Bankers will have fatter wallets this year. Almost 5 lakh bank employees and 2.5 lakh officers will get a pay increase of 17.5 per cent after the unions signed their ninth bipartite wage revision agreement today with the Indian Banks’ Association (IBA), the bank employer’s forum. The wage hike will be effective from November 1, 2007. The accord will raise the wage bill of the banking sector by over Rs 5,200 crore, annually. In public sector banks, the additional outgo will be Rs 4,816 crore. For private and foreign banks, it will amount to Rs 400 crore. The wage bill of nationalised banks stood at Rs 27,520 crore as on March 31, 2007. The settlement will cover 26 nationalised banks, 12 private sector banks and eight foreign banks. The IBA, six workmen unions and four officers’ associations signed the agreement that will be valid for five years. A statement issued by the IBA in the evening said the basic pay of officers at the entry level will be between Rs 14,500 and Rs 52,000 per month (compared with a floor of Rs 10,000, earlier). The basic pay for clerical staff will range between Rs 6,200 and Rs 23,900. Subordinate staff will get between Rs 5,500 and Rs 13,800 per month. Dearness allowance will be payable for every rise or fall of 4 points over 2836 points in the quarterly average of All India Average Working Class Consumer Price Index (General) Base 1960 = 100 at 0.15 per cent of pay. Besides the wage hike, it was decided that employees and officers covered by the provident fund scheme would be given the option to join the pension scheme. This means that employees and officers who did not opt for pension (choosing instead to be covered by a provident fund) when it was offered in 1993 could switch over to the pension plan. Reports say that in such an event, those who have retired will have to surrender over 50 per cent of PF money, including interest. The IBA added that a defined contributory retirement benefit scheme as governed by the contributory pension scheme introduced for employees of the central government with effect from January 2004 will be introduced for workmen/officers joining the services of banks on or after April 1 this year. A statement from the All India Bank Employees Association says that under the settlement close to 2.60 lakh employees and officers who are now covered by contributory provident fund will get a chance to join the pension scheme which is a demand of the unions. More than 50,000 retirees will also get the option to join the pension scheme. Bank unions welcomed the wage agreement inked today, though the INTUC-affiliated Indian National Bank Employees’ Federation said it signed the pact under protest. “This is one of the greatest achievements...it is the best deal employees can get,” said G D Nadaf, the general secretary of the All India Bank Officers Confederation. Source : The Telegraph. Press Release from IBA : PRESS RELEASE HIGHLIGHTS OF SETTLEMENTS DATED 27.4.2010 SIGNED WITH WORKMEN UNIONS & JOINT NOTE DATED 27.4.2010 SIGNED WITH OFFICERS’ ASSOCIATION ON WAGE/SALARY REVISION AND ONE MORE OPTION OF PENSION Today IBA has signed industry wide wage agreement with 6 Workmen unions and 4 Officers’ Associations. The salient features of the Settlement are as under : Ø Total no. of employees covered under the Settlement – 5 lakhs workmen employees and 2.5 lakh officers working in 26 Public Sector Banks, 12 Old Private Sector Banks and 8 Foreign Banks. Ø The wage revision is effective from 1.11.2007. Ø Total wage increase of Rs.4816 crores representing 17.5% increase on the establishment expenses of Rs.27520 crores as on 31.3.2007. Ø The pay scales of Officers are Rs.14500-Rs.52000. Ø The pay scales for Clerical staff : Rs.6200-23900 Ø The pay scales for subordinate staff : Rs.5500-13800 Ø Total wage increase for officers and award staff is Rs.4816 crores. Ø DA is payable for every rise or fall of 4 points over 2836 points in the quarterly average of All India Average Working Class Consumer Price Index (General) Base 1960 = 100 at 0.15% of Pay. Ø Rationalisation of Special Pay posts - All the existing special pay posts are rationalized and only three categories will remain – (i) Single Window Operator – A and Single Window Operator-B; (ii) Head Cashier and (iii) Special Assistant. Ø All part-time employees (lump sum) will be brought to 1/3rd scale wages w.e.f. 01.05.2010. Ø Pension: Another option of pension will be given to all existing employees who did not opt earlier and also who have retired/died after pension regulations 1995/96; A defined contributory retirement benefit scheme as governed by the “contributory pension scheme introduced for employees of Central Government with effect from 1.1.2004” will be introduced for workmen/officers joining the services of banks on or after 1.4.2010. There shall be no separate contributory provident fund in respect of these workmen/officers. |
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Wednesday, April 28, 2010
9th BPS signed : Hefty pay hike for bank staff
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103 comments :
terminatedplease do not call it a hefty hike. it is meagre. as compared to 40% for central and state employees, only 17.5 % hike is unjustified. to make the things worst, the pf opteees have to shell out Rs. 1 lac each for opting pension which is clear denial of justice. poor bank employees, most productive in the country still getting least salaries. an officer gets a salary lesser than peon in govt. office. all this due to the historic work done by the unions. with revolutionery greetings
Dear Friends, At the very outset, let me congratulate one and all for clinching the settlement thereby finding a logical solution for the delayed verdict.
Now there has been varying opinion and counter opinion and inflamation on the issue of contribution towards acutary cost for pension. While the unions have found a logical solution to avert avoidable court cases by doing away with pension optees, asking PF optees to shed 2.8 times of pay as of 01.11.2007 appears very much on the higher side.
Technically speaking PF optees can not seek court intervention on this issue opposing to pay this money. But there is a valid point to argue and get the things corrected by way of either reopening the issue or seeking court intervention. The point is that at the time of arriving at the figure of Rs.6000 crores, the IBA included all the employees - i.e. to say even the existing pension optees and arrived at the extra cost and sharing of 70/30 arrived. Now that it has lately transpired (obviously on technical grounds)that pension optees can not be called to share any burden, the total cost requires to be revisited and arrived at reckoning only the PF optees - both existing and retired. It will be justifiable and result in sharing of affordable and genuine cost by all the PF Optees.
I would request all the PF optees to throw light on this and approach their leaders to plung into action immediately.
April 28, 2010 11:05 AM
I retired on 30th Jan. 2010 as C P F
OP TEE what will be my position if I have to pay 2.8 times of basic pay of Nov.2007 or 56% of C P F. Please guide me.
Dear PF optees please go through the following provisions regarding second option and infer things:
Another option for joining the existing Pension Scheme shall be extended to those employees
who:-
(I)
(a) were in the service of the bank prior to 29
September 1995 in case of Nationalized
th
Banks / 26
March 1996 in case of Associate Banks of State Bank of India and
th
continue in the service of the bank on the date of this Settlement;
(b)
exercise an option in writing within 60 days from the date of offer, to become a
member of the Pension Fund and
(c)
authorise the Trust of the Provident Fund of the bank to transfer the entire
contribution of the bank along with interest accrued thereon to the credit of the
Pension Fund.
(II)
(a) were in service of the bank prior to 29
September 1995 in case of Nationalized
th
Banks / 26
March 1996 in case of Associate Banks of State Bank of India and
th
retired after that date and prior to the date of this Settlement;
(b)
exercise an option in writing within 60 days from the date of offer to become a
member of the Pension Fund and
(c)
refund within 30 days after expiry of the said period of 60 days, the entire amount of
the banks contribution to the Provident Fund and interest accrued thereon received by
the employee on retirement together with his share in contribution towards meeting
30% of Rs.3115 crores which is estimated and reckoned as the funding gap for those
eligible under Clause 2(II),2 (III) and 2(IV) of this agreement. On an individual
basis, the payment over and above the bank’s contribution to Provident Fund and
6
interest thereon has been worked out at 56% of the said amount of bank’s contribution
to Provident Fund and interest thereon received by the employee on retirement.
...CONTD/-
CONTD....
(III)
The family of those employees who were in the service of the bank prior to 29
th
September 1995 in case of Nationalized Banks / 26
March 1996 in case of Associate
th
Banks of State Bank of India retired after that date and died will be eligible for family
pension, provided –
(a)
the family of the deceased employee exercises option in writing within 60 days of the
offer to become a member of the Pension Fund and
(b)
refund within 30 days after expiry of the said period of 60 days, the entire amount of
the bank’s contribution to the Provident Fund and interest accrued thereon received
by the deceased employee on retirement together with his share in contribution
towards meeting 30% of Rs.3115 crores which is estimated and reckoned as the
funding gap for those eligible under Clause 2(II),2 (III) and 2(IV) of this agreement.
On an individual basis, the payment over and above the bank’s contribution to
Provident Fund and interest thereon has been worked out at 56% of the said amount
of bank’s contribution to Provident Fund and interest thereon received by the
employee on retirement.
