 IS JUSTIFIABLE IN THE CASE EXISTING EMPLOYEES AS THE MANAGEMENTS IS OFFERING 17.5% INCREASE.
ALSO THE CONTENTIONS BY THE CURRENT PENSION OPTEES THAT THEY ARE SACRIFICING SOME THING FROM THEIR PORTION TO PF OPTEES NOW IS ALSO ABSURD AS PF OPTEES WERE ALSO SACRIFICING THEIR SHARE TO PENSION FUND IN ALL THE PREVIOUS SETTLEMENTS. SO,DEAR EXISTING EMPLOYEES, PLEASE DON'T CLOSE YOUR EYES TO FACTS AND FIGURES.
POTHEN K.P, SENIOR MANAGER TOOK VRS FROM FEDERAL BANK
Qne thing I could not understand here IBA is kind enough to accept for the second option ..ok ..Thanks a lot and also allowed to contribute bank's share of PF and 30%load from the proceeds of wage revision/commutation.From one side pension option is sanctioned and from the other hand forcing to commutation for the recovery of bank's share of pension and for 30%load.Ultimately it is resulting to receive reduced pension.Very few will be there who can pay of the bank's share n 30% load from his own resourses with out opting for commutation.Here the situation is the member is put in a tight corner to commute.Had it been the method that the caluculation of pension payable from the date of retirement to this date and the amounts recoverable be the from the arrears of pension payable, then the situation will be different.Still if ther is short fall, the member should pay from his own resourses or opt for commutation.In my opinion, this is justified.This is the method / talk that was going on here and there and also it is said that Interest will be charged on Banks share of PF that is to be returned..Otherwise what happens ,full pension is not to enjoy, only pension after commutation only.The benifit of commutation is grabbed.
Thank you Swami for the information. I need one clarification. Please clarify in the interest of blog members that whether VRS optees are brought under retirees.
DEAR PARAMESWARAN,
PLEASE REFER MY POSTING IN THE BLOG ABOUT PENSION REGULAION AND MOU IN A NUT SHELL.
ANYBODY WHO IS RETIRING AS PER THE PENSION REGULATION 1995 ARE ELIGIBLE TO RECEIVE PENSION, VRS IS DEFINITELY COVERED . NO DOUBT AND NO NEED FOR ANXIETY IN THIS AREA. IT IS ONLY RESIGNATION THAT IS NOT COVERED UNDER NORMAL CIRCUMSTANCES.
K BALASUBRAMANIAN
Thank you Balan for the clarification. Still there are some rumours going round that VRS optees are not entitiled for exercising the option. VRS optees are very much anxious to know about their coverage.
Dear Balan Sir,
Kindly advise me for opting for pension. I am working as officer MMGS-II with a basic of 21660/-wef 01/12/2009. My Bank PF Contribution Balance as on date is around Rs.5 lacs.And I will retire in March 2019. Please advise me whether to continue in existing PF scheme or to exercise option for Pension. By continuing in the PF scheme I may get around Rs.20 lacs at the time of retirement. Which is beneficial?
I have a doubt whether all retirees are covered when it is said that only 60000 retirees are covered from the year 1995. I feel that this will take care of only superannuated retirees.
Then from the blog I understand that pension regulation for employees will not be followed in toto and the negotiation between IBA and UFBU will not be I feel strictly according to these regulations. The very fact that pension is going to be from a prospective date itself is not according to the pension regulation.
What about updation of pension.I feel this also should be discussed by UFBU with IBA nowitself and get their clearance and modalities worked out. This will be highly beneficial both for the present working employees and retirees.
The number may be correct. I used to see the ex exmplyees list every month when I was working in Canara Bank. That contains only two to three PF optees who took VRS on an average. In that case for 47 member banks the number 60000 may be correct.
As per MOU data ,the 30% of the employee share to the pension fund gap comes to the following :
for existing employees as on the date of full settlement/ Joint Note to be signed with in the coming 90 days from the present MOU === equivalent of 10.47% of the Bank's PF contribution in individual's account
for retired employees (even those retired till the date of full settlement/Joint Note) === equivalent of 56.40 % of the bank's PF contribution received by the employee at the time of retirement, of course , which is in addition to the refund of entire bank's contribution of PF
This is despite the fact that the Actuaries have arrived at the fund gap taking the reference date as 31.03.2008 , for both the total PF balance available with banks and the serving employees as on that date, which no doubt is not justified and requires rectification during the joint sittings of Small Committees of IBA/UFBU
Let us hope UFBU will take up the issue in the right earnest to set right the anamoly and restore the date for consideration of existing employees to 31.03.2008
to 31.03.2008
For the benefit of all concerned, I reproduce below the exact words of minutes signed by all concerned on 2nd option of pension:-
For Existing employees:- The gap in the Pension Fund identified (Rs.6001.80 crores) is agreed to be shared between the parties asunder:- a) 70% (Rs.4201.26 crores) by the banks. (b) 30% (Rs.1800.54 crores) by all the employees who are in service of the banks as on the date of the Memorandum of Settlement/Joint Note to be signed between the prties in this regard. This amount will be recovered from the arrears payable on wage revision.
FOR RETIRED EMPLOYEES:- Those employees who were in the service of the bank as on 29.09.1995/26.03.1996 who were eligible but, did not opt for pension and retired thereafter shall also be extended the option for joining the Pension Scheme. Towards joining the Pension scheme, they will (a) Refund the bank's contribution to the Provident Fund with interest thereoff received by them at the time of retirement. (b) Contribute to the Pension Fund their share of 30% of the gp in the Pension Fund identified (Rs.934.95 crores).
Now it is clear that there are two sets of amounts i.e. Rs.1800.54 crores and Rs.934.95 crores to be sacrificed by existing employees and non-optee retired employees respectively. It has rendered a great injustice to existing employees who who judiciously opted for pension in as much as the retired pension optees including the those who are yet to retire (and will retire till the date of signing of the agreement)need not cough out any money at all towards the pension actuary! However those who are retiring now and retired after 1.11.2007 will get pensionary benefits on new wage and also get arrears! without any incidence of sacrifice. Why this anomoly? In case of non-optees, there may still be some people who would not like to opt for pension again! Going by the minutes, they are not slated to be spared from contributing towards Rs.1800 crores. How will this situation be handled.
In case of Retired employees, they are rightfully expecting commutation with pension from their date of retirement where they would get a bettter commutation amount by virtue of better commutatoin factor and would get the full pension resumed earlier when compared to prospective effect. But going by the past trend on matters relating to removal of anomoly in fitment and all HR matters in banking industry, I am also apprehensive that they may get a prospecctive implementation only. However, all living retirees would atleast get justice. What about the deceased retirees' families? Why not the spouse of the deceased retiree be given a humanitarian chance?
Sorry Dear Comrades, as it was 10.30 pm I had to correct some details posted. The total strength of Sub Staff, Clerical and Officers as on 31.3.2007 is around 7.55 lacs of which SBI employees are alone 1.85 lacs. Balance 5.70 lacs employees. Of which the PF optees are 3.2 lakh employees. However, both Pension and PF optees have to share the 1800 pension corpus the average 27 months recovery from arrears for Sweepers 13500 to Officers 54000.
For Parameswaran: As read in Pension Circular 1995 and VRS 2000 Circular. All Persons retired from 1995 from dt of pension implementation are eligible to give one more option for pension and are eligible to get arrears of 14 years as per their Pay Last Drawn at the time of Retirement / repsective payscale of wage revision + DA. 1992-97 (6th), 97-2002 (7th) 2002-07 (8th) and now 2007-12 (9th) accordingly.
VRS 2000 states an employee who have completed 15 years of service or 40 years of age are eligible for VRS. So Persons who went on VRS between 15 - 19 years of service with PF option can once again give option for Pension and get 9 years of arrears of pension. The only drawback as per rules is they are not eligible for +5 yrs weightage. those who have completed 20 years on VRS are elgiible for 5 years weightage. Comrades need not get doubt on this. I am a sub committee member in my bank level.
We all will get better pay scales. But arrears as not as expected because of Pension fund contribution and Incometax TDS.
Our March Salary will be new salary.
If the Jan 2009 understanding with IBA on merger of DA at 2836 points / 137 slabs is reconfirmed on 10-12-2009, then the future DA slab rate is 0.15% only and not 0.14% - Be sure.
I have recommended forgoing CCA of 4% and 3% respectively and to add the same under HRA as 12%, 10% and 8% as 150% would be 18, 15 and 12 as all will get the benefit including staff of Rural areas + Self Leasing of Quarters as available in SBI - which AIBEA / AIBOA is strongly advocating for implementation
TO Mr. Iyer: Now it is clear that there are two sets of amounts i.e. Rs.1800.54 crores and Rs.934.95 crores to be sacrificed by existing employees and non-optee retired employees respectively. Dear Comrade, for the 935 crores corpus for Retires, the amount will be borne by 65000 Retirees only and not us. We need not give any paise from our Living Wages.
Kindly satsify my query regarding fitment on promotion from clerical to officer cadre.
I am a promotee officer of Oriental Bank of Commerce, I want some clarification from all of you people regarding fitment from clerical to officer cadre. My bank is doing some mistake in fitment. The rules are as under:-
“If the promotee officer has passed CAIIB Part –I or both parts of CAIIB at the time of his promotion, notional basic pay will be arrived at after reducing the increments earned for passing CAIIB, from the clerical basic pay. He shall then be fitted in the officers' scale in accordance with the above table and appropriate one or two increments in the Officers' scale shall be added with basic pay so fixed. The date of increment will be determined as per (2) above, if after reduction of increments in the clerical scale, the basic pay falls in the lower clubbed stage. This adjustment, however, will not be made where the number of increments to be reduced is higher than the number of increments to be granted”
My bank is doing some mistake in fitment. They are reducing only two increments from clerical scale (instead of 3) and after arriving at officer scale they are adding two increments. Since they are reducing only 2 increments the whole reducing/adding exercise has no impact in the basic pay arrived in officer scale. They are continuing 3 increments for CAIIB to those employees how have passed CAIIB in clerical cadre. And those employees who complete CAIIB after promotion to officer cadre get only 2 increments (one each for JAIIB and CAIIB).
My problem is that as a result of bank’s this mistake my juniors are able to get basic pay equal to me which is not justified. My joining date to clerical cadre is 19.02.1994 and I got promoted to officer cadre JMG-1 on 01-11-2005 and my present basic pay in JMG-1 is 15440/-. I am a post graduate and I did JAIIB in clerical cadre and CAIIB after promotion to officer cadre. You will wonder that my fellow employee who joined bank in clerical cadre after 18 months of my joining and became officer 4 years after my promotion (joined bank as clerk on 01.10.1995 and promoted to officer cadre on 01-12-2009) is able to get basic pay same as my basic pay. The reason is banks wrong fitment formula. We both have same educational qualification.
Is it justified to me ? Is my bank not doing any mistake ? What is the practice in other banks ? I have read the fitment circular of so many banks all are word to word same
Dear Mr Swami i am giving officers strenght at Bank of baroda as required by you
Toatl - 14375, JM I - 5569
JM II - 5338 MM III - 2310
SM IV - 841 SM V - 197
TMG VI - 91 TG VII - 29
My dear Swami,
Please read the following and enlighten us (SBI Staff).