(IV)
The family of those employees who were in the service of the bank prior to
29
September 1995 in case of Nationalized Banks / 26
March 1996 in case of
th
th
Associate Banks of State Bank of India, but have died while in service of the bank after
that date will be eligible for family pension, provided –
(a)
the family of the deceased employee exercises an option in writing within 60 days of the
offer to become a member of the Pension Fund and
(b)
refund within 30 days after expiry of the said period of 60 days mentioned above, the
entire amount of the bank’s contribution to the Provident Fund and interest accrued
thereon received upon death of the employee together with his share in contribution
towards meeting 30% of Rs.3115 crores which is estimated and reckoned as the funding
gap for those eligible under Clause 2(II),2 (III) and 2(IV) of this agreement. On an
individual basis, the payment over and above the bank’s contribution to Provident Fund
and interest thereon has been worked out at 56% of the said amount of bank’s
contribution to Provident Fund and interest thereon received on death of the employee.
...contd
(
contd/-
3)
(i) The existing pension scheme will not be applicable to those who join the services of
banks on or after 1
April 2010.
st
(ii)
Employees joining the services of banks on or after 1
April 2010 shall be eligible for the
st
Defined Contributory Pension Scheme, the banks will be introducing for them. The
Defined Contributory Pension Scheme proposed to be introduced for them will be one as
governed by the provisions of New Pension System introduced for employees of Central
Government w.e.f. 1
January 2004 and as modified from time to time. The Scheme shall
st
be regulated and administered by the Pension Fund Regulatory and Development
Authority (PFRDA).
(iii)
The employees joining the services of the banks on or after 1
April 2010 shall contribute
st
10% of Pay and Dearness Allowance towards the Defined Contributory Pension Scheme
and the bank shall make a matching contribution in respect of these employees.
(iv)
There shall be no separate Provident Fund for employees joining services of Banks on or
after 1
April 2010.
st
(4)
Employees who ceased to be in service on or after 29
September 1995 in case of
th
Nationalized Banks / 26
March 1996 in case of Associate Banks of State Bank of India on
th
account of voluntary retirement under special scheme after rendering service for a
minimum period of 15 years, shall be eligible to exercise an option to join the Pension
Scheme subject to the terms and conditions mentioned for retiring employees opting for
joining the Scheme.
(5)
Pension/ Family Pension to those who opt to join the pension scheme complying with the
terms of this Settlement shall be payable with effect from 27
November 2009, provided
th
that employees who retired after that date shall get pension from the respective dates of
their retirement. All the Regulations of the Bank Employees’ Pension Regulations, 1995 /
1996 shall be applicable to those who opt for the Pension Scheme in terms of this
Settlement except to the extent mentioned in the foregoing Clauses of this Settlement.
(6)
The terms of this Settlement shall not be applicable to State Bank of India.
(7)
The terms of this Settlement shall be incorporated in the Bank Employees’
Dear IYER Sir,
One simple question weather any officer retired after 27th Nov. 2009
will be treated as exiting officer for purpose of pension i.e. he has to pay 280% of basic of Nov. 2007 or 56%
of CPF.Please explain.
Dear Friends, to my post at 11.05AM on revisiting quantum of actuary cost to lesson the burdon of PF optees, I have received email reply from Com. C.H. Venkatachalam wherein he has explained that the amount of Rs.6000 crores arrived earlier was reckoning only PF OPTEES and not including the Pension optees and hence there is no scope for revisiting. I tried it notwithstanding the fact that I am a pension optee. My trial has enabled us to bring some inherent truth and as such I hope this will minimise the tension in the minds of PF Optees and keep their friendship with Pension optees in tact.
Dear Shri Akhileshji,
Going by the term of settlement under point (1) regarding existing employees and (2)(II) on retired employees, it is clear that the cut off date is date of the settlement for deciding on the definition of 'existing employee' and as such, I am afraid the person retired prior to 27.04.2010 has to pay 56% over the amount he actually received towards Bank's contribution to PF and not 2.8 times of pay as of 01.11.2007.
I would like to further clarify that in case of retirees, they will pay back the amount actually received by them towards Bank's contribution to PF and 56% over it and no separate payment of interest is involved - as some people were discussing in these posts.
Who the hell is calling this pay hike as hefty..???
Ask those bloody fool union leaders to explain how the salary is fatter....
They bloody hells have sold common banker of India...
Friend lets punish these fools...
Now bank will repent.. coz most of the talented people will leave these worst working places...
Down fall of indian banks have just started...
My Deer Leaders,
You have achived your gaol i.e. 2nd option of pension by sacrifycing the well justified wage increase of not leass than 50% of around a million bankmen. You have nver put the wage revsions as 1st item of your agitation since last 3 years.
Now your agenda has fulfilled and now in case you feel any moral responsibility of wage parity, please chalk out and disclose plan for achieving for actual wage revision. The present revision is just notional one.
You shameless leaders, think for long term agitation including indefinite strike for achiving the past glory of better financial compensation than the Govt sectior, which was prior to implementation of Pillai Committee.
If you think it is impossible, just resign from the association and leave the job for others to do. Otherwise you will be thrown into a deepwell and will not be able to get the hard bargained 2nd pension option, by your fellow workers.
Just think and resign,
UFBU MURDABAD
Dear Iyer sir,
There is one clause that says that pension will start from 27th Nov 2009
or month of retirement of person.Hence it was general feeling that a person retiring after 27th Nov.2009 will be treated as exiting employee.
dEAR Akhileshji,
Your assumption is not seemingly in keeping with the spirit of the contents of the settlement. If it happens it is good. At the end of the day no beneficiary should be subjected to unbearable loss. Let us wait some more time to see theactual circulars emanating from IBA/banks.
For P.F. op tee it is a shameful situation since a person retired in 2001 and a person retired on 31st March 2010 are in a same boat.They are to pay 56percent of CPF.Here applies the formula ANDHER NAGRI CHOPAT RAJA TAKE SER BHAJI TAKE SER KHAJA.
anybody any news on commutation deduction on 156% PF.Previously they had mentioned it but latest version shows no reference to it
Referring to Akhilesh-April 28, 2010 6:10 PM
You are required to pay 2.8 times of your New Basic Pay as on November 2007. You can refer AIBEA website for details.
Referring to Sunil-April 28, 2010 6:21 PM
Commutation is the choice of the pension optee.It is not a deduction from 156% of PF. Entire amount of commutation will be recovered from pensioners in subsequent years,just like festival advance in installments.
It iis established that IBA and Government wanted to achieve the New Pension Scheme with effect from 01.04.2010 to new entrants at any cost.Hence, the settlement is signed in a hurried manner at the last moment. Collection of share amount should have been uniform to all PF optees including retirees. NPS should be more beneficial to new entrants than the existing pension scheme.
A COMPREHENSIVE BOOKLET CONTAINING FULL TAXT OF JOINT NOTES ON SALARY REVISION AD PENSION SETTLEMENT WITH, READY RECKONER CHARTS, SHOWING BASIC PAY FITMENT, GRANT OF STAGNATION INCREMENTS, DA, PQP, FPP, CCA, HRA ETC, WILL BE RELEASED TODAY. IT IS PRICED AT RS. 50 PER COPY PLUS POSTAGE. YOU MAY INDENT FOR COPIES IMMEDIATELY - NADAF
shameful - nadaf and gang - asking 50 rs for copy os settelement - why nationalised bank officers are still with aiboc - nadaf is leader of sbi officers only-
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
WHAT A DIRTY SETTLEMENT...........
no more words to write............
MR NADAF IS NOT A PETTY THIEF BUT A DAY LIGHT ROBBER. NOW HE WANTS TO CHARGE RS.50/- FOR THE USELESS COPY OF THE SALARY/PENSION PACT. EVERY BANK WILL ISSUE CIRCULAR TO CIRCULATE THE CONTENTS ON ITS OWN. WHAT IS NECESSITY OF MR. NADAFF GETTING THE BOOKLET PRINTED? PROBABLY HE IS RUNNING A PRINTING PRESS ALSO AND HE IS PASSING ON THE BUSINESS TO IT.
MR NADAF YOU MAY A FOOL BUT NOT MEMBERS. YOU BETTER POST ALL DETAILS IN THE AIBOC WEBSITE ITSELF WHICH REQUIRES NO EXTRA COST. ARE YOU LISTENING MR. NADAF? PL OPEN YOUR EARS AND EYES.
THE AP HIGH COURT CASE WAS POSTED FOR HEARING ON 27-04-2010. IS THERE IS ANY NEWS?
THE PETIONERS IT APPEARS HAVE TO AMEND THEIR PETITION TO CONTINUE TO FIGHT THE CASE. SINCE THE IBA HAS ABANDONED THE DEDUCTION FROM THE PENSION OPTEES, NOW THE PETITIONERS HAVE TO REQUEST THE COURT TO INVALIDATE THE DEDUCTIONS FROM PF OPTEES ALSO.
ShANKAR SIR I have gone through pension circular of AIBEA and aiboa there is mentioned that pension will be paid from Nov.2009. Please guide me I could not understand. I retired as scale two manager with CPF option ON Jan 2010. I also asked Mr. IYER he replied that I have to pay CPF amount plus 56percent of CPF. This made me restless and I am feeling very bad.Please clear the picture so that I may sleep at night.
AIBOA has given a call for levy of 4% for gross arrears before tax. Besides this all our members without exception have to contribute one-day wage [tax free] for “AIBOA Trust for Unorganized Sector Relief” fund for the noble cause of help to unorganized workers. This is to be separately remitted by DD on Chennai favouring the Trust.
The wage revision levy of 4% before of tax will be shared in the ratio of 1:1:1:1 by AIBOA/All India Unit/State Committee of AIBOA/Baase Unit as the case may be.
The levy is a primary obligation and all our members are requested to pay the levy in full having regard to the pioneering role of AIBOA in the matter of pension and other issues.
We also call upon Pension optees specially to contribute further to the AIBOA beyond and besides the stipulated levy.
Funding of AIBOA by members is the need of the hour also in respect of our projects, AIBOA Trust for Unorganized Sector Relief and Tarak Institute of Banking & Trade Union Research and we exhort all our members to fulfill the obligations to AIBOA, All India Units, State Committees and State Units of Banks.
We call upon every unit and all members to rejoice the twin settlements as important historic one and the Units to hold meetings to meet all members and explain the features of the settlements.
Hats off to you for your preservingly supporting to AIBOA
Congratulations to All of You for enabling AIBOA to sign the settlements
Victory Greetings to all of you.
/R.J.SRIDHARAN/
GENERAL SECRETARY
What a shame. I think all the union leaders are getting mad.That's why they are behaving like this. Do you think it is worth to celebrate. A Govt. clerk is getting more salary than a Bank P.O.at the entry level.The bank employees should be beware of such self styled leaders who sold our honors to IBA like this and at least try to elect the honest union leaders so that we are not cheated like this in 2012 settlement. Dear brothers wake up before it is too late
BANK EMPLOYEES ARE EARNESTLY REQUESTED NOT TO PAY SINGLE PAISE TO THE UNIONS AS LEVY. INSTEAD THEY MAY CONTRIBUTE LIBERALLY TO THE EMPLOYEES WHO ARE FIGHTING COURT CASE EITHER AT HIGH COURT OF HEDERABAD OR ELSEWHERE WHICH MAY BE OF LITTLE HELP TO OUR OWN BROTHEREN WHO HAVE TAKEN INITIATIVE TO LEAD THE FIGHT AGAINST THE INJUSTICE METED OUT AGAINST BANK EMPLOYEES JOINTLY BY IBA AND UFBU. IF THE LEVY IS PAID TO THE UNIONS, IT WILL STRNGTHEN THE HANDS OF USELESS LEADERS AND THEY WILL PRESUME AS TO WHAT IS DONE BY THEM AS CORRECT.
THE BEST WAY IS TO IGNORE THE UNION LEADERS AND KICK THEM OUT IF THEY COME NEARER TO YOU.
INBEF TRYING TO FISH IN TROUBLED WATERS!
INBEF IS AN EXTENDED ARM OF CONGRESS PARTY. IT IS A PARTY TO ALL ILLEGALITIES IN THE PENSION/WAGREEMENT. AT LAST MOMENT, IT IS TRYING TO MISLEAD THE EMPLOYEES BY SAYING THAT THEY HAVE PROTESTED THE ADDITIONAL LOAD ON PF OPTEES.
WHAT THESE "CHAKKA LOG" DOING FOR THE PAST TWO YEARS WHEN THEIR OWN GOVT IS IN POWER?. NOW, THEY ARE ASKING TO RESIGN FROM OTHER UNIONS AND JOIN THEM. WHAT GOOD IS EXPECTED FROM THEM?
Shame on our UFBU leaders,they are throwing ball in others court,while they are in same boat. do not pay any levy for these shameless leaders.
There is just another IPL in banking industry where IBA is also playing a match fixing game.
Thanks to andhra petitoner who saved to pension optee people from another burden.
Now it should be clearly understood to the bankers that next wage revision should not pass from these hands.
These union leaders have become mafia leaders because there are crores of funds which is being enjoyed by these peoples.
Beware from these union leaders.
DEAR MR.PARSHANT
MANY PEOPLE ARE IN ANGER LIKE YOU.
THOUGH I AM PENSION OPTEE OF 1996 I FELT ASHAMED TO BE A MEMBER OF THIS AIBOC.WHO GAVE THIS PRESS NEWS ?
UNION ? OR IBA ?
""Bankers will have fatter wallets this year."'
NONSENCE.
DEAR ALL ORDINARY MEMBERS OF AIBOC OR AIBEA ,PLEASE UNDERSTAND THAT THE COMRADES ARE NEVER LEAVE YOU GO UP .THEY SURVIVE BECAUSE OF YOU DEPEND ON THEM OR SUPPORT THEM.BUT THEY NEVER ALLOW YOU TO SURVIVE.WE HAVE SEEN THAT IN 8 TH AND 9 TH BIPARTITE.I BELIEVE THAT THE INBEF THOUTH IT IS AFFLIATED TO INTUC-CONGRESS PARTY RELATED -THEY ARE THE PEOPLE GET BANK EMPLOYEES AT PAR WITH CENTRAL GOVT EMPLOYEES .
PLEASE UNDERSTAND THAT EVEN IN PRESENT SITUATION YOU ARE AFFLIATED TO COMMUNIST PARTY AND THAY WERE NOT RAISED THEIR VOICE IN PARLIAMENT SUPPORTING YOUR DEMAND .
SELVAKUMAR
DEAR COMRADES(SORRY)
DEAR FRIENDS9IT IS MORE MEANINGS THAN COMRADES)
PLEASE SUPPORT SURENDRA .
IT IS OUR VOICE
""shameful - nadaf and gang - asking 50 rs for copy os settelement - why nationalised bank officers are still with aiboc - nadaf is leader of sbi officers only-""
SELVAKUMAR
DEAR FRIENDS
PLEASE VOTE TO MR.MADAPPA
""MR NADAF IS NOT A PETTY THIEF BUT A DAY LIGHT ROBBER. NOW HE WANTS TO CHARGE RS.50/- FOR THE USELESS COPY OF THE SALARY/PENSION PACT. EVERY BANK WILL ISSUE CIRCULAR TO CIRCULATE THE CONTENTS ON ITS OWN. WHAT IS NECESSITY OF MR. NADAFF GETTING THE BOOKLET PRINTED? PROBABLY HE IS RUNNING A PRINTING PRESS ALSO AND HE IS PASSING ON THE BUSINESS TO IT.""
DEAR FRIENDS
PLEASE SPREAD THIS AGITATION TO AMONG OUR FRIENDS.LET THE NEXT SETTLEMENT WITH YOUNG GENERATION PEOPLE.THOUGH I AM AGED MORE THAN 50 I SUPPORT YOUNG LEADERS TO COME AND BE AWARE THAT COMRADES CAN NOT RULE INDIA BUT RULE WORKERS.
SELVAKUMAR
DEAR FRIENDS
WHEN AIBOC OFFICIAL WEB SITE IS THERE NADAFF SUPPLYING PRINTED MATTER OF SEETTLEMENT AT COST Rs.50
BEWARE OF THIS COMREDAES!
SELVAKUMAR
DEAR FRIENDS
MADAPPA SAYS:
"'BANK EMPLOYEES ARE EARNESTLY REQUESTED NOT TO PAY SINGLE PAISE TO THE UNIONS AS LEVY.""
BUR LISTEN FRIENDS IF YOU ARE NOT PAY YOUR LEVY TO THE UNION ,YOU WILL BE THROWN/TRANSFERRED TO REMOTE RURAL.
THIS KIND OF TRANSFER THEY CAN ACHIVE WITH THE HELP OF MANAGEMENT.BECAUSE MANAGEMENT AGREE THEESE KIND OF POLITICS.
BANK OFFICER
SELVAKUMAR
DEAR MR.MADAPPA
"INBEF TRYING TO FISH IN TROUBLED WATERS!""
SO WHERE IS THE WAY ?
SELVAKUMAR
Mr. shankar refer to your reply dated
28th April 6.23PM please let me know the clause of pension agreement by which I shall be governed . Since I have retired on Jan. 2010. Please reply.
COMMUNISM HAS NO RELEVENCE INDIA. THEY MAY LOSE THEIR LAST BASTIAN WEST BENGAL IN THE NEXT ASSEMBLY ELECTION.