Link:
http://aisbof.org/rece/CIRCULAR-%20No-150-09.doc
Thanks,
mohanlal52
Thanks a lot ,Swamy.All my doubts reg effective pension date whether it is prospective or retrospective are cleared.As you mentioned, since you are a sub committee member ,I hope your info is very much authentic and hope the final out come will be as you posted . Thanking you once again
Gopal,2000 VRS optee officer from BOB
Dear Chandan,
I am a retired officer of SBI and use to serf banking sites regularly to update my knowledge on the matters of wage/pension/gratuity etc.revision.Of late,after 27th MOU and sbi's back out,I observe that you have become very much vociferous against the cause of the SBI.While no power under the sun can prevent you from making and realising your legitimate demands from your respective organization,vying what others are enjoying and poking nose in others' affairs is unbecoming of a stalwart comrade of your stature.If you wish to compare, compare with RBI/GOI/PSU and Salbani why with SBI.
I wish to tell you a small tale which runs as under:-
In a remote Indian sea-side village, there lived a poor old man with his family consisting the old couple,their seven sons and as many number of grandsons.The old man had a small quantity of farm land and the meager quantum of agri-produce was barely catering to the family needs for half of the year. Therefore, the family used to remain half fed throughout the year and was in abject poverty.One day,the old man summoned all the family members and said,look, I am much perturbed with the poor pecuniary family condition of ours and can bear the plight anymore,so I have a plan before you,he said.From tomorrow morning all of us shall gather at the sea-shore and unitedly start draining the sea water and make the sea dry so as to collect the wealth hidden in it and do away with our poverty once for all.Needless to mention, every body obeyed his diktats and from the next day morning the whole family start their endeavor jointly to dry the sea.They continued their pursuit day in and day out sans food, drink and rest.Seven days passed by.On the eighth day morning,God Kuver,the king of wealth appeared before them and offered them huge quantity of wealth and desisted them from their endeavor of drying the sea. Thereafter, the family became most affluent family in the village and lived in peace. Now the villagers came to know of the reasons for the prosperity of the poor family and resorted to the same act of drying the sea. They toiled and toiled, days after days passed by but Kuverjee never appeared before them. This act of partiality came to the knowledge of Maa Parvati and she summed Kuverjee instantly and wanted to know the reason for helping the poor family in one hand and denying the benefits to the villagers on the other, while the endeavor and aim of family and villagers remaining the same and whether He was really afraid of the poor family being capable of draining the sea dry. Obeying the orders of Maa Parvati ,Kuverjee explained with folded hands. He replied that it was not humanly possible to drain the sea.But looking at the determination of the family and their combined obedience to their guardian( Head of the family)I construed that the whole family might die in their pursuit than abandoned it and I was compelled to bow down before their firm commitment and determination.On the other hand the villagers had several guardians and lacking in determination.They hail from different families and have gathered to satiate their greed They will not withstand the ordeal for long and will disperse within no time as they do not belong to one family and do not pledge allegiance to one guardian and it exactly happened that after a few days of halfhearted approach, the villagers dispersed in different directions.
Now Chandanjee, do not take umbrage of my advice endeavor for betterment. Thinking you.
Sanatan Jena
SBI(Retd)Bhubaneswar
By going through this forum it is presumed that most of the writers are expressing their vies without thoroughly going through the past wage settlements circulars, MOUs, Pension Regulation Act,Industrial dispute act,Charter of demands of UFBU ,Court judgements etc.As a result lots of confusion is created. Any wage settlement is not for the benefit of one person.It is for all the persons who worked/working/joining in future.A person who has served the industry for more than 35 to 42years has every right to demand his share.If IBA or Unions or Managements have committed some mistakes the employee is not at all responsible and the IBA/Managements/Unions have to rectify the same whatever may be the cost.Judgement of the Mumbai High Court giving strictures against Mumbai Electricity Company that "a pensioner is not a begger to bow his head before the existing employees" to get his/her pension should be an eye opener to all managements.It has also said that it is the duty of the company to make necessary provision for payment of pension to the retirees and pensioners should never be deprived of their legitemate right.Incurring loss by the company has not been accepted as a valid reason for delayed payment of pension by the Hogh Court in the instant case.Creating required corpus fund is the duty of the managements and employees are in no way connected with it.In banking industry if an employuee has not opted for pension earlier it is because of the threat by IBA that an employee participating in strike would loose his pnsion. After removal of this clause IBA should have offerred one more option to every employee on its own and in the absence of the same every employee had every right to demand for one more pension option which is extended now after 15years of struggle. Before commenting about pension if the past history is studied thoroughly there is no scope for any doubt.As per law,every employee is eligible for pension from the date of leaving the service except where past service of an employee is forefeited by the managements.
AFTER SERVING THE BANK FOR 32 YEARS I GOT MY RETIREMENT DURING OCTOBER 2004 UNDER THE PENSION REGULATIONS OF 1995.IN SCALE III MY PAY AT THE TIME OF RETIREMENT WAS BASIC 15380 FPA 385 AND PQA 360 AS PER VII BIPARTITE.ON COMMUTING ONE THIRD PENSION I RECEIVED A SUM OF 3 LACS PLUS A MONTHLY PENSION OF 7500.SUBSEQUENT TO SIGNING OF VIII TH BIPARTITE SETTELEMT DURING 2005, I GOT MY SALARY REVISED AND ARREARS PAID WEF NOVEMEBR 2002 TO SEPTEMBER 2004.DUE TO RESTICTIONS IMPOSED BOTH ON ARREARS OF PENSION AND COMMUTATION FOR THE PREOID FROM 01.04.1998 TO 30.04 2005(85 months) ON ACCOUNT OF SALARY REVISIONS I COULD NOT GET PENSION ARREARS FOR 7 MONTHS THAT IS FROM OCT 2004 TO APRIL 2005.I INCURRRED A LOSS OF 23000 DUE TO THIS.FURTHER AS COMMUTATION ON NEW PAY SCALE WAS MADE AVAILABLE ONLY TO PERSONS RETIRING AFTER 01.05.2005 A SUM OF 2,OO,OOO WAS DEPRIVED TO ME.PLEASE IMAGINE THE LOSS TO A RETIREE AS EARLY AS NOV 2002.HE LOST PENSION ARREARS FOR 30 MONTHS.THIS IS NOT FICTION.THIS IS REALITY.IT HAD HAPPENED NOT LONG AGO.IT WAS WITNESSED DURING VIII BIPARTITE SETTELEMT SIGNED JUST 4 YEARS AGO IN 2005.HENCE I AM OF THE VIEW THAT THERE MAY BE FEW SHOCKS LIKE THE ABOVE BOTH FOR EXISTING AND RETIRED EMPLOYEES THIS TIME ALSO.I FULLY AGREE WITH THE VIEW OF MR.K.BALASUBRAMANIAN SIR THAT SEVERAL BENEFITS MAY BE IMPLEMENTED WITH PROSPECTIVE EFFECT IN THE NAME OF CURTAILMENT OF EXPENDITURE SPECIALLY FOR RETIREES.-R.JAYARAM
oh......nobody is interested in solving my problem....ok ! All Respected people it will take your few minutes only please......!
Dear Comrade Surendra - BOB, thank u for the kind data. The data of staff strength published by RBI for BOB under officers for 31.3.07 is 13636 and 31.3.08 is 13887. This is compiled by them from the branchwise BSR return. But the data from PF deduction alone give total staff strength but will not have break up of Cadrewise hence IBA rely on this. Also person under Suspension, Sabatical are not covered under PF data. Thank U so much for responding.
Regarding Shyam Singh of OBC, under clerical to Officer fitment, if a person is CAIIB, 3 increments to be reduced and fitment to be made by 2 increments while fixing the Officer Pay. This is what exact IBA guideline. But when a person reached maximum and drawing Stagn inc and PQP how to do ? Hence IBA allowed each bank to enter into settlement under a guideline. This type of mistake is happening in many banks.
Regarding com. mohanlal, aisbof website is visited daily. The statement of aisbof and staff federation that out of 17.5% - 4816 crores if 1800 crores is repaid roughly 1800/275=6.5% we get only 11% increase is a false propoganda done by them in order to get more. Full 17.5% is taken for wage and other increase and 1800 crores is shared by all others other than SBI employees because they are not goverened by our Pension Regulation. It is also true that when we all give 1800 cores govt give 4200 crores. Like this SBI wants something extra that we will not give anything u govt give something like 4800 crores.
7th Dec SBI Tripatriate Meeting
9th Dec IBA UFBU Meeting
10th Dec IBA / UFBU Sub committee meeting. Let us wait what happen.
SBI employees at every phase after 8th Bipartite got many benefits.
Career Progression Programme: Increase of Special Allowance than all others with addl responsibilities. SCA in all banks paid 1600 with passing powers upto 35000/- In SBI a spl settlement reached 6 months ago SCA with (- years) service All Rs.3500 pm with high passing powers and increased 1 hour working. Officers of SBI are eligible for SELF LEASING OF QUARTERS and not others. With every merger they get something extra not told to the Paper and agree mergers. SBI Pension Fund is 200 years old and their corpus is big from the date of Imperial Bank of India with spl provisions from the constitution. but we have nothing like that. Let them get anything better but not at our cost of joint fight. How NCBE and AIBOC who have not signed for SBI can fairly talk for other banks affiliated to them. Bank of Baroda, IOB and few other banks, it seems NCBE, AIBOC affiliated.
All others under NATIONAL FORUM OF BANK UNION - recently floated.
Dear Shyam...You are just unhappy as because ur friend is getting benefits like you...but least interested in what you are getting...
Thanks to the dynamic leaders , we have ,at last, got a peanuts increase in our salaries. Post bipartite , our DA is most likely to be fixed at 0.14% or 0.15%.So we will get less DA increase in percentage terms every quarter post bipartite(from 0.18 % to 0.14% or 0.15%). Again our Da is calculted on CPI with base year taken as 1960 where as for all the orher sectors the base year is taken as 2001.Morever,experience suggests,the wage increase wont be uniform across all levels. The senior employees will get around 30% hike (despite the fact that they are already overpaid and thir motivaton level is very low at this point of their career) wheare as a new comer will at best get 7-8% increase(when he is motivated , eager and a keen learner). And this despite the fact that the entry level salaries in banks is pathetic. This can happen only in banks where u botch a wage revision for pension revision. Where will the talent come from? How can one remain motivated???
@SWAMI
Sir self leasing is STILL NOT allowed in SBI. I dont know where from u got this information. Morever as regards wage, we have industry level settlements and collective bargaining but no such rstrictions are placed on perks and perquisties. The unions of other banks are also free to negotiate for the same with their respective management.
No it is not so... I just want to know that whose fitment is wrong his or mine. How can it be correct that a person who joined 20 months after me and become officer 4 years after me....having same qualification can get same basic pay as mine...My 20 Months seniority in clerical and 4 years seniority in officer cadre has now value !!??