COMMUNIST MPs HAVE NOT DONE JUSTICE TO BANKERS AND COULD HAVE SUCCEDED IN GETTING PENSION OPTION HAD THEY PRESSURISED THE CENTRAL GOVT WHEN IT WAS UNDER THEIR MERCY.
THE BANK UNIONS AFFILLIATED TO RED BRIGADE HAVE TO CHANGE THEIR ATTITUDE AND MIND TO WIN OVER THE MEMBERS OR OTHERWISE THEY WILL VANISH IN NEAR FUTURE LIKE WEST BENGAL GOVT.
BE AWARE!
Referring to Akhilesh-April 29, 2010 7:15 AM
In aibea website-member login-full text of agreement signed is available with date of effect to each category of retirees, existing employees etc.Of course, this is in respect of award staff members-For officers,it is awaited.
Referring to Akhilesh-April 28, 2010 8:21 PM
To all those who retired before 27/11/2009 pension will be paid with effect from November 2009 and not earlier. However,every body who retired since the last pension option can opt for another option. Pension will be from November 2009 only. But they are required to repay 156 % of PF they received at the time of retirement
For those wo got retired after 27/11/2009,pension will be paid from the date of retirement or from December 2009 which ever is later and they are required to pay 2.8 times of their New Basic Pay as on November 2007.
In my opinion, there is no confusion.But there is anomoly.
That is a person retired in October 2009 has to pay 156 % of PF which he has already received, where as a person retired after 27/11/2009 has to pay only 2.8 times of his revised Basic Pay of November 2007.Thus a person retired prior to 27/11/2009 has to pay hefty amount compared to a person retired after 27/11/2009 merely due to the gap of a single day.
As regards AP high Court writ petition,I sought the opinion from High Court Advocate in my place(Bangalore-Sri Achutha Rao)who opined as under:-
That unless all the existing PF optees switch over to pension scheme and become at par with old pension optees,nothing can be done. Once all are pension optees, then arises discrimination between old and new pension optees in respect of collection of shortfall of 30 % from employees of same category and the same can be challenged in a court.
Hence PF optees who are opting for pension now have no other go except to wait till everybody switch over to pension scheme within 90 days time allotted to them.
As on 27/04/2010, the date of signing the settlement between unions and IBA, both the parties have ensured that there is no discrimination between existing pension optees within themselves and existing PF optees within themselves by not collecting any amount from existing pension optees.
Discrimination between existing pension optees and new pension optees can be challenged only after everybody become pension optees.
Now it is the golden oppertunity to all PF optees to switch over to Pension immediately with some difficulty of course,and they will become at par with the existing pension optees except collection of share amount.
Then arises discrimination in collection of share amount between old pension optees and new pension optees.
Hence as on date all PF optees have to wait till switching over to pension option is over.However, this anomoly can be challenged by affected persons only and unions may or may not raise the issue with IBA as agreed upon by them.
However, PF optees as of now are indebted to the existing pension optees in a way. That is they have supported pension cause by participating in almost all strike calls by unions all these days, even though they were not bound to do the same.It is moral support.
Hence all new pension optees will become morally responsible and reciprocate the sacrifice of existing pension optees by accepting what is offerred to them now and whole heartedly supporting every action unitedly and achieve next wage revision equivalent to Central Government employees.
Mr. skankar thanks for your reply. But still I am not clear about that a person retired on or after 27th Nov 2009 has to pay 2.8times of basic of Nov. 2007. From where you got this inference. ? Please let me know so that I can be fully satisfy and sing songs as usual.
I just want to know is there any
pension difference and how much?
the person who has opted the pension earlier
&
and the person who is opting now ?
assuming both the person have same salary everything same.
The joint note says exercise of option shall be in writing within 60 days of the offer to become a member of the pension fund. Here, in case of Retirees in particular, which date is the date of offer, whether the date of joint note or a separate date will be notified, any prescribed format is there, which office of the respective Banks to be contacted etc. are unclear. Hence members having knowledge of these facts may inform the blog members, since after the lapse of 60 days, on sheer technical grounds, one’s option may not be entertained.
Secondly, the joint note further says that 156% is to be refunded within 30 days after expiry of the said period of 60 days. Here also, there is no whisper or murmur about the adjustment of the commutation of pension, the date of reckoning for commutation factor and payment /adjustment of pension arrears due from 27.11.2009 towards refund etc. are unclear. Here also members having knowledge, especially working in HR department of Banks/ union activists may throw light for the benefit of those, who are out of the Bank having no accessibility.
Dear Sri Dineshji,
There is no different methods of pension calculation for the existing optees and the new optees in the making (i.e. present pf optees) Pension calculation is common for all.
Dear Sri Ramajunamgovindji,
Please note that all the banks will notify the offer by way of circulars to all branches and administrative offices. The Zone/Division would make arrangements for sending those information to you all. Please become a member of retirees organisation of your bank and keep in touch.
You will get sufficient time to complete the formalities. You will be required to pay the difference amount (i.e. after netting only) after factoring commutation, arrears of pension etc., However one thing still remain a suspense is the cut off date for deciding your commutation factor which necessarily is linked to your age next birthday after retirement. If it is notionally arrived, you will get a decent amount which often happens to be more than bank's contribution to PF. If however it is reckoned present age, I am afraid it may be less.
can anybody guide me that our UBFU top leader has taken PF or PENSION.
mr. dinesh. do not worry .
u pl. read the agreement u will find that in your case u have to pay 56% extra of the banks share of PF.
cut off date is 27.04.10 and not 27.11.09. only who are in service on 27.04.10 will pay 2.8 times of the ............ all others will be govrnmed by condition of 56%.
U will find that widows too if they give option now will have to refund 56% . even such widows cannot ask for commutation . how costly is another option to such widows.
thanks.
akgoel
29.04.10
It is very clearly mentioned in agreement signed on 27/04/2010,the exsiting employees (who is in service on 27/04/2010) have to pay 2.88 times on revised pay of Nov. 2007 and Employees retired before 27/04/2010 will be treated as a retired employees and have to pay 156 % of PF (Bank Contribution)recd on retirement.
However the pension will be effective from 27/11/2009 or retirement date which is later.
Referring to Akhilesh-April 29, 2010 9:38 AM
Several persons are firm in their opinion. Hence it is better to wait till you receive letter from your management.But my sincere suggestion is do not get disheartened and be prepared to harsh realities. Sri Iyer and Sri Balasubramanium are the right persons to seek clarifications in critical matters as they study meticulously everything AT ALL ANGLES and are expressing their views.
Referring to Akhilesh-April 29, 2010 9:38 AM
I am sorry to inform you that even my interpretation that the date of settlement as 27/11/2009 seems to be wrong.
When clarifications were sought by employees,some union leaders have informed that the date of settlement means 01.11.2007 and not 27/04/2010 for wage revision and pension purpose. Hence I feel I am correct. However, it is better to wait.
SHANKAR 29.04.2010;4.43PM
AS PER JOINT NOTE SIGNED BY OFFICERS ASSOCIATION WITH IBA THE FOLLOWING IS OBSERVED.(AIBOA WEB SITE)
3(a):were in service of the bank prior to 29 th september 1995 in the case of nationalised bank /26 th march 1996 in the case of associate bank of sbi and retired after that date and prior to date of this joint note.
3(c) such retirees have to contribute CPF plus 56% of CPF.
THE JOINT NOTE IS DATED 27.04.2010
PLEASE NOTE THAT IN THE CASE OF AGREEMENT FOR CLERKS THE WORD DATE OF SETTLEMENT APPEARS INSTEAD OF DATE OF JOINT NOTE. THERE CANNOT BE DIFFERENT CUT OFF DATES ONE FOR CLERKS AND ANOTHER FOR OFFICERS.BASED ON AGREEMENT FOR CLERKS WHEN ENQUIRED ONE LEADER OF OFFICERS ASSOCIATION INFORMED THAT THE DATE OF SETTLEMENT IS 27.04.2010 ONLY.AS YOU HAVE SAID CORRECTLY IT IS BETTER IF ONE WAITS TILL THE SAME IS CLARIFIED BY THE COMPETENT AUTHORITY. R JAYARAM
Mr. skankar thanks for your reply. But still I am clear about that a person retired before 27th April 2010 has to pay 156% of PF (Bank Contribution recd on retirement).