With ref to Mr Sanatan Jena
SBI(Retd)Bhubaneswar,December 6, 2009 8:26 PM posted here, out of 125 comments posted till now, it is quite difficult to understand why he has posted such a "BED-TIME STORY" for me, because here I have not written anything on SBI except one small post on G.D.Nadaf GS AIBOC/AISBOF.His post should have been posted at the next news item of this blog "(Saturday, November 28, 2009)SBI officers threaten to go on strike " as I have posted there a lengthy comment (November 29, 2009 10:06 PM), a reply to Mr Kumar. Ofcourse, I respect one's love & affection for one's organisation. But I can say to Mr Jena, that none of the other organisations that he mentioned, are the direct parties to UBFU or Nineth BPS.If SBI & its employees are thinking different and are not happy, then why don't they go for a separate settlement like RBI/NABARD, LIC etc and other financial organisations? But sitting with others (Nationalised Banks)in BPS only for geting/collecting a bench mark for further separate wage-hike is in no way appreciable.
WHETHER THE 30% GAP TO BE SHARED BY THE EXISTING PF OPTEES ONLY OR ALL THE EXISTING EMPLOYEES INCLUDING THE PENSION OPTEES?
THE GAP ARRIVED MUST BE THE TOTAL GAP OF THE TOTAL PENSION FUND INCLUDING THAT OF EXISTING PENSION OPTEES. IF THE 30% GAP OF THE TOTAL PRNSION FUND IS TO BE SHARED BY THE EXISTING PF OPTEES ALONE AND NOT BY THE PENSION OPTEES THEN THE PF OPTEES WILL BE AT DISADVANTAGE.
MADAPPA
Right from the pension settlement all bipartite settlements are agreed to the disadvantage of PF optees. Only thing it has come to street now.
Dear Sirs, Everybody is discussing about wage revision and fixation of salary but not the option for Pension. Our leaders atlast got the 2nd option for pension. I request all the comrades to give their valuable suggestions regarding opting for pension or to continue in the existing PF scheme.Because already we made a mistake in extending a Pension option earlier. Now that mistake should not be repeated. Hence I request eminent personolities in this blog, to suggest for Continuation of PF or opting for Pension at present. Please advise the comrades in a suitable manner.
Dear Mr sai,.
After seeing all the letters/observations on pension option, how come still you are having doubt about the option. If you do not opt for pension now, possibly nobody will fight for you for third option. Make your own calculations and opt for pension without any delay
It took 15 years for the mightly unions to rectify the mistake. So all should opt for pension without any calculation. Those who have served less than 20 years and they want to leave before 20 years of service they can opt for PF.
I retired as a Scale-III Senior manager with a Basic of 15,000 under VRS-2000 after serving the bank for 26 years.
Can anyone tell me, what will be the approx. pension I can expect monthly?
Thanks
Dear All,
Please tell me about compassionate appointment.My husband expired last year. Iam vigirously waiting for that.Did IBA accepted or not?
Mr Nishant has probably come to hasty conclusions on DA formula and base year. DA at 0.15% per slab will get you more amount in absolute terms on new basic than at 0.18% on existing wage,for, whereas it comes to 0.141% on conversion, it is negotiated at 0.15% per slab. Hence, your assumption is wrong. Base year 1960=100 is not doing any injustice to anybody. While the Government is only releasing 2001 series, 1960 base is arrived at by multiplying it by the factor 22.8259 ( i.e. 4.63 for 1982 base and then by 4.93 for 1960 base). Even if these things are changed to new series, no notable benefit is to accrue.
As regards his allegation on seniors grabing lion's share out of wage increase, he should know it is done to effectively factoring experience, shouldering higher responsibilities with added vulnerability as also a sort of retention allowance. New comers require atleast two to three years to understand the entire gamut of banking. Recently, our bank promoted probationary officers with only two years experience to MM II and when they wanted to post them as No.1 many were not ready to go and a few who accepted the responsibilities are struggling to cope with the pressure. Banking is not a BPO company to do repetitive job all the day and the year so that initial perks can be made attractive. New comers are embedded with so many opportunities these days in banking industry. You get addtional increments and/or weightage on promotions when you pass professional courses like JAIIB, CAIIB, CA and ICWA. You can prepare yourself for a definite carreer progression over a definite period of time. Above all you are assured of immense job protection, excellant terminal benefits and love and affection from the customers. Your hatred towards your seniors is unfortunate.
The so called Lehman Brothers and other new generation banks like the erstwhile GTB etc., and other software companies always show the doors the moment they sense insecurity for themselves. However, PSB banks protected their employees even through out the phase of turbulent years and in turn the employees also sacrificed their promotions and even monetary benefits to bring the banks back to glory!. Hence it requires a sort of 'Bhandan' and not the kind of today's generation attitude of deserting the institution or exiting the work force like chat mangni fhat shadi and immediate divorce!
Please cultivate a habit to stay cool, become deserving to get things! do not be self-centred!
Madam Usharani,
Unfortunately the issue of compassionate appointment is still hanging fire. The government is yet to clear the formula agreed by the IBA and Unions. Please wait for some more time.
Dear Iyer Sir
Thank you. The bank management sanctioned compensation to me. But I did not take the amount. Waiting for appointment is good or waste of time . Please give me sugestion.
Dear Madam Usharaniji,
You have been waiting for over a year. Please wait for a few more months. Things will be clear soon. I think it is worth waiting. One more thing. Please consult the Union leaders of your bank. In our bank some beneficiaries have accepted the compensation on assurance by union people that they will get a chance of employment on paying back the money - as the blockade is there since quite a long time. Please take an informed decision.
Seniors are getting more than juniors.Surely.Some senior incompetant officers here and there can not be compared with other equally competant officers who are bringing profit to the banks.Pay scales are not fixed based on the performance of one officer.Managements are there to look into such aspects and not the subordinate employees.IBA and unions are rightly negotiating in this aspect.We can see several new branch heads reluctant to sanction loans to deserving needy persons thinking that it will come to their head if the loan goes bad or if the party fails to repay loans.How can banking industry survive if loans are not given and at least CD ratio is more than 60% and interest spread is meagre. Running a branch profitably with the available infracture and limited staff is not a joke.Only when one assumes that charge knows about the difficulty.This is evident because erstwhile juniors who were arguing agaist seniors are mum when they become seniors. Is it not ridiculous?
Mr.Balan, Please give your opinion the below question
I retired as a Scale-III Senior manager with a Basic of 15,000 under VRS-2000 after serving the bank for 26 years.
Can anyone tell me, what will be the approx. pension I can expect monthly?
Thanks
DEAR SRI NAREN,
I ALREADY POSTED THE LIVE CALCULATION ON PENSION IN THE SAME HEADING. I ALSO TOOK VRS AS A SCALE III MANAGER WITH BASIC OF 15000 WITH 25 YEAR SOF SERVICE.PENSION OPTED.NOW I AM DRAWING A PENSION OF 11000 AFTER COMMUTATION OF 2350 ( NOTIONAL BASIC IS 7000.)FACTOR FOR ME IS 30/33 FOR YOU IT WILL BE 26+5=31/33YOU WILL DRAW A PENSION OF AROUND 11300 AFTER COMMUTATION. COMMUTATION AND ADJUSTMENT OF PF PROSPECTIVE OR RETROSPECTIVE ARE YET TO BE DECIDED. SINCE MOU IS SILENT ON INTEREST ON THE BANK CONTRIBUITORY PORTION OF PF AMOUNT RECEIVED FROM THE BANK BY YOU AT THE TIME OF RETIREMENT TILL DATE OF SETTLEMENT THEY MAY GO FOR PROSPECTIVE DATE DUE TO FUNDS CONSTARINT , ONLY GUESSING CONSIDERING IBA S PAST ACTIONS . NOT SURE LET US SEE
K BALASUBRAMANIAN
I have been watching this website for the past 2 months or so.I have read all the post of Mr.Shankar.
It is probably his feeling that, he is the only person who understands the internals of pension burden,how only "Seniors" are bringing profit for banks and all the juniors are of no value for the banks.
Shankarji, please don't misguide people with your interpretations about wage increase. Please don't conveniently forget the burden of Rs.4200/- extra burden taken by IBA(Which would have helped in getting a decent hike). No doubt pension is a much required social security measure which should have been achieved without linking to Wage Revision.Please don't try to rub ur ideas on others about extending 2nd pension option by bringing in emotional issues etc. Please understand that, pleople expressing their views on this site are not illiterates.
suresh bandaru
dear sir,
I am Andhra Bank VRS 2000 and some of my bank friends are saying that I am not eligible for optionn of pension and I may not be fixed in the latest settlement. pl clarify.
I am a member of AIBEA and I feal that UFBU leaders were cheated us on wage rise % and also on 2nd pension option load.I wil not pay my next membership fee will due in January'2010 and also will not pay a single paise for levy.And also We here will not join to 16th Dec'09 strike.If Union not able to get sufficient wage hike to members then why should We stay under union roof.Now I believe that if I am working honestly with full strength then Why should I affreid from managment,I also now redy to go anywhere in India for service.My heartly Request to All please think on my sentences.I realy dissaticfy from particularly AIBEA.People also murmring like private sector banks and others staff give better services to
customer but also remeber that they also got bonus and some from profit.We know what We are doing and its right or wrong? Then no need to help anybudy.leave the union and demand to Govt. for Pay Commission for Next time.I think this time UFBU leader also not cleared for 9th BPS and they also not cleared any thingth to their members.If anybudy think 2nd pension is the best achivement for bank employees,We can any time fight for pension option and surely get it.then Why joined it with 9th BPS?I am also PF optee.I also want pension option.I again requested to all please read this,think about this, and also "BEWARE UFBU LEADERS".This is not for misguidence.Note that I am a branch representative of my union and there are 310 more employees thought like me.I don't want to accept this wage hike i.e. 17.5% and I also know minutes has been signed and I and nobudy can't change it now.If UFBU will feal shame and do some,otherwise GOD IS GREATE.In my bank old time 2 computer operators is getting comp.op allownce and other tempelerly if done work on comp.But from last 1 years our bank has been stop to give temp. comp.Op. allownce.Union has nothing done in this also.And We all know from last some years Unions became weaker and weaker due fear of managment and Govt.So How can so called afreid leadrs protect us ? Please.....Please......Think....anddemand for PAY COMMISSION.
Refering to rkumar December 7, 2009 9:27 PM on Mr.Shankar,the way Mr rkumar expressed his feelings in his comment here, could have been expressed in a decent manner. Positive criticism does not mean personal attack.I very much dislike his words "Please understand that, pleople expressing their views on this site are not illiterates."