My Last 10 months average basic was 14100.so can any one tell how much pension i will get?.What are components of pension ,imean Basic+DA etc
What is the new gross salary of a clerk and po psu and pvt bank.pls reply
Dear All,
Please be clear,all this talking leads us to no-point unless we transform ourselves and support the true leaders who are really interested in our welfare & stands with us in our difficult times. We all should elect the future leaders so that next time we may get better deal because next revision is due in 2012 and if the same people remain in unions, they will continue to betray us like this.
bank employee awake arise and stop not till you get justice
are you satified with the part of loaf thrown at you to satisfy your hunger?
this is the worst settlement in the present economic scenario
we are lagging behind in wage structure in almost all state and central govt employees’
no good and efficient and dynamic young people will come to this giant and once highly prestigious industries
teachers and clerks and in some cases even substaff are earning more after their revised pay structure of 6th pay commission
Govt and Bank Management should sit to gether and declare some relief without involving any unions
that will be the great service to this industry
nishendu
What is the gross salary of a clerk and Po.pls give me the details.
ALL THE UNION LEADERS ARE BASTARDS, BASTARDS, BASTARDS, THEY HAVE CHEATED members. WE CURSE- SOME ONE ELOPE WITH THE WIVES OF UNION LEADERS- AND KILL THE UNION LEADERS- BASTARDS
Mr. IYER and Mr. Shankar
Dear Sirs,
There was a news on ALL BANKING SOLUTION .COM. with heading Meeting with Finance Minister which says
It has been reported that UFBU leaders represented to the Finance minister that since the Actuarial report was based on details of 31 03 2008, the pension option settlement should be effective from 1- 04 2008i.e. those who were in serviceon 01042008 should be treated as exiting employees for the shake of settlement and pension
and pension payment on account of the option should be made from 01042008.FM did not agree with view point. How ever he stated that the effective dates can be taken as 27 11 2009i.e. the date on which we had signed MOU.above site has elaborated further. In view of above has UFBU and IBA ignored the
instructions or else Please comment
on this Thanks
Dear shri Akhileshji, In one of my earlier posts also I opined that the existing employees should be the one who were on roll as of either 01.11.2007 (the due date of 9th bipartite) and 01.04.2008 (based on actuary) to do justice. However, the draft pension agreement is very clear that it is from the date of the settlement which is unfortunately 27.04.2010. Let us wait for further clarity that may emanate from IBA. There is definitely an anomoly on this count requiring remedial measure.
Dear friends,
for the last few days i, being bankman retired after 27/11/09 and regular viewer of PAY COMMISSION BLOG,FAILS TO UNDERSTAND WHEN OUR FM AFTER PERSUASIVE APPROACH OF COM. ACHARYA M.P.AND COM TAPAN SEN M.P. EXPRESSED THAT HE COULD IMPRESS UPON IBA THAT THE DATE OF EFFECT FOR PENSION OPTION BE 27/11/09, WHY OUR GREAT AND VALIENT FIGHTERS NOT TOOK THE MATTER TO THE BENEFIT OF THE MEAGRE EMPLOYEES RETIRED AFTER 27/11/09. PLESE LET ME KNOW IF OTHERWISE,
I earnestly request thro your blog to SARAVSHRI AKHILESHJI,AIYER JI AND SHANERJI TO DO RESPOND.
WITH THANKS,
ASHOK
Dear All,
So called salry Salary settlement is signed but the issue of wage parity especially 30% HRA, Grade Pay, Education Allowance and other benfit extended by Government to their employees is still pending. We should not wait for thses issue up-to next bi-partite. The Assoaitions should take-up the issue separately with the IBA / GOI to compensate the employees for the cheating done by them in the name of 9th BPS especially because it was the parity issue due to which our wage was allinged with Govt sector through Pillai Committe recommendations.
Our experienced seniors like BALAN sir and IYER Sir can guide us how to proceed in the matter further. Can we go for court intervention in this issue ?
Respected seniors like BALAN sir and IYER Sir you will be agree that the Bank emplotees (Existing and Retired) has been cheated in the name of 9th BPS and 2nd pention option. Hence there are no alternative for the employees should protest against the 9th BPS and pention issue and refuse to accept in present terms.
Te draft pension agreement is very clear that it is from the date of the settlement is 27.04.2010 inspite of FM assurance for pension may be effective from 27/011/2009 .
Mr.IYER , Can we move the matter to court in view of anomalies in date of effect of pension. This is the fault of UFBU and IBA for not reaching on agreement at an earlier date. This is not logical, if agreement not done on 27th April2010 it would have gone one/two month later.or it would have been on earlier dates. In my opinion the cut of date should be logical and lawful. Either it should be Nov. 2007 or 1st April 2008 or 27 11 2009 ( date of MOU ).
Taking into account of these facts can we move to court? Please adcice.
Mr. Iyer / Mr.Balan,
Will you please get clarification from Mr.CHV about the date of commutation of pension for old retirees retired prior to 27-11-2009. Whether it is the age on next birhday after actual retirement or age on next birth day falling after 27-11-2009 or age on next birthday after settlement date(27-04-2010). Mr. Balan has given some good hopes on the issue in his blog.Many VRS optees with PF are waiting to get clarification on this particular issue.
Dear Sri Akhileshji, Please do not think of moving to court at this point of time. We can not assume and do such things even before everything become clear. And unfortunately there may not be any scope for court intervention,for, whatever that might be coming out would be an "offer" which requires to be accepted to make it binding. Once accepted there is no case. And you know no offer can be challenged. Either you accept or do not accept the offer. No case can be made against any offer.
BANKMEN SHOULD HAVE PATIENCE AND ACCEPT WHAT EVER IS OFFERED AND AGREED TO BETWEEN IBA AND UFBU. THE MATTER OF INJUSTICE TO PF OPTEES CAN BE AGITATED/CHALLENGED AFTER DUST IS SETTLED.
I SUGGEST AND REQUEST BANKMEN NOT TO BE IN HURRY IN FILINGS WRITS AT THIS STAGE WHICH WILL BE COUNTER PRODUCTIVE. LET ALL OUR BROTHEREN EXERCISE THE OPTION OF PNSION. ONCE, THE PROCESS IS OVER, WE CAN THINK OF FILING A WRIT AT ANY HIGH COURT. ALTERNATIVELY, THE PRESENT WRIT AT HYDERABAD HIGH COURT MAY BE SUITABLY MODIFIED TO CHALLENGE THE DEDUCTIONS ONLY FROM THE PF OPTEES.
THE PRESENT PENSION OPTION IS SADLED WITH RECOVERY FROM SALARY ARREARS WHICH IS COMPULSORY. PREVIOUSLY ON TWO OCCASIONS, PENSION OPTION WAS GIVEN WITHOUT SUCH PRE-CONDITIONS. NOW, THE PF OPTEES ARE FORCED TO PAY THE PENSION FUND GAP TO BE ELIGIBLE FOR PENSION OPTION. THE IBA CANNOT DISCRIMINATE ITS EMPLOYEES IN THIS FASHION. IF THE PENSION FUND IS NOT ADEQUATE, IT IS NOT THE MISTAKE OF THE EMPLOYEES. IT IS THE RESPONSIBILITY OF THE BANKS TO MAKE ADEQUATE CONTRIBUTION AND ALSO MAKE JUDICIOUS INVESTMENTS SO AS TO EARN HANDSOME RETURNS. THE BANK MANAGEMENTS, AFTER MISMANAGING THE FUNDS WHICH WAS AT THEIR DISPOSAL AND HAVING COMMITTED BLUNDER IN AUGUMENTING THE PENSION FUND, IF THE EMPLOYEES ARE ASKED TO CONTRIBUTE TOWARDS PENSION FUND IT IS ILLEGAL AND OBJECTIONABLE. THE PENSION FUND CANNOT FALL SHORT ONLY ON ACCOUNT OF PF OPTEES. WHAT EVER STATUTORY DEDUCTIONS AT THE PRESCRIBED RATE ARE COLLECTED FROM THE EMPLOYEES TOWARDS THE FUND, THE RESPONSIBILITY OF THE EMPLYEES ENDS THERE.
IBA HAS MANIFESTLY DISCRIMINATED AMONG THE EMPLOYEES AND THERE WILL BE A STRONG CASE FOR LITIGATION. THE IBA HAS TO SHOW THE REASON FOR PENSION FUND DEFICIT. IN THE PROCESS MANY SKELETONS MAY COME OUT OF CUPBOARD AND HEADS OF MANY EXECUTIVES MAY FALL. IT MAY BE NOTED THAT THE ACTUARIES HAVE ONLY ASCERTAINED THE GAP AND HAVE NOT INVETIGATED THE REASONS BEHIND THE GAP WHICH IS THE CRUX OF THE PROBLEM.
THE LOWER RATE OF INTREREST ON INVESTMENTS CANNOT BE A SOLE REASON FOR HE FUND GAP. WE KNOW HOW THE FUNDS ARE INVESTED AT HO LEVEL AND HOW FOUVERS ARE SHOWN AT THE COST OF PENSION FUND. IF THERE IS DEFICIT IN PENSION FUND, THEN THE FRAUD/MISAPPROPRIATION/MISMANGEMENTOF FUND MONEY CANNOT BE RULED OUT WHICH NEEDS TO BE INVESTIGATED BY AN EXTERNAL AGENCY LIKE CBI. MEMBERS MAY BE AWARE OF THE GREAT SCANDAL IN INVESTMENTS IN ERSTWHILE UTI AND HOW UTI COLLAPSED OVER NIGHT. IT MAY ALSO BE NOTED THAT THE UNION LEADERS ALSO HAVE ACCESS TO INVSTMENT DECISIONS. SINCE, THE UFBU IS TOO MUCH CO-OPERATIVE AND IN FACT HANDS IN GLOW WITH IBA IN FORCING THE PF OPTEES TO CONTRIBUTE TOWARDS FUND AND UFBU NEVER TOOK STRONG ACTIONS TO FORCE THE IBA TO AGREE FOR THE PENSION, SMELLS SOME THING WRONG ON THEIR PART.
I FFEL THE FORCED RECOVERY FROM SALARY ARREARS WILL FAIL TO STAND BEFORE JUDICIAL SCRUTINY AND BANKMEN CAN EXPECT REFUND OF THE FORCED RECOVERY OF SALARY ARREARS WITH INTEREST.
-MADAPPA
Dear Friends, there have been many questions on effective date of commutation in case of already retired employees, definition of existing employee and retired employee to decide on 2.8 times/156% etc., By virtue of my friendship, I could get connected to Sri CHV and got his following answer. I hope this will set all the doubts in theminds of our friends:-
- existing employee means all who are in service on 27 4 2010
- retired employee means anyone who had retired prior to 27-4-2010.
- existing employee will pay at 2.8 times of Pay as of Nov. 2007
- retirees will pay Bank PF + 56 % less commutation
- commutation factor will be based on the date of application for commuttaion.
- commutation is payable from that date.
- till then full pension will be payable.
- those retired prior to 27 11 2009, arrears of pension will be payable from 27 11 09 (full pension) upto date of commutation and commuted pension from that day till it is sanctioned and paid.
t- hose who retired after 27 11 09 , arrears of pension is payable from the date of his retirement.
1 11 07 has no connection with this pension settlement.
1 4 2008 was attempted and agreed by ib and government.
hence date of settlement i.e. 27 4 2010 is the cut off date.
for existing employyes, earlier ufbu tried for a differential formula of sharing. due to legal implications this was not agreed by iba.
then we suggested equal sharing at 1.6 times by both pf optees and poension optees. iba was initially agreeable but later deue to court cases, legal opinions, etc. they did not want to take risk and hence 2.8 has come.
there are sentiments and feelings why all cannot share as originally suggested. knowing legal complications iba did not want to take risk. Unions had the choice either to accept 2.8 or leave the pension option issue. unions opted for the 2.8 formula because getting option was the foremost objective.
onething must not be forgotten. While they pay 2.8 times of pay to get this option, the Banks ae paying Rs. 4200 to the fund for the option cost.
This amount will not benefit existing pension optees. There are equal sentiments that but for pension option, this 4200 crores would have been available for wage revision and would have benefitted all with more than 17.5% wage revision, whereas now this 4200 crores is going only for the benefit of pf optees.
hence we cannot go by all these.
The main achievement is pension option . this is the greatest achievement of ufbu.
Silver Lining on a Dark Cloud:
----------------------------------------------------------
Good news for PF optees who are to opt for pension. Union is to spare them to an extent and to charge levy only on the net arrears after deducting of 2.8 factors.This time levy amount on pension optees is much more than PF optees as decided by the union.However I have to be confirmed on this information.
Thanks.
NO SILVER, NO LINING, ONLY DARK CLOUDS EVEERY WHERE!
THERE IS NO BETTER SETTLEMENT. MEMBERS ARE NOT GETTING SUBSTANTIAL INCREASE/ARREARS. NOW, THESE USELESS LEADERS ARE BENT UPON LOOTING THE AVAILABE SURPLUS FROM MEMBERS. IS IT NOT PICKPOCKETING? IS IT NOT POSSIBLE TO FOREGO LEVY THIS TIME AS A GOODWILL GESTURE? ARE UNIONS STARVED FROM FUNDS? WHAT HAPPENED TO MONTHLY SUBSCRIPTIONS? WHO HAS LOOTED IT? NOW, THE UNIONS WANT TO START CHARITY BY LOOTING MEMBERS. WHAT A CLEVER IDEA TO DIVERT AND LOOT THE MEMBERS MONEY? LET THE LEADERS USE THE BOOTY RECEIVED BY SURRENDERING THE MEMBERS RIGHTS.
MEMBERS SHOULD FIRMLY SAY NO TO LEVY THIS TIME. IF THE LEADERS ARE FORCING FOR LEVY, BETTER TO WITHDRAW MEMBERSHIP FOR THE TIME BEING. THE WITHDRAWAL OF MEMBERSHIP SERVE TWO PURPOSES, ONE IT WILL REDUCE THE LEADERS POWER AND WILL BE A WARNING IN DISGUISE AND ANOTHER THAT THE MANAGEMEMNT CANNOT DEDUCT THE LEVY AT WILL FROM A NON-MEMBER.
SAY NO TO LEVY. THE LUST FOR LEVY ONLY DRAGGED THE SETTLEMENT FOR TWO YEARS. IF YOU PAY LEVY, IT WILL BE A MANDATE FOR THE 10TH BPS TO DRAG AGAIN FOR ANOTHER TWO YEARS.
Referring MADAPPA January 2, 2010 10:33 PM:
----------------------------------------------------------------------------------------------------
chandan said...
Referring MADAPPA 24, 2010 4:32 PM said, "LET US RESOLVE NOT TO PAY LEVY THIS TIME"
Dear Sir,
Happy to find the fire of 'Mangal Pandey, Sepoy Mutiny 1857 ' in you, but afraid of the ultimate result of the same, as happened in those Mutiny days.
Thanks.
January 24, 2010 8:25 PM
-------------------------------------------------------------------------------------------------------------
Read more: paycommissionupdate.blogspot.com /2009/11/ufbu-signs-minutes-with-iba.
Thanks.
Trade unions are almost like quasi political parties. They play nasty politics. That is the reason to ask for 50 and settle at 10 like a footpath businessman.They don't have any scientific social study on their action taken or yet to be taken. Our bank union leaders are now a days acting like slum leaders instead of leaders of educate mass. They lost all their credibility to be the leaders of ours.
Thanks.
WHY BPS IS DELAYED???:
"Once the wage is settled the workers are required to dole out a levy i.e. a percentage of the arrears of their revised wages to their trade unions which they belong. Obviously you understand the trick, more the delay in wage revision, more the amount of arrears so bigger the amount of levies! Surprised! but this is the norm of wage negotiations and despite of deep resentment amongst the workers (whose voices are always suppressed) for the delay and the undue levy, the practice is on ever since bipartite wage negotiation between Indian Banker’s Association and several trade-unions"
By going through the CHV statement published in one of the comment I am satisfied because this time pension option issue was very much important and ufbu has achieved it really a red salute to them we were fighting for last 15 years for it.As pension is a fixed means not in that sence will be credited on 1st of every month and one can decide his way of expenditure.If int on fd is concerned see in June 2008 the rate of int was 11%or so and now it is 7% in next few years it will be less than 5% or so.Pension with da linked will compensate some how to manage.So I request all the emp to stop quarreling amongst pf and pension optees why to pay or so.As not opting pension in 1995 it was our mistake though our own leaders have told us NO PENSION IF SERVICE IS MORE THAN 10 YEARS OR SO now for that reason only leaders have fought for it and gave a gift to us.Now as a retiree we have to pay 156%of pf it is nothing but we have to shell out our commutation amt which we can not enjoy now.Let it be now all the thing like offer letter for pension should be pursed faster by leaders so to get pension at the earliest.Thanks to all the leaders once again salute to them
pension is certainly very much important, no qestions on importance of pension.
Question is ability on leadership which appeared like completely fragmented, blackmailed on every aspect during the entire episode of BPS.
when almost all banks are generating bumper profits, you demand 50% rise and settle at 16.5%
(17.5%- 1% for sbi.)at a time when all sectors.
Me or you if coming nearer to retirement stage may observe KAHARAUN PUJA of leaders in the greed out of our personal reasons but think about the future generations.what the bps delivered them.
If pension is so important for retired bankers, what sin committed by coming bankers!why you have thrown them in the hands of NPS?
Referring to rishikesh-May 3, 2010 9:58 PM
I humbly endorse your views. Doing injustice to new recruits is not fair.Unions hould have reserved the right of chosing either NPS or the existing one whichever is beneficial to new entrants.