I am neither a junior nor a senior bank employee. I just completed 17 years of service in a nationalised bank and left over service is 16 years.However I don't know the status of junior/senior of Mr rkumar.
to rkumar-
Thank you for your remarks.I have worked for for 33 years in different capacities and worked throughout India and as an Inspector I got the oppertunity to study all the circulars/news papers/balance sheets of several banks and tried to understand them in toto.But none have understood that all these years PF optees have shared the burden of pensioners reflected in the balance sheets of banks and which is rectified now.If this is understood there will not be any consusion.I feel that I can read things and interpret them as per law.Any derogatory personal remarks by anybody will not deter me from expressing my views as per law. Our group of advocates who were once in banks were waiting all these days(15 years) to see the out come of negotiations about pension option and to fight legally till end if anything went wrong.Fortunately it appears that the things are moving in the right direction. I am of the openion that juniors are require to take up union leadership and fight more vigorously with the managements in future to get improvement in the existing pension scheme such as commutation to the extent of 40 % instead of 33 % and removal of gratuity ceiling,accumulation of leave upto 300 days,stipulation of working hours to officers, compensation for working beyond office hours etc. I always try to interpret things as per law and not emotionally.Any personal derogatory remarks will be ignored by me.
To Sri Sanjaybhat
Surely demand for second pension option is not at the time of 9 th BPS.It is from day one when IBA removed the restrictive clause(in 1995) of forefeiturre of pension if case of participation in strike by employees.If the issue is prolonged by IBA for 15 years without any fault of employees ans without proper justification who is to be blamed?.They said in 1995 that funds required for II pension option was Rs 28000 crores where as everybody knows now that it is only 6000 crores out of which employees are made to share Rs 1800crores. Amounts under bad loans written off by banks so far is more than 175000 crores.Pension has to be paid to employees when they are alive and not after their death.Each year when hundred and thoussand employees are retiring how such a burning issue can be prolonged for 15 years without any valid reason?.As you have rightly said it is because employees are not united in the manner in which they should have been.It is bad luck of employees.
For UFBU Leaders
Learn somethings from SBI union and Association(From past & now).
Learn from Gujarat teachers union.
Learn from Air India & Indian Airlines unions.
Please shaw some darings, We all with U.
Please stop to claping style,Now come in with action,We are demanding our rights.We are not beggars.
Personaly I am not apreciating you All.
If you not able to do over mantioned then leave your chairs and continue your claping style at your home.
I know I shoudn't use this type of language but realy I am very engry and sad due to your foolish steps.
For GOD Said "SAVE BANK EMPLOYEES".
Now enough from u,think something otherwise PAY COMMISSION demand will become stronger and stronger day by day,then you all have rest one work only i.e. claping.
In the last Why U have lost chance before Election ? If u have answer and have courage then answer me from this blog,You are not answering us through e-mails I know with expirience.
OK Good Night. Big Brothers.
Dear SanjayBhatSir
With due respects I am an officer of a premium nationalised bank.When you wrote about Indian Airlines My uncle who retired from it at the age of 58
has not received a single paisa of the pension promised by the management as the airlines has not purchased the annuities from LIC. Already 10 years are over from the date .Those days he used to tell me we will get three benefits.Now the good man envies us and never forgets to remind me how lucky we bank employees are.Of course we should struggle to get better benefits but please do not forget that as a social security measure pension ranks the topmost
Revi Unni
Sri rkumar in the enthusiasm of spreading his rubbish ideas on others has forgotten facts and that he is spreading his illiteracy.He says he is literate but proved that he can not understand properly what he reads. In banking industry service mind alone works faster than qualification and that is the reason that in the past several matriculates have become Chairman in Banks where as M.Com, M Sc, LLB CAIIB, graduates could not achieve much.
First let us know about past history of wage settlements. Before spreading his rubbish ideas on others, this literate should have understood the various circulars, MOUs, Wage settlements etc which he says he has read.
The demands of UFBU from 1995 to 31.10.2007 was among other things
01. Second pension option
02. Compassionate appointment
From 01.11.2007 onwards
01. Wage revision
02. Expedition of Second
pension option
03. Compassionate appointment
MOU now signed by IBA on 27.11.2009states that
” The IBA and UFBU entered into a MOU on 25.02.2008 on various issues. Extending another option for pension to those who did not opt for pension when Bank Employees Pension Regulation 1995 was implemented was one of the issues to be considered. Several rounds of discussion have taken place on the issue. An actuarial valuation of the liability was assessed through two commonly agreed actuaries who identified the total liability for extending another option for pension to non optees. “
The MOU of February 2008 was before commencement of negotiations in respect of wage revision. This learned person does not know this.
IBA has categorically and in unequivocal terms said that the total burden for wage revision can not go beyond 17.50 % at any cost. which are Rs 4816 crores annually. This is for DISTRIBUTION among employees which is a GIFT. The share of 4200 crores by IBA towards pension corpus fund will REMAIN WITH THE MANAGEMENTS FOR EVER together with employees share of 1200+11532 crores (Total 17190 crores) and this is NOT A GIFT and will not be available for distribution among employees. Instead of transferring a portion of the profit to the Government, it will be kept as corpus fund separately by managements and only the profit generated out of this fund will be distributed as pension to retirees..( Just like a father keeping FDs to enjoy interest by his children which can be utilised by him any time.)This literate person does not know this.
He is arguing that with this amount the employees would have got more arrears. When this amount is not for distribution and not a gift, and IBA has rejected any increase beyond 17.50 % how it will be available to employees’ god only knows.
2 to 3 lakhs employees have been participating in the strike calls for one more option for pension since 1995 to 2008 and not for arrears alone. If these employees have not participated in the strike call UFBU would be a total failure and the remaining employees would not have got even 10 % wage increase. The existing PF optees never refused to share their burden of additional 3 % PF every month from 1995 onwards had one more option was extended then itself and the question of additional burden would not have arised.
Sri Venugopalan has already correctly cautioned future generation leaders to be vigilant and monitor this fund by studying the balance sheets of their respective banks every year so as to ensure that this fund is not diverted by the managements and siphoned to other activities and pension is available to every employee (Recall UTI case where in the Management diverted funds at the cost of investors).
Any how time has come to settle the matter. Let us hope for the best.
WHY THIS HUE AND CRY EVERYWHERE FOR BETTER PAY PACKAGES?
IS ACCEPATANCE OF VI TH PAY COMMISION RECOMMENDATIONS RESPONSIBLE?
THE ANSWER TO THE ABOVE QUESTION IS UNDOUBTEDLY A BIG YES. IT IS DIFFICULT FOR ANYBODY TO DIFFER FROM THE VIEWS .
In todays business standard there was a news item that postal department may end with a deficit of 5632 crores mainly on account of salaries and allowances/additional pension pay out\cosequent to the implemenation of sixth pay commission recommendatios.
Already it was estimated that pension payment will exceed salary payment in the year 2013 for Department of railways. Now with the skyrocketing of inflation and consumer price index and with a projection of around 15 to 17% DA increase and with a much more liberal pension package accepted in the sixth pay commission ,the yaer will get definitely advanced to even 2012 or 2011 .
The fiscal deficit is alarmingly high even now and the government is considering withdrawing stimulus package and also plug the loopholes of expenditure and all other gimmicks of austerity which will not yield considerable savings.
Even persons like me who is having very little knowledge can guess things , then why the stalwarts of MINISTRY OF FINANCE and other planning commission experts have not foreseen this is a million dollar question. It was done deliberately to please 50 lakhs strong families of central government employees who forms an influential chunk in the electoral arithmetic.
All the state government employees started hue and cry and several state governments on their own has extended the package as such either beyond their means or at the cost of pruning /postponing development projects/welfare activities. All classes of quasi government employees in whichever department they are working has taken pay commissison as their bench mark and demnded parity and achieving the goal.
Air India employees made hue and cry when the incentive scheme was discontinued. They succeeded. Government has announced a package of 5900 crores to bailout AIRINDIA.
Latest GUJARAT GOVERNMENT EMPLOYEES gave an ultimatum for sixth pay commissison. After a series of agitations they may definitely get parity.
So in the whole country nearly 1.5 to 2 crores of government employees/quasi government employees got pay increase with sixth pay commission as bench mark. More than one lakh crores might have been shelved out as wage arrears apart from hefty take home pay increase of 40% ( GOVERNMENT CLAIM OF 21% INCREASE MAY BE TOTALLY WRONG ) which is the main villain for the inctrese in cost of living index.
GOLD PER FRAM 1700 MAY REACH DEFINITELY 2000 PSYCHOLOGICAL FIGURE
ESSENTIAL COMMODITIES PARTICULARLY DAL VARIETIES ARE DOUBLED NOT TO SPEAK OF VEGETBLES. TOTAL EXPENDITURE EXCLUSIVE OF RENT/ ELCCTRICITY WAS DOUBLED WHEN COMPARED TO 2007 PRICE LEVELS.
CENTRAL GOVERNMENT AND ITS TEAM ARE COLLECTIVELY RESPONSIBLE FOR PART OF THE PRICE RISE, SOME CAN BE ATTRIBUTED TO LESS PRODUCTION ETC.
MORE THA N 1.5 LAKHS CRORE ARE BEING SPENT FOR 2 CRORE GOVERNMENT EMPLOYEES AND PENSIONERSNOT FROM PROFIT BUT FROM TAXES /PUBLIC DEBT/FISCAL DEFICT ETC. LOAD WILL BE MUCH MORE DURING THE NEXT FISCAL YAER END.2010-2011.FISCAL INDISCIPLINE IS GOING ON AND THEY ARE MOOTING SALE OF STAKES IN PUBLCI SECTOR UNDERTAKINGS TO COMBAT THE DEFICIT ATLEAST BY FEW THOUSANDS CRORES.
THE PROVISIONS OF SIXTH PAY COMMISSION OF DA MERGER WITH BASIC ONCE IT CROSSES 50% WILL BE ACHIVED BY EARLY 2012 WHICH WILL CAUSE FURTHER HEAD ACHE.(TO BE CONCLUDED)
K BALASUBRAMANIAN
WHEN THEY ARE GOING TO MAKE PROVISIONS FOR VERY HUGE BURDEN IN THE FORM OF WAGES ,PENSION,PENSION UPDATION ETC WHY 10 LAKS BANKEMPLOYEES AND PENSIONERS ARE GETTING SHABBY TRETAMENT.
LET UFBU ALSO SEEK PARITY WITH SIXTH PAY COMMISSSION FOR WHICH WE ARE VERY MUCH ENTITLED COMPARING THE ADDITIONAL RISK FACTORS ,LOAD SIX DAY WEEK ,FOR OFFICERS SEVEN DAY WEEK TECHNICALLY.AFTER SIGNING THE SETTLEMENT WHICH IS MAINLY FOCUSSED ON PENSION OPTION OUT OF FEAR LET THEM DEMAND A COMMISSION TO GO INTO ENTIRE QUESTION OF PARITY ON WHICH PILLAI COMMITTEE RECOMMENDATIONS WERE BUILT. ON EVERY PARAMETER BANK EMPLOYEES ARE BETTER PLACED FOR A HEFTY WAGE REVISION AND NOT LIKE THIS.
IF IBA IS NOT HEARING LET THEM DEMAND A WHITE PAPER FROM THE GOVERNMENT ON THE IMPLEMANTATION OF SIXTH PAY COMMISSION, MODALITIES TAKEN FOR ARRIVING SUCH LIBERAL WAGES.AND PLACE IT BEFORE THE PARLIAMNET AND EVRY BODY CAN KNOW THE LEVEL OF SALARIES ACCEPTED BY THEM TO THEIR EMPLOYEES WHEN COMPARED TO BANK WAGES.
OIL PRICE AND INTEREST RATE ARE TWO SENSITIVE ITEMS. BOTH ARE DIRECTLY/INDIRECTLY CONTROLLED BY THE GOVERNMENT/RBI. WHEN GOVERNMEMNT WANTS TO KEEP OIL PRICES LOW THEY ARE COMPENSATIONG THE OIL MARKETING COMPANIES BY WAY OF OIL BONDS RUNNING INTO THOUSANDS OF CRORES. LET THEM SANCTION INTEREST SUBVENTION /SUBSIDY TO GOVERNMENT SCHEME LOANSAND IMPOPRATANT SECTOR LOANS OF THE ECONOMY. LET THEM ALLOW THE BANKS TO INCREASE THE SERVICE CHARGES. WHY THE EMPLOYEES SHOULD BE PENALISED AS THOUGH SALARIES WERE DETERMINED BASED ON CAPACITY TO PAY. WHERE ALL OTHER SECTORS ARE GETTING THE CAPACITY. ?CONTRARY TO OTHER SECTORS BANKS ARE EARNING GOOD PROFITS AND SUBSTANTIAL PORTION OF THE AMOUNT GOES AS WRITE OFF.
IN WHATEVER WAY WE THINK OR ANALYSE THE PROBLEM ,WE DESERVE RATHER GOVERMNET SHOULD ALLOW LIBERAL WAGE REVISION ATLEAST ON PAR WITH THE GOVERNMENT EMPLOYEES IF NOT PUBLIC SECTOR EMPLOYEES. SINCE WE ARE GETTING PENSION WE CAN COMPARE OURSELVES WITH GOVERNMENT ONLY’
BASIC ALIGNMENT, GRADE PAY ,30%HRA, TRANSPORT AND EDUCATION ALLOWANCE ARE THE OTHER AREAS TO BE CONCENTRATED IMMEDIATELY AFTER THE SIGNING OF THE SETTLEMENT. IT SHOULD BE ACHIEVED ATLEAST BY .1.11.2012 . AIM SHOULD BE TOTAL PARITY ON 01.11.2012.
FULL NEUTRALISATION OF DA TO PRE 01.11.2002 PENSIONERS SHOULD BE TAKEN IN THIS SETTLEMENT ITSELF . PENSION UPDATION AS APPLICABLE TO CENTRAL GOVERNMENT EMPLOYEES SHOULD BE SANCTIONED AT LEAST FROM 01.11.2012 TO ALL PENSIONERS .
K BALASUBRAMANIAN
With 9th bipartite settlement signed an era of struggle for the human networking for struggle for wage negotiation is supposedly coming to an end as the comerades are falling apart for their personal pursuits and machines are making the force of workers smaller and ineffective .Olders know how they struggled to transform orthodox banking into the modern banking and the greater profitability. Modern Office luxuries and tough decicison making in the global economic scenerio are indicators for insecurity. Let us stop arguing rather thanful to our unions for their achievements of overdue and stand behind them for a secure and safe future as we have to combat global banking challenges where expereince and energy both are equally importantly needed.
mml_gupta@rediffmail.com
In reply to our respected participants mr.BHARADWAJA and MR MML GUPTA of this blog,I would like to add that any thing tht bankers are getting is not a beggers penny all tht they have got is their right and should get much more than tht as equal to central govt. peers so that they can save their social status and live the respected life as their peers of central govt. lives as mr.BHARADWAJA has done an appreciated job by makin every one remember the history of wage revision but unfortunately forgotten to produce the history of pay commissions set up by the govt. as Mr. Gupta 's this kind of attitude it will be difficult for the bankers to sustain their social status, as Mr Sharma who is a clerk in the department of Govt.of India is going to buy a new car with the healthy arrear for his faimly but Mr.Wasim is still living with his motercycle even being an officer in the bank, although the CAR is not an very important entity and life can be easily be liven without this but a parity should be maintained...hope best in the next settlement so tht UFBU leader will get something as per the expected recommendations of 7th pay commission,other wise should ask for the seperate but similar pay commission for the better and respectable future of the BANKERS...
Dear friends,
Till now with 153 comments posted here, I think this is a record of highest comments posted on any news item, so far in this blog.Congratulation & please keep it up.
@ MR IYER
Sir at no point in my blog i have expressed hatred against the seniors. I have learnt a lot from them and i respect them. Sir I have already done my CAIIB , SBI pays me very well and I m very much satisfied. My point was equal and fair treatment for all, with respect to wage revision sector e.g 17.5 % increase to be uniform across each level not skewed to a particular section of employees. To illustrate, at present on an average senior employees get around 30K at least where as a new comer gets around 7-8K. Post bipartite, as past experience, suggests the difference will only get wider. NO complaints on that front. Just equitable and fair distribution for all. As regard risks, every banker takes risks be it senior or junior. As regard capability, given the opportunity and platform any individual , be it senior or junior, can excel and overcome his/her handicaps.
As regards DA formula, say DA for a quarter increases by 20 slabs...
Then as per the existing structure DA will increase by 3.6% (20 * 0.18) but post bipartite it will be 3%(20 * 0.15).... Yes the base will be higher but percentage wise we will be suffering every quarter. I don’t think this happens in Govt sector. Again the basket of items for computing CPI in 1960 will be much different than the basket of items for computing CPI in 2001. For e.g fuel items holds higher weightage in 2001 figures as compared to 1960 figures. So computing and payment of DA based on CPI figures of 2001 will be much relevant. Sir I may be wrong but I am eager to learn this complex calculation . And discussion on the failures of GTB and Lehmann Brothers is beyond the scope of this forum.
Why our unions do not approach to Political leaders? Why our issues are not raised in Parliament ?
Mr Chandan is enjoying the negative views/comments passed on the reputed seniors by the so called literate juniors, quarrels/egos picked/exposed on employees of govt of india banks by the so called silver spoon sbi cut workers with which this blog is being enriched with comments beyond one and half a hundred - A great achievement for 'PAY COMMISSION'.
Our gratitute can be showered to this COMMISSION for having given a chance to come across the colours of few ...
Dear Nishant,
When I joined bank as a clerk cum cashier in the year 1992 I was drawing around Rs 1800+ with two graduation increments.That time,those who at the fake end of that scale, were drawing around Rs 5000+. Seniority & experience in service has been taken as the first & formost factor to determine weightage in salary in this industries, since a very long time.It is quite pitty that some juniors only drawing mere eight to nine thousands in a bank has to deliver four fold work compare to any civilian clerk either in any state or central govt offices. Before joining in Bank I worked more than eight years combinely in state and central govt in staff & establishment seats. I can say, today one day work of a bank clerk is definitely more than a whole week's work of a clerk in govt civilian departments. But paradox is that, one may feel it, but it can't be prooved anyway.Because quality can't be compared with quantum is one of the rules.Many of my friends in govt departments are now-a-days asking me why bank employees are comparing theirselves with them this time. This type of comparism, they notice first time in last thirty/forty years. Even the article of K.Anandakumar Vice-President AIBOC in Business Standard has made a number of them annoyed.Some sort of political developments was the result of huge increase in sixth cpc.Llu,Mulayam & Rambilas trio turned 1.74 factor to 1.86. Arrear notionally from 2007(As P.Chidamber then FM estimated), forced to get effect from 2006. I joined in govt jobs and drawn salary as per third cpc & fourth cpc during my stay there. But during fifth I was in bank.Now today howfar it heats me, while working in bank with heavy work-load and low salary compare to my govt counterparts, that I only know.
Dear r rajendran woraiyur trichy,
My intention is not that what you think. I am also not happy with some comments posted here. But I find,the essence of shouting or what we can call reacting/unionism, still prevails among bank employees, which hardly I find among GOI/State or other PSU employees while visiting their related news items in this blog.I also find a number of retiries are taking very active part here, in discussion. I feel this is an direct outcome of association of brains in public sector bank's jobs during late seventees to mid nineties in both clerical and officer cader. Now let us see wheather this trend will prevail or not, among juniors in days to come, with such a low salary.
All respected bankers,
Everyone has a right to express their view some may take it harshly but why this senior/junior picture comes in between i dont know. Whoever it might be whether junior / senior everyone has right to post his/her views in the blog. It's not like that we are juniors we have to suppress our feelings. If i said any thing wrong i am sorry.
Dear Nishant, your feeling on the equitable distribution is seemingly justifiable in as much as everybody wants to get a quantum jump in salary. It is possible onlywhen we have a running scale pattern. However, a clerk with fourteen years of service reaches the 20th stage and starts stagnating there. When he is promoted he is fitted somewere in the middle or at the maximum of scale I and is allowed to draw salary of scale II officer where again he will get increments for only about four years. In any case a senior officer in scale III - the level most of the cream of officers end their career - stagnates even when they are having about 10 years service. If a higher increase is not given in wage hikes these people will become the most frustrated lot. Salary should come in geometrical progression and each year should have some increase in store. It is this reason why the present system is preferred.
As for the bascket of CPI base 1960 and 2001, please be sure that though our base is still 1960, as I told earlier, the Government is publishing only 2001 series and it is convered by the relevant factors to get it for 1960 base. Hence, all the changes incorporated in base 2001 is effectively factored. Never mind the reduction in per slab percentage of DA, for, still you will get a higher quantum per slab post wage revision. The dictim is that post merger it is construed that inflation upto 2836 points is capitalised and cushion of 17.5% is loaded on it. Such revised basic pay is already containing such cushions gained over the past settlements and as such, even at 0.15% per slab you will get higher quantum increase. You will be surprised to know earlier during fifth bipartite we had 1% DA per slab - but with a feeble basic the quantum was in commensurate with the inflation and basic. Hence, this is not an area for worry.
Unfotunately, we suspect on every aspect only because UFBU could not get 30% or more increase and has made us all disappointed from our angle! It is too late now. Let us happily accept whatever comes our way!
Dear Bankers,
I am shocked to see a number of harsh comments in response to a post my "Mr.rkumar" in this blog.
After reading all the posts of Mr.shankar, one can only infer that:
1) he is the one who has started this senior/junior divide.
2) His post quoting a high court judgment that "a pensioner is not a begger to bow his head before the existing employees" is totally out of context. Atleast in my 25 years of service, I never came across such an incident.
3) Yes Mr.Shankar is right in saying that pension is the right of every employee. But please don't forget that PF option was not forcibly given to us. It was because of our own wisdom (Probably greed of 12%-14% interest rate) which lead us to opt for that. Why blame others for our own mistake.
4)His post "Running a branch profitably with the available infracture and limited staff is not a joke.Only when one assumes that charge knows about the difficulty.This is evident because erstwhile juniors who were arguing agaist seniors are mum when they become seniors. Is it not ridiculous?", sounds that only the seniors are earning profits for the banks. I totally disagree with that. Let us give due regard and appreciation for our junior colleagues also. Now a days many of youngsters with less than 5 years service are efficiently running the branches. Let us not forget the substantial growth of our Bank balance sheets during the past 10 years, which is certainly due to the able contribution of junior officers.
and finally, let us not blow our trumpets blindly behind the left brigade leaders. They never bothered to open their mouths in the parliament for our cause. instead, they are unnecessarily forcing us to go on strikes on irrelevant issues.