Referring to ashok-April 30, 2010 10:37 AM
Pension will be from 27/11/2009 or from the date of retirement whichever is later.But for payment of 2.8 times of revised basic pay,existing PF optees are only those who are in the service of the bank as on 27/04/2010 onwards and those retired prior to 27/11/2009 are required to pay
56 % over and above PF received at the time of retirement.Everyone knows that this is an anomoly but as of now, there is no remedy.
Referring to Arun-April 29, 2010 5:48 PM
Thanks. When I contacted union leaders of different unions I got different versions. Now with AIBOA website matter is cleared.PF optees are required to join pension scheme first to become victims.Then only they can raise objections of anomoly. As on date,PF optee is treated as an intruder. Hence let them join pension scheme first.
REFERRING TO SH.SHANKER MAY 4,6:17PM
REPLY HIGHLY APPRECIATED AND SOLICIT YOUR ADVICE AND COMMENTS FOR ME TO ACCEPT THE OFFER OR NOT.
RETIRED AS SA ON 31/03/10 WITH BANK^S CONT. TOWARDS CPF 882000
BANK^S CONT. TOWARDS CPF 23000 AS PER REVISED BP (9TH BPS)
AND 56% OF 905000 IS 507000 (SAY)
I HAVE TO RETURN 1412000 TO GET A BASIC PENSION OF 13810
IF PENSION GOT COMMUTED, THE COMM. AMT, IS 541900
AFTER COMMUTATION,14282 AS PENSION WILL BE PAID AT PRESENT AND 870100 TO BE PAID BACK
WHEN WE AS BANKER KNOW THAT 574000
@ 9% COMPOUNDED ON DAILY BASIS FOR 10 YRS BRINGS 1412000 APPX
AND ALSO LOOK THE CRUCIAL AGE 60 TO 68( personal matter)
PLEASE DO ADVISE
ASHOK
Referring to ashok-May 4, 2010 10:33 PM
I have already informed in this blog several times the pros and cons of pension scheme.No doubt that the present pension offer is not very attractive in view of 56 % of additional load one has to pay. Your present salary structure is required to arrive at the benefits you may receive.
Plus point in opting pension is
01.
Till our death,whatever may be our mental status and health condition, we will be getting some amount for our livelyhood and we need not depend on others.We can not predict anything now about our will power or ability to decide matters rightly after at the age after 70 years.
02.
We may yield to pressure from close relatives,our own children seeking our money for urgent needs, which in most of the cases genuine and you will not be in a position to refuce.After loosing our money, we may feel insecure at a later date,which is not the case in pension.Considering the human tendency and present independent family set up and risk involved in social life, opting pension is risk free if cost factor is not an issue.
03.
Pension take care of fluctuations in cost of living to some extent.
Taking all points together if the result is PLUS, you may opt for pension. If it is MINUS, you need not.But your present decision is very crucial, since this DA linked pension will not be given again.
Respected all seniors,several times I hv asked abt the new gross salary of a graduate clerk and PO.But no one replied me.as I know its a good blog with so many experience bankers.Hope u ll reply this time.
Referring to PRINCE-May 6, 2010 1:06 PM
It is already made available in websites of almost all unions. Gross salary depends on the place of posting both for clerks and officers.In general, salary of a graduate clerk is fixed as underin a major A Class City:-
01. From May 2010-
Basic Pay-8000.00
DA Rs 3168.00
HRA @ 10 % of Basic Pay-Rs 800.00
Total-Rs 8000+3168+800=11,968.00
For Scale I officer in Major A Class Cities (Salary depends on the place of posting)
Basic Pay-Rs 14,500.00
DA-Rs 5742.00
HRA @ 8.50 %(12.75% in case of Rent Receipt and Own House)of Basic Pay-Rs 1848.75
CCA -Rs 540.00
Total-14,500+5742+1848+540=22630
If the officer opts for reimbursement of quarters rent, he will not get HRA by rent will be paid to land lord of the house directly by the bank-Varies from bank to bank-normally starting from Rs 5000.00 onwards.
Hence it is difficult to furnish the exact fugure.
my father was working in bank from last 29 years,he expired on 28.12.09.his retirement was in june 2016.can my mother opt pension now?Is she eligible for enhanced family pension or family pension?plz tell me we should opt pension or not?
Dear Ms Pallavi, your mother can exercise option for pension and also apply for commutation of 1/3rd pension. She is entitled to full pension from the date of demise of your father till the time he would have attained 65 years of age or a maximum of 7 years from the date of his death and thereafter 50% of full pension. Your mother can also seek commutation which is payable from the date of her application having been accepted by the bank. I would suggest you to immediately contact the Union/Association people and get the information. Please keep in contact with them to take timely action. One thing in your case forming impediment is that payment towards pension actuary cost - as to whether it should be 2.8 times of pay as of 01.11.2007 or 156% if BCPF. Technically speaking your father still had service upto June 2016 and as such sympathetic consideration of 2.8 times should be applied in your case. Please discuss this with the leaders. Pension is advisable in your case if this aspect is addressed.
MR.IYER 07.05.2010 06.18 PM
ACCORDING TO JOINT NOTE ON SECOND PENSION OPTION DT 27.04.2010 THE CLAUSE 5 STATES ;
THE FAMILY OF THOSE OFFICERS WHO WERE IN SERVICE OF THE BANK PRIOR TO 29 TH SEPTEMBER 1995 IN THE CASE OF NATIONALISED BANK /26 TH MARCH 1996 IN THE CASE OF ASSOCIATES BANK OF STATE BANK OF INDIA BUT HAVE DIED WHILE IN SERVICE OF THE BANK AFTER THAT DATE WILL BE ELIGIBLE FOR FAMILY PENSION.
FURTHER ACCORDING TO 5(B)SUCH INDIVIDUAL HAVE TO CONTRIBUTE 156 % OF CPF.PLEASE VERIFY AND CLARIFY.R.JAYARAM
sir!as above said by mr.akgoelsaid that widows cannot ask for commutation.is it right?sir plz tell me how much my mother have 2 refund?even till now we can't receive our pf.plz help me sir.
LEVY ON ARREARS OF WAGE REVISION:
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ALL INDIA BANK EMPLOYEES' ASSOCIATION(AIBEA)
CIRCULAR LETTER NO: 26/54/2010/15 DT: 29/04/2010.
A) For existing PF optees:(who will be opting for pension now)
4% of the Net arrears (Gross arrears - PF -Amount payable@ 2.8 times of November 2007 pay towards option) received by the members before Income Tax.
B)For all other members:
4% of the Net arrears (Gross Arrears - PF) received by the members before Income Tax.
NOTE:
------------
Needless to reiterate that wage revision is an occasion when members can contribute financially to the Unions. Levy is mandatory and obligatory and is not to be treated as a donation. Hence all our Unions at all levels should ensure that levy is collected from each and every member.
With greetings,
Yours comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY
Mr.C.H. VENKATACHALAM,
You have no right to ask for levy when you have not done your duty to try and secure better revision as compared to 6th pay commsion.Please put your hand on your heart and ask yourself "If the unions have done the correct thing" by signing the present wage settlement?
However IBA have succeeded in driving a wedge thro the unity of Bank Unions. During the 7th. and 8th. bipartite Com CHV argues that the share allocated for pension costing includes servicing of PF also. But the fact remains that the money so utilized for the servicing of PF has in no way come into the hands of PF optees. While opting for pension the entire PF so received is being credited to Pension Fund with interest while opting for pension. In what way is the PF optee benefited? Instead of coming out with cock and bull stories the leaders who had negotiated should own up their mistakes and come up clean and fight for the cause of Bank employees who had trusted the unions whole heartedly. If it is not done it will result in the polarization of Bank employees of both pension optees and others to leave the union and form a front to fight for the due rights of Bank Employees.
It is high time for Bank Employees to think of a Union:
1. Which is free from politics
2. Which will Fight for the right of Bank employees.
3. Be socially responsible to the society.
4. Stop collecting donations from customers for conducting conferences etc.
5. Work without bunking from banking duties in the name of trade union activities.
6. Leaders to travel in ordinary class in train. (our leaders are possessing more of executive traits than of employees)
7. End all the extravaganzas in the name of unions.
There are many more points and I have made only a few. Kindly express your views dear readers, especially seniors like IYER.
Referring Dharmaraj 16, 2010 6:00 PM:
LET'S CHARITY BEGINS AT HOME. TWENTY FIRST CENTURY'S GANDHI Comrade Dharmaraj WILL BE OUR NEXT UNION LEADER WITH ALL THE QUALITIES HE MENTIONED !
Thanks.
Mr.Chandan have you any problem.
I am quality person not blind, I can see every truth, and have courage to accept it.Please tell your friend to leave the chair then I can do.