Hopefully, the strike on 16th against mergers would be a big flop.
regards,
openmind
ATTENTION NATIONALISED BANK EMPLOYEES
A detailed 20 page note is available in aiboc website where in full story about the wage negotiation was narrated. RBI employees are drawing 5000 as RBI allowance. sbi employees are entitled to privelege benefits in the form of additional increments bulk special allowance etc. Everything in the circular seems to be correct only in order to maintain their status quo. But when every settlement happens the difference between them and nationalised bank employees is getting altered to their advantage. The additional cost towards second pention is not giving any benefit to the employees. it is to being the pf optees into pension fold. If cost equiavlent to that amount should be given as additional benefit to them means their salary will even go very well above than the expected salary of the nationalised banks. We have to pity ourselves by seeing all these unwanted fights. ENTRUSTING THE JOB TO A PAY COMMISSION WITHOUT THESE UNIONS/IBA IS THE ONLY CORRECT WAY. PEOPLE GETTING ADDITIONAL BENEFIT MAY NOT LIKE IT, PEOPLE WHO ARE LEFT UNCARED ALONE HAS TO SEEK JUSTIFICATION FOR THESE TYPE OF DECISIONS,
THERE IS NO OTHER WAY FOR NATIONALISED BANK EMPLOYEES. EVEN AMONG THE BANK EMPLOYEES NO PARITY SEEMS TO EXIST AND NOBODY IS ALLOWING PARITY CLAIMING ONE UP MAN SHIP WHETHER SBI OR RBI.
EVERYTHING BECAUSE OF INEFFECTIVE LEADERSHIP WHICH IS UNABLE TO ANALYSE THE PROBLEM AND DISCONTENT DEEPLY
KBALASUBRAMANIAN
well said Balan Sir,
no point in beleiving IBA or UFBU. if things are given to a pay commission, atleast they will ensure parity among employees working under direct/indirect control of Central government
Respected Shri Swami ji,
Kindly advise the overall increase in percentage terms in wage burden on Banks (Other than SBI) and SBI separately over the wage bill for 2007, in case SBI officers and Employees Federations had signed the MOU and had not asked for inclusion of clause for improvement in their pensions/ allowances etc. to arrive at a fair conclusion.
Sri Balan's remarks that accepting Pay commission is best solution is 100 % correct.But it is doubtful whether it becomes a reality.Time only have to reveal. Because Pay commission is formed by the Central/State governments where salary of government employees are paid out of budgetary allocation and the government employees are not bothered about profit/loss of their institution. Further,the recommendations of pay commissions are normally accepted by Governments.Whereas in banks, salary of employees are decided on the basis of profits earned by individual banks and Governments will not extend any support in case the bank incurs loss.When Shastry award,Desai awards etc were implemented it was evident that the awards were given based on the profitability of the banks and hence employees were at loss but bound by it and literally had no right to reject.In this context, it would be better if younger selfless and hard to bargain leaders take charge and responsibility of negotiating with IBA/Managements. Then there will be some rays of hopes to employees to get respectful pay packages.It will be a pleasure to see service minded younger generation people in banks who have to come forward to join banks with honour and dignity and at the same time draw decent salary equivalent to employees of MNCs and Central Government. Seniors are bound to vanish from the banking industry gradually because there was no recruitment in banks for more than a decade in between except for few specialized category. Mass exodus of staff due to retirements/ mergers/ VRS etc can not be ruled out.
In respect of open's remarks I would like to inform that not opting for pension in 1993 by majority of PF optees is not out of greed.It was because:-
01. IBA's condition to forfeit
past service in case of
participation in strikes
02. Not highlighting by unions
about the provision of
commutation of pension
available to employees
in case pension is opted.
Subsequently IBA removed the forfeiture clause in 1995 and hence demand for II option started.
Those union leaders who advised members not to opt for pension and VRS,opted for pension themselves and took VRS.
Majority of retirees not getting pension have kept their money in Post Office MIS scheme instead of keeping in high yielding deposit schemes.Because taking risk is beyond their capacity.
This is history.
I request Mr OPEN to go through the following remarks to know who started what and when:-
01 November 27, 2009 8:26 PM-by
Venkataswamy-
Over 70% increase will go to PF
optees who are newly joining
the pension line.
02.November 27, 2009 9:49 PM-by
Rajiv
they were interested in their
own interest for pension option
then for the interest of the
majority of the bank
employees)
03.November 28, 2009 12:26 AM-By
Girish
associations from the first day was in favour of pensioners and those who are on the Warge of retirement (may be some leaders retiring soon)
04.November 27, 2009 9:21 PM-By
Rajiv
The so called leaders and IBA have cheated us. they have robbered the new empolyees for want o fpension option for them, which they only declined whne first offerred in 1993.
05.November 28, 2009 3:57 AM-By Mohan
Hearty congratulations to UFBU on this splendid achievement.
Past mistake with regards to Option of Penion has been rectified now. UFBU can proud about on this great ressult.
All PF optees as well as retired bankers will remember this unique achjevement throughout their life.
Let us strive hard further in the days to come to achieve parity with other sectors.
All the above are samples and without going through the history and past records about pension/wage revisions.
My only request to all is to understand the reality that even if we go on for strike indefinitely settlement of pension is a separate issue and not related to wage revision and the amount earmarked for corpus fund will not be added to wage revision load.
Similarly demand compassionate appointment is also a separate issue and any amount earmarked for the same will not be available for wage increase
It would go back to government if pension /Compassionate appointment issues remain inconclusive. It is the share/portion of profit to be kept separately instead of transferring to Government for generating income and pay pension or provide compassionate appointment.Since now a days no body is interested in joining banking industry, this issue of compassionate appointment has become a minor issue.
Central Government pay revision is once in 10 years where as ours is once in 5 years and un comparable can not be compared.
If there is any demand for increase in load for wage revision beyond 17.50 % substantially majority of the staff irrespective of their length of service had the same opinion of participating in indefinite strike without murmuring.But unfortunately we are required to get satisfied with the present increase.
NOW LEAVE FROM DISCUTION OF SENIOR/JUNIOR AND DON'T SPOIL THE MOMENT.IF ANY PENSION OPTEE OF 1995 THOUGHT THAT THEY HAVE BARE LASE DUE TO NEW PENSION OPTEE DUE TO 30% LOAD.BUT 1995 PENSION OPTEE SHOULD BE UNDERSTAND THAT IN PAST 7TH AND 8TH SETTLEMENT THIS LOAD FACTOR WAS 20% AND 25% AND WHEN 2ND PENSION OPTEE ALSO BARE THIS LOAD,AND WHEN THEY WERE NOT A PART OF PENSION,SO,FORGOT SENIOR/JUNIOR DISCUTIONS.ALL ARE OUR BROTHERS AND SISTERS.MINUTES ALSO ALREADY SIGNED.NOBUDY CAN NOT CHANGE IT.I AM ENGRY ONLY DUE TO ONLY
1) WHY LEADERS JOIN PENSION OPTION WITH WAGE REVISION.
2) IN 15YEARS OF LONG TIME SINCE 1995 WHY PREFERED 9TH WAGE SETTLEMENT.THEY CAN ANY TIME BETWEEN 15YEARS SOLVED IT.
3) AFTER SO MANY CRITISISUME FROM MEMBERS,WHY LEADERS NOT COME OUT WITH ANY TRUE FIGURES.OUR SO CALLED LEADERS SHOULD BE GIVEN INFORMATION LIKE WE HAVE SUBMITTED THESE AND THESE DEMANDS AND IBA REFUSED OR ACCEPT.I CAN'T SEE ANY TRANPERENCY FROM UNION LEADERS.LEADERS KEPT US IN DARK AND THEY ARE PLAYING BEHIND CURTAIN GAME.
4) WHY LEADERS NOT GAVE ANY FACT INFORMATION MEMBERS ABOUT 30% LOAD OF PENSION IS ALSO A PART OF 17.5% OF WAGE INCREASE.
5) WHY LEADERS NOT DECLERED ANY PROPOSED PAY SCALES AND ALLWNCES BEFOR STARTING SMALL COMMITTI MEETING WITH IBA FOR FINILIZING MOU.THEY WANT TO KEEP US IN DARK FROM TRUTH.
6) IN 20-20 TIME OUR SO CALLED LEADERS PLAYING 15-15YEARS GAME.
PLEASE NOTE THAT I AM NOT CRTISING ANYBUDY PERSONLY,AND DON'T WANT TO SPOILING MOMENTS.
I ALSO CARE MY ELDER/SENIORS IN BANK WITH EVERY SIDES AND HELP THEM.THEY ALSO CARE US AND GUIDE US.SENIORES MAKES POWERFUL JUNIORS.
I AM AGAIN TELLING THIS I DON'T WANT TO SPOIL MOMENTS AND I AM NOT CRITISING ANYBUDY.THEN AFTER ANYBUDY THINK THEN I DON'T CARE.
I AM ALSO EMPLOYEES WITH 18 YEARS SERVICE.I HAVE ALSO FOLLOWED MANY STRIKE CALL FROM UNIONS AND ALSO SEEN 4 SETTLEMENTS BUT THIS TIME I CAN'T PLEASED TO LEADERS.THEY SIMPLY CHEATED US FROM EVERY SIDES.
LEADERS SHOULD BE PUT EVERY THING BEFORE GOING TO IBA/GOVT. AND THEN AFTER WE FAILED TO GET OR SOLVED.BUT THEY NEVER COME OUT WITH RESULTS AND PUT THIS IS YOUR PAY SCALES,ALLOWNCES,PENSION TERMS.YOU HAVE NO CHOICE.YOUR ARE NOT A PART OF DEMOCRETIC REPUBLIC INDIA.
THIS TIME I AND MANY OTHERS NOT LIKE A STYLE OF NEGOTIATION OF UFBU.
IF ANYBUDY FEEL WRONG THEN I AM SORRY.
PERSONLY MY VERY VERY THAKS TO PAYCOMMISSION.COM BLOGS GIVE ME CHANCE TO EXPRESSED MY THOUGHTS FOR EVERYBUDY.
If anybudy have then Now give me news about today's meeting.
what type of futured pay scales etc.
or
today also
so called L.....s play claping...claping.
EVERY BLOGERS SHOULD UNDERSTAND THAT
I AM NOT A BARKING DOG BEHIND AN ELEPHANT.
KYU KI SANS BHI KABHI BAHOO THI.
LEADERS BHI KABHI CLERK THE.
Mr Sankar December 9, 2009 6:42 PM, have a very careful study on financial pay commission.I also examined that financial pay commission is not our solution.Recent PSU of GOI salary hike 30,20,10% are the bright example of it. BOI five years back was in loss, today 3000 crore profit, but what wil be happened to it after five years who can say? Please note in banking industries in our country we work in an imperfect market mixed with vote bank politics.Huge NPA is the reason of it.Financial pay commission is the other word of awards. Let us think it deeply.