Reffering Dharmaraj 19, 2010 10:21 PM:
Please enlighten us on you plan about Tenth BPS or any financial pay commission for bank employees. You are qualitative person as you claimed. So what's the necessity for leaders to vacate for you ? You can replace them by a plebiscite among bank employees/officers, I think.
Thanks.
Ek Kavya Bankers ke Naam
App logo ne apni union leader ka 2 face tau dekh hi liya hai aab
Avo ab humra doosra face bhi dekho
Challo ishi baat pe thodi kavita ho jaye thoda hashi majak ho jaye . Logo ka man bahelega aur thoda dukh bhi kam hoga.
Aur Saridon nahi khane pade gi aur chain se nind aa jayegi.
Aur Union ki levey bhari nahi lagegi.
Pesh hai
-------------------------------
Babu O Babu O Bank walle babu
Kya huva hai tum ko
Kyu latkaye apne moo ko.
kis ne Loot liya hai tumko
Biwi kaheti hai gahene lavo
Beta kaheta hai class ki fee lavo
Beti kaheti hai aaj tau sunday hai
Avo pappa bahet ke khaye ande.
Bank mai meniger kahta hai sunday ko ana hai
Ados pados ke log kahete hai Guptaji
Baink me hai khoob maal kamate hai.
Ek din bhi chuuti pe nahi rahete.
Union kaheta hai yeh saab pension ka load hai
Lage raho phir aaram hi aaram hai
raam raam jai raam raam raam jai raam
bechare Guptaji gujar gaye.
Office ki tabil par kaam karte karte heart attack a gaya
Union wallo ne aur Baink maneger ne chandan ka har bheja hai
( Family pension se kaam nipat gaya)
Babu o Babu O Bank walle Babu.
---------------------------------
Yaha kisi ko sambodh ke nahi lika hai.
Yaha hum sab ki roj baroj ki kahani hai.
Tu koi phi apne sar par na le le aur mujse se jhagdne na nikal pade . Mai tau retirement le ke Kashi ja raha hoo.
Agar milna hai muje tau kashi me Ganga ghat pe mera adda hai. Vahi hum roj bait te hai.
App me se koi avoge tau rabddi khilange aur phir thodi si bhang shang ho jaye gi phir jamegi humari baithak
All are Wellcome.
Humra dil bahoot bada hai.
excellent kavitha --- jaya vijay. my hindi is but poor though i understood the saramsh. Lets hope against hope that things would get better. Good luck !!!!!!
I am surprised at another Dharmaraj answering chandan on my behalf. anyways good.
Chandan, aint you too sircastic???
Referring Dharmaraj 20, 2010 8:44 AM:
Don't try to escape from my question that I asked to you May 19, 2010 11:08 PM.
"Please enlighten us on you plan about Tenth BPS or any financial pay commission for bank employees."
Waiting for a qualified answer from a qualified person like you Sir.
Thanks.
bankvrs PF OPTEES DO NOT COMMIT MISTAKE SECOND TIME , your KIND ATTENTION PLEASE Inbox X
Srirama Murti
DEAR ALL, it pains a lot to hear from some quarters, not to opt for pension(s...
May 19 (1 day ago)
Reply
thomas vaittadan to bankvrs
show details 10:18 PM (10 hours ago)
thank you a lot for making this well versed timely advice to fellow retirees and let us hope better sense will prevail on them in choosing pension
- Hide quoted text -
On Wed, May 19, 2010 at 11:16 PM, Srirama Murti wrote:
DEAR ALL,
it pains a lot to hear from some quarters, not to opt for pension(second option for pension).
earlier also in these columns I made a note of caution , IF YOU DO NOT OPT FOR PENSION THIS TIME, NO FORCE WILL SAVE YOU ON THIS EARTH. example I quoted certain Railway employees long back by not opting for pension, and instead opted for PF, that SO CALLED PF BIG AMOUNT EVAPORATED IN NO TIME DUE TO MANY REASONS AND THEY FOUND THEMSELVES ON STREETS. because RAILWAY PENSION is our role model, it is different matter unions, iba, and central govt are depriving us of our eligible rights.
FIRST YOU ACCEPT THIS SECOND OPTION FOR PENSION. BECAUSE TIME IS RUNNING SHORT. YOU HAVE TO ACCEPT WITHIN 60 days FROM DATE OF OFFER.
SOME OF OUR LEARNED BANKMEN ARE UNDER THE IMPRESSION THAT THIS SO CALLED BIG PF AMOUNT INSTEAD OF RETURNING TO PENSION FUND WITH OR WITHOUT 56% EXTRA WILL SAVE THEM A LOT.
IT WILL SAVE THEM ONLY TEMPORARY HEADACHE. AFTER SOME TIME, THE REAL HEAD ACHE WILL START. THE AMOUNT IS LIKELY TO EVAPORATE. THE PENSION OPTEE SAY AFTER 24 OR 30 MONTHS WOULD BE SMILING. BECAUSE HE IS GETTING MONTHLY PENSION, LEADING PEACEFUL LIFE. THE PF OPTEE'S AMOUNT WAS INVESTED IN UNDESIRABLE CHANNELS AND LOST THE TRACK UNFORTUNATELY.
WHO KNOWS TOMORROW WISDOM MAY DAWN ON OUR IBA AND LEADERS IN THE SENSE THAT MORE WAYS WOULD BE CHALKED OUT TO BETTER THE LOT OF PENSIONERS.
ONCE YOU ARE NOT CONNECTED TO PENSION CHANNEL, YOUR FUTURE IS NOT BRIGHT, YOUR FAMILY 'S RIGHT TO FAMILY PENSION RULED OUT SUMMARILY.SO YOU ARE KEEPING YOUR FAMILY IN DARK BY YOUR DELIBERATE ACTION OF REMAINING PF OPTEE. IT IS UNFORTUNATE SOME OF OUR PF OPTEES RETIRED 2001 ARE NOW STRUGGLING EVEN TO RETURN 100% PF NOT TO SPEAK ADDITIONAL 56%.
ALSO I HEARD INDIAN BANK TREATING ALL EXISTING PF OPTEES AS PENSION OPTEES UNDER THIS SECOND TIME OPTION AND ASKING IF ANY ONE WANTS TO REMAIN AS PF OPTEE, SUCH PF OPTEE HAS TO SUBMIT IRREVOCALBLE LETTER SAYING HE IS NOT OPTING FOR PENSION. THIS IS GOOD.
I REQUEST BANK MANAGEMENTS TO HAVE BIG HEART AND HELP THOSE RETIREES UNABLE TO RETURN PF AMOUNT BACK TO PENSION FUND, THEYBE SANCTIONED INTEREST FREE LOANS TO MEET THE NORMS REPAYABLE IN 24 EQUAL MONTHLY INSTALMENTS.
LET NOBLE THOUGHTS COME TO US FROM ALL SIDES.
----S.SRI RAMA MURTHY
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Ref: rsp May 20, 2010 10:55 PM
Agreed.Pension is better than PF in the prevailing conditions,But why this double standard to PF optees?
As one of our AIBEA leader said "
that is a punishment for you,you didnt opt pension in 1992" so is it a crime done by PF optees?
Whether there in any other industry managements imposing penalty to disburse pension as obtaining 2.8 times from arrears & 156% from pensioners?Everyone forgot the 17.5% achievement, when it compare with Cent.Govt/BSNL.
None of devotees of unions or union leaders have no explanation ....
Dear friends,
Whichever union you may belong to, if you r a PF optee, opt for pension unhesitatingly. But never pay any levy.Whether you are an officer or a workman. No levy please. and if Unions are not prepared to take up your case for reimbursement of what ever money is recovered from you resign from the union unhesitatingly.
an Ex loyal comrade.
Thanks Dharmaraj Sir,
We all should be do What you told.
Keep it up.
For Officers of PSU Banks, when is the Clearance from GOI expected for actual payment of Arrears from Nov 2007? Anon 26.05.2010
Can any well wisher clarify the following point in relation to recent Bank Officers Pay Scale Revision:- (a) if an officer in Scale I is getting FPA of Rs. 560/- and is also eligible for the 2 additional stagnation increments of Rs. 900/- respectively from 01.011.2007 & 01.11.2008 in the new scale, then what will his new FPA equivalent be i.e Rs. 800/- or Rs. 900/- + corresponding its DA ?????
Dear Readers, Please let us know if any PSU Bank has paid Arrears to both Clerical/ Substaff and / or Officers Staff? if so, please give specific mention of the Banks name which has implemented the Arrears Payment so as to enlighten All Banking Staff faternity.
Ref;Mr.Srinivas.
State Bank Of Mysore has issued circular for payment of arrears to award staff on 21st May and by now almost all award staff have received credit to their accounts.However,the officers are expected to receive their arrears in the next few days.
IOB has paid the arrears today to all the award staff members. They have issued the circular on 21st May. For officers it may be by middle of June.
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