This in a political atmosphere where the central govt employees gained a stupendous increase in their wages even beyond their wild dreams, that too with out the need to flex their union muscles even once. The Govt was generous to a fault and did not grudge the employees this bonanza, out of the revenue kit of the Govt. On the contrary present pay structure in the Indian banking industries, if one joins as a clerk he gets a salary or Rs7300/- in cities like Mumbai, Delhi, Kolkata, Chennai or any other metropolis and of still lesser amount when he posted in smaller towns, as some allowances are not admissible there. With the ongoing wage negotiations, the proposed hike will get them Rs9300/- per month; whereas the person stands to get far better salary with lesser responsibility with any central or state government jobs.What a paradox!
we have no option left now but to accept what has been signed by our leaders. no further bashing. We all are saying so many things but is there any one who have guts to stand in front of these leaders. we all participate in call of strike given by these idiot leaders but no one dares to oppose. we deserve this only. let us hope that with pension issue over now, the next settlement will take care of wage parity with other sectors.
Mr.Sukhi,
This may not be entirely correct. In Associate Banks of SBI, now a days atleast about 35-40% of the officers are not taking part in irrelevant strike calls, whether given by ABOA, AIBOA or UFBU. Probably, time has come for other bank officers also to show their mettle.
As sukhi said we have no option but to accept what is offered to us now.However, recent clarification by SBI leaders about the reason for not signing MOU now is disturbing and difficult to digest.
SBI staff are getting 3 benefits
01. PF Contribution of employees
02. Matching contribution from the
management.
03. Pension
Where as other public sector bank employees are getting
01. PF Contribution
02. Pension in lieu of
Matching Management's PF
contribution
They are also required to bear additional 30 % of the gap now identified by actuaries.
If IBA/SBI managements concedes to the demand of SBI employees for paying another Rs 4200 crores in addition to 17.50 % wage increase then defenitely we have a case to fight further and demand this additional increase of Rs 4200 crores to us also or grant pension in addition to matching Management's PF contribution.
Further
01.
In 1997 under 7 th BPS wage increase was 9% wherein IBA informed that pension issue was a closed chapter. There was no pension load
02.
In 2002 under 8 th BPS wage increase was around 13 % without pension load and IBA informed that pension issue was not negotiable.
03.
Now in 2007(2009)under 9 th BPS wage increase is 17.50 % with additional pension fund(Not a load on profit but only appropriation of funds)
If public sector bank employees are to be at par with employees of SBI, our demand for pension as third benefit should start from now onwards. But however, what stand of our union leaders are taking and whether it will be materialized during the tenure of the present generation of employees is difficult to tell. But still since now onwards all employees are covered by either old or new pension scheme they can pressurize union leaders for achieving this goal.We wholeheartedly wish that our younger generation employees will achieve the same as early as possible.
The only disadvantage of other PSUs is that they have to mobilize deposits/increase business on their own whereas SBI is flooded with Government funds and business increase is comparatively easier for them.
Dear Mr. Shanker,
Please do not approach the way to divide our consolidation and unity, by which we have succeeded a lot in increasing percentage of the wage. Please discuss the way of the Government that behaves like a STEP MOTHER, with the Bankers. If you please review the history of the Bank's Wage structure, we had been always called the highpaid employees and were the "Neighbour’s Envy" (here neighbour are GOVT EMPLOYEES), You must appreciate my point that this was the reason that the Employees of the Central Govt., who were also in the FINANCE MINISTRY, started to bargain miserly on every Wage Revision, I am sure they pressurized the Ministry to lower down our wages gradually, resulting our present position. So please be united to fight against this theory of the Govt, other than to criticize each other.
Dear Shanker, you must be knowing that SBI had the pension scheme from it's beginning, thus the Employees of SBI were always been in advantage and you also know as per the law, no benefit once provided, would be withdrawn. Hence, you should not comment on the special benefits they continue to enjoy but there is no controversy if you are fighting for getting more benefits and I am sure the SBI Employees will happily help you in this Endeavour. I am sure you will also agree that the additional benefit through this very revision should also be equal to all the Employees of any bank including SBI.
UNITED WE STAND.....
S.K.G
Dear friends, the following is the gist of discussions held on two days. It is very nice to note that all VRS plople and even families of deceased non-optees would be eligible for pension option. Kudos to our UFBU leaders!
Further to the signing of the Minutes with the IBA on 27-11-2009 on our demands for wage revision and pension option, yesterday i.e. 9-12-2009, a round of discussions took place between IBA and UFBU. IBA’s team was led by Mr. Allen Pereira, (CMD, Bank of Maharashtra) and Vice Chairman of their Negotiating Committee. From the UFBU, all the 9 constituent unions participated in the Talks.
During this meeting, the broad approach to expeditiously finalise the full settlement was discussed. It was decided that construction of new pay scales, revision of allowances, drafting of the Settlement, etc. would be taken up in subsequent meetings to be held separately with the 5 Workmen Unions and 4 Officers Associations.
It was further decided that the drafting of the settlement on wage revision and pension option be simultaneously undertaken so that both the settlements can be signed together.
Arising out of the Minutes on pension option, it was mutually clarified and understood that ‘Retirees’ would mean and include employees/officers who have retired on normal superannuation, those who have retired under VRS/Special VRS and families of the PF optees who had died during the period all of whom would be eligible for the pension option. Issues like cut off date, formula for sharing of the additional cost of pension option, etc. were taken up and would be discussed further.
Today (10-12-2009), IBA held separate meetings with the Workmen Unions and Officers Associations during which proposals for construction of pay scales, etc. were discussed. Since the construction of revised pay scales is the most important issue, the matter needs further discussions. It was decided that the discussions would be further continued in the next round of meeting for which dates would be fixed up shortly.
There was a core committee meeting yesterday and day before yesterday. Outcome of the meeting is not available anywhere. Anybody knows about it please publish in the interest of others.
Mr.Balan,
Refer your live clculation of calculating pension. Please check up comuutation value arrived by you. If it is correct please enlighten the arithmatical accuracy of the examples in your blog dated 06th December, 2009.
Ajit Naik
The Arrears Calculation sheet for the officers is found in the following web site Kindly go through the same
http://www.allbankingsolutions.com/Arrear-sheet-main-page.htm
dear ajit naik,
THE AMOUNT WILL BE 2.83 LAKHS
IT REPRESENTS 10.14 YEARS OF PURCHASE TAKEN FOR SIXTY YEARS FROM THE PENSION TABLE.
ONE THIRD OF BASIC PENSION TO BE ARRIVED* 10.14*12 MONTHES THE FACTOR VARIES DEPENDING UPON AGE NEXT BIRTHDAY
K BALASUBRAMANIAN
Dear Shri Balan,
Thanks for your prompt reply. In your example at 51 years factor @12.95 for pension basic of Rs.7014 commutation amount was shown as Rs.3.11 lakhs.It works out to Rs.3.63 lakhs. Similarly at 60 years factor @ 10.12 commutation amount was shown as Rs.2.77 lakhs instead of Rs.2.83 lakhs. Hence I was confused and sought your clarification. It is really enlightening to read your comments in the Blog. Thank you very much.
Ajit Naik
Dear Swapan kumar,
I fully endorse your views. My views expressed here are against the attitude of our Managements and IBA and not against staff members or union leaders. The dilatory tactics of the IBA and managements makes us to behave like fools.
I have been in close association with two mighty union leaders
(Officers and workmen) from 3 decades and in constant touch with the leaders of both the unions. I would like to narrate the following instances to ascertain as to know where we went wrong.
01.
For implementation of computerization in banking industry, IBA offered one additional increment. While SBI employees chose to opt it 5 years earlier and got one additional increment, other PSU bank employees, opposing the move opted the same 5 years later and got it
I definitely say that SBI employees were more practical.
02.
One mighty union leader says that what ever we demand, we should get it otherwise we will reject the offer of the managements outright.
The other mighty union leader says that when we demand Rs 100 and if Rs 50 is offered, we shall accept Rs 50 immediately and demand for another Rs 50.00 thereafter because our original demand was for Rs 100.00
Which is better out of the above two?
In my opinion, whatever offered by IBA/Government now should be accepted immediately and we should always reserve the right to make fresh demands in case of disparity.
My point is that we should not lose the offered package for want of better benefits but keep the matter alive to the extent of our original demand because employees are in need of benefits and not the managements. If matter gets delayed, it will not have any effect on the managements, but on employee’s particularly new entrants and juniors. Whatever may be our differences among ourselves, while negotiating with the managements we should forget our differences and bargain with managements unitedly.
With regards
Dearness Relief to pensioners who retired on or after 1st day of April,1998.
BASIC PENSION Dearness relief for the months Slabs
August 209 to January 2010 442
Average Index 3454
(i) Upto Rs.3550
106.08 per cent.
(ii) Rs.3551 to Rs.5650 Rs. 3765.84 plus 88.4 percent
of basic pension in excess of Rs.3550.00
(iii) Rs.5651 to Rs.6010 Rs. 5622.24 plus 53.04 percent
of basic pension in excess of Rs.5650.00
(iv) Above Rs.6010 Rs. 5813.18 plus 26.52 percent
of basic pension in excess of Rs.6010.00
Dearness Relief to pensioners who retired on or after 1st day of November, 2002.
Average Index (CPI) for quarter ended June 2009 3454
No. of Slabs 291
Rate of dearness relief on pension for the months August 2009 to January 2010 52.38% of basic pension
NB IF F ULL NEUTARLISATION MEANS 106.08 PERCENT FOR THE ENTIRE BASIC PENSION. FOR A BASIC PENSION OF 7000 (VII TH BIPARTITE SETTLEMENT)=7000*106.08=7420 DA
THE DIFFERENCE WILL BE APPROXIMATELY360+175+740=1275 SUBJECT TO CALCULATION ERROR
(5650-3551)*(106.8-88.4)% +(6010-5651)*(106.08-53.04)%+(7000-6010)*(101.08-26.52)
SIMILAR CALCULATIONS WERE THERE FOR VI VT TH BIPARTITTE ALSO WITH THE CORRESPONDING BASIC PENSION WITH THE THEN TAPPERED DA FORMULA.
ONE HUNDERED PERCENT DA NEUTRALISATION TO BANK EMPLOYEES WAS ALLOWED ONLY IN THE PRESENT SETTLEMENT WITH EFFECT FROM 01.11.2002 BUT WITH MONETEARY BENEFIT FROM 01.05.2005. NOW ALL BANK EMPLOYEES INCLUDING THE PENSIONERE RETIRED ON OR AFTER 01.11.2002 ARE ENJOYING FULL NEUTRALISATION. THE SAME SHOULD HAVE BEEN CONSIDERED FOR PRE 01.11.2002 RETIREES ALSO AT THAT TIME ITSELF. THESE ARE SOME OF THE GLARING EXAMPLES WHERE UFBU FAILED TO PRESS IBA FOR THE CORRECT THINGS TO BE DONE AT CORRECT TIME. HAD THE PENSION ISSUE WAS TAKEN SEPARATELY DURING 2008 ITSELF , THE MATTER WOULD HAVE SETTLED. SBI ALSO WOULD NOT HAVE PROTESTED MUCH . LINKING WITH WAGE REVISION AND COSTING OF PENSION ONLY LED THEM INTO GREAT TROUBLE.
LATER RETIRED OFFICERS ASSOCIATION HAD A REPRESENTATION WITH YTHE PARLIAMENTARY COMMITTEE COMPRISING OF MPS ATTACHED TO BANKING DIVISION AND THEY ALSO AGRRED TO CONSIDER THE AMTTER AND ALSO HAD A MEETING WITH IBA IN THIS REGARD. HENCE THERE MAY NOT BE MUCH DIFFICULTY FOR UFBU IN GETTING THE NEUTRALISATION AND RECTIFYING THE ANOMALY PREVAILING.
K BALASUBRAMANIAN
Dear Shri.Balan,
Thanks for your very clear updation of knowledge / views on 100% DA neutrlisation to pre 01-11-2002 retirees. Hope UFBU will take up this justified issue with IBA. Retired Bank Officers should also persue this issue with Govt/IBA.
Ajit Naik
Dear Shankar,
Thanks for the response. I agree to your point that we should fight united for other more demands that are pending and due. You know that there are a lot of things to be resolved and get it be acquired by way of agitation and other whatever way it may be. The most important point at this juncture is the discrimination of salary, irrespective of our nature of JOB, which is very much risk bearing. We are actually not satisfied with the present scales, especially at this point of time.
So we must be prepared to fight strongly, naturally all united to achieve our just demand to work happily and satisfactorily.
Regards,
S.K.G
Dear Balan
I took VRS from Canara Bank during the last year ie 2008. I informed the bank in my VRS application that i am planning to join LVB. But as per pension regulation before taking up any commercial employment within a period of two years I should have informed Canara Bank. I am under the impression that permission is not required in my case. I am working in LVB now. Kindly inform me as per pension requlations what will happen to me. Whether Canara Bank will give an option to join the Pension scheme as per latest MOU or they will not permit me to exercise now. I have gone through the Pension regulation which says Pension can be withheld if the details of commercial employment is not informed. But the same is silent about how long the pension will be withheld. Please advise me what shall i do.
whether employees of regional rural
bank are eligible to get new pension scheme.
dear shanmughanathan,
I PRESUME THAT YOU WERE PF OPTEE AT THE TIME OF YOUR LEAVING THE JOB.
your request is not clear. if you have opted for PF and resigned the job for the purpose of joining LVB then I afraid ,you are not eligible for pension option.pension option is applicable to normal retirees beacuse of super annuation or entitled to retire under any one of the features of pension regulations,including vrs asper pension regulation 1995 how the leaving of the job was treated by your bank. if it is under vrs then also the wordings are very important. even though you think it is vrs, if your leaving the job was treated as resignation by your bank, then as per the MOU you may not be covered under the pension option. if you are not satisfied with this reply please post the event in detail.
k balasubramanian
I took VRS only after serving 28 years. I informed the bank before the retirement date that i am planning to join LVB. I keep the PF amount still with the bank.Please advise me if permission is not obtained from the bank what at the maximum they can do. They can withheld for two years from the date of retirement of they can stop once and for all
DEAR SHANMUGANATHAN,
STILL YOU HAVE NOT REPLIED TO THE EXACT CONTEXT. WHAT IS YOUR WORD IN YOUR VRS. WHAT THE RELEIVING LETTER OF YOUR BANK SAYS. HOW THEY TREATED THE EVENT. KEEPING THE BANK CONTRIBUTORY PORTION IS AN OPTION AVAILABLE AND THAT ALONE WILL NOT MAKE YOU CLAIM ELIGIBILITY. IS IT RESIGNATION OR VRS AS FOR AS BANK IS CONCERNED ,THAT IS MORE IMPORTANT.
K BALASUBRAMANIAN
Dear Balan Sir
I would like to know the calculation of pension amount.
An exiting employees who has PF optee and now wants to move for Pention Option and he is going to retire on 31/01/2010 how much Pension he well get after retirement.
I would also like know the new salary structure for award staff.
Anil Mishra
Dear Balan sir,
I am a PF optee.
I have quit from a Public Sector Bank after 25yrs service -20yrs in Scale 1 and 5 yrs in Scale2.
In my leaving letter I have stated that "I wish to resign from the services of the bank due to personal reasons". At that time I was told that being a PF optee I should only use the word "resign" and not "retire" as not being a pension optee, I was not coverd under the Pension Regulations. Iwas told that if and when a second pension option was given, I would be automatically eligible to opt for it since I had more than 20yrs of unblemished service.
Now I am dismayed to see from your response that it may not be the case. Please clarify in detail.
DEAR M/S. VALLI,
PRACTICAL CASES OF PF OPTEES WHO WERE FORCED TO USE THE WORD RESIGN IN THE PLACE OF RETIRE IS DEFINITELY GOING TO COME IN THE COMING DAYS. BUT THE MOU CLEVERLY AVOIDED THE WORD RESIGN . WHETHER IBA IS GOING TO TAKE A PRACTICAL VIEW OR NOT HAS TO BE SEEN. THERE MAY BE A FEW HUNDRED PERSONS LIKE YOUR CASE . ONLY AFTER SEEING THE JOINT NOTE A DEFINITE CONCLUSION CAN BE ARRIVED. IF THEY CONSIDER THE CASES ON INDIVIDUAL BASIS DEATAILING THE CAUSE OF RESIGNATION THEN IT IS GOOD. THAT ALSO IS A TICKLISH PROBLEM AS THEY ARE NOT UNDER OBLIGATION TO GO AND VERIFY THE PRESENT STATE OF THE PERSON WHO LEFT THE SERVICE.
WE HAVE TO WAIT FOR THE FINAL VERDICT IN THE FORM OF SETTLEMENT THEN EVERYTHING WILL BE CLEAR.
SINCE RESIGNATION AS PER THE PENSION REGULATION LOOSES THE PAST SERVICE, PENSION ELIGIBILITY MAY NOT COME. THAT IS THE STRONG POINT FOR IBA. SINCE THE WORD RETIRE COULD NOT BE USED EVEN THOUGH LEAVING THE JOB IS NOT FOR GAINFUL EMPLOYMENT MAY BE SOMEBODY S STRONG POINT.NOBODY AT THIS STAGE SHOULD BE IN A POSITION TO SAY 100% YES OR NO.SO MANY COMPLICATED PROBLEMS LIKE THIS IS GOING TO CROP UP AND THE IMPLEMENATTION MAY NOT BE MUCH SMOOTH. WAIT AND SEE
K BALASUBRAMANIAN
Sorry Balan Sir for the delayed reply.
It is VRS only.I need only one clarification. As per pension regulations on retirement the retiree should not take up any commercial employment without bank's permission. If they do so pension will be withheld. In my case since I have informed the bank before i retire from the services of the bank I did not get any permission letter for joining LVB. Will it create any problem for exercising the option. My case is a VRS only. It is written in my proceedings also.
dear shanmuganathan,
I am not comppetent enough to give specific answer to your query since there is no vrs in the case of pf optees other than the vrs 2000 scheme of govt of india. ;let us wait and seeth joint note which only make things clear
k balasubramanian
Dear Balan Sir
There are banks who permits VRS even for PF oftees. Take your case as example and clarify me the following. You took VRS after serving the bank for 25 years. Presume that you have informed the bank about your intention to join LVB. As per pension regulation you have to obtain prior permission from the bank to take up any commercial employment within two years from the date of retirement. Otherwise your pension will be withheld. Here only i have my doubt. Withholding pension is a temporary measure or it is a permanent one.
DEAR SHANMUGATHAN,
THE INTENTION OF PRESCRIBING THE CONDITION OF TAKING PERMISSION FOR EMPLOYMENT ELSE WHERE DURING THE COOLING PERIOD OF TWO YEARS OF RETIREMENT UNDER PENSION REGULATION IS NOT TO PREVENT THE EMPLOYEE FROM TAKING UP EMPLOYMENT ELSE WHERE BUT TO ENSURE THAT THE EMPLOYEE DO NOT INDULGE IN SUCH ACTIVITES THAT GO AGAINST THE INREREST OF THE BANK LIKE TAKING UP EMPLOYMENT WITH THE CLIENTS OF THE BANK,TAKING AWAY THE CLIENTALE OF THE BANK BY JOINING THE IMMEDIATE COMPETITORS ETC.
IF YOU ARE RELEIVED UNDER VRS AND IF THE RELEIVING LETTER CONTAINS SUCH A TERM AND IF YOU HAVE INFORMED TO THE MANAGEMENT BEFORE OR AFTER YOUR RELEIF FROM THE BANK ABOUT YOUR INTENTION OF JOININING OTHER ORGANISATION (BEFORE JOINING ELSEWHERE) YOU ARE ENTITLED TO GET PENSION.
SINCE, YOU HAVE ALREADY INFORMED YOUR BANK AT THE TIME OF LEAVING THE BANK ITSELF YOU ARE SAFE. IF THE MANAGEMENT HAS NOT CONVEYED THEIR DESISON IT IS THIER FAULT AND IT CAN BE TAKEN AS DEEMED PERMISSION.
REGARDING "WITH HOLDING" OF PENSION, IT IS A TEMPARORY ACTION OF PREVENTATIVE NATURE AND CANNOT BE OF PERMANENT NATURE AND IF THAT WERE THE INTENTION THE WORDING SHOULD HAVE BEEN "FERFIETURE" AND NOT "WITH HOLD". IN ANY CASE THE WITH HOLDING OF PENSION CANNOT BE FOR MORE THAN TWO YEARS OF COOLING PERIOD PRESCRIBED IN PENSION REGULATION. IF THE WORD "WITH HOLD" IS NOT DEFINED IN PENSION REGULATION ITSELF THEN THE DICTIONARY MEANING OF THE WORD HAS TO BE TAKEN INTO CONSIDERATION.
-MADAPPA
Thank you Madappa for your excellent clarification.
Dear Balan Sir,
I am Andhra Bank VRS 2001 offficer. My Basic 13560, PQA 135/-,FPA 660.50, My date of joining in the bank 26.09.1978, DOB 29.08.1952,VRS on 28.02.2001. I have taken PF amount 237000/-. Please clarify what is the pension amount I may be eligible and am I eligible for coputation.
Suresh Bandaru
AN APPEAL TO AIBOA AND AIBEA APEX LEADERS!
We are also equally against mergers and acquisitions. However, any struggle/protest should be actively supported and participated by all the UNions/Associations, for, it is not the problem of one or two unions/associations. When we do something on stand alone basis, it would tantamount to get neglected and result in earning the wrath of the public too! If you can muster the particpation of all organisations for this really justifiable cause please do. Otherwise, we have to graciously accept the proposals. We all know that when computerisation was thougt of, we fought tooth and nail and ultimately succumbed and today we ourselves are computer savy and use it in a big way! So change is part of life and part of business.
If you people still do not want to accept it as natural thing to happen and adamently stick to your outmoded agitational program, please find a suitable time frame. Atleast it should be the one when the Government is able to notice and do something. Now the entire nation is perturbed with the turbulent situation due to political turmoil in Andhra Pradesh. Hence, atleast think of postponing the strike for the time being.
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