Earlier news :
Nearly 3.20 lakh public sector bankers are about to get another opportunity to opt for a monthly pension, which they had silently craved for years. The group includes some 60,000-odd retired bankers.
Finance Minister Pranab Mukherjee, it is learnt, is open to extending such pension benefit with retrospective effect from November 2009. A final agreement between the Indian Banks’ Association (IBA) and bank unions is expected to be signed on April 27, when they meet to finalise the distribution of wage increase under the ninth bipartite.
“We are likely to clinch the deal tomorrow,” All India Bank Employees’ Association president Rajen Nagar told ET.
This chunk of bankers did not opt for pension when it was offered to them first time in 1993. They opted for provident fund, instead.
The United Forum of Bank Unions and the bank management’s association IBA have decided that retired bankers willing to switch over to the pension plan will have to surrender 56% of the PF, plus the interest on it.
They have also mutually decided that existing bank employees will have to share 30% of the additional pension burden while banks will shoulder the balance. Additional pension burden on account of existing employees is pegged at Rs 6,000 crore.
“Around 50% of bank employees had opted for monthly pension and it has proved to be a better choice. All provident fund optees are now expected to go for pension,” a senior banker said.
Public sector bank employees in general are entitled to only two retirement benefits — pension or provident fund and gratuity. There is an exception though: SBI employees get three superannuating benefits provident fund, gratuity and monthly pension.
The negotiating parties are scheduled to meet on Tuesday to finalise the micro details of the ninth bipartite wage settlement covering over 7 lakh bank employees in the public sector realm. They are expected to complete the formalities related to the pension issue.
The negotiating parties have agreed on a 17.5% wage hike amounting to an increase of Rs 2,577 crore. Nearly 2.44 lakh officers and 4.68 lakh workmen employees will benefit from the wage revision, which is due from November 2007.
As per the distribution of the enhanced kitty goes, basic pay for officers at the entry level is likely to be Rs 14,500 a month compared with Rs 10,000 under the eight bipartite.
For clerical staffers who are graduates, the basic pay is likely to be Rs 7,000 a month from Rs 4,840 earlier. For subordinate staffs, it will be Rs 5,500 per month, against Rs 4,060.
Finance Minister Pranab Mukherjee, it is learnt, is open to extending such pension benefit with retrospective effect from November 2009. A final agreement between the Indian Banks’ Association (IBA) and bank unions is expected to be signed on April 27, when they meet to finalise the distribution of wage increase under the ninth bipartite.
“We are likely to clinch the deal tomorrow,” All India Bank Employees’ Association president Rajen Nagar told ET.
This chunk of bankers did not opt for pension when it was offered to them first time in 1993. They opted for provident fund, instead.
The United Forum of Bank Unions and the bank management’s association IBA have decided that retired bankers willing to switch over to the pension plan will have to surrender 56% of the PF, plus the interest on it.
They have also mutually decided that existing bank employees will have to share 30% of the additional pension burden while banks will shoulder the balance. Additional pension burden on account of existing employees is pegged at Rs 6,000 crore.
“Around 50% of bank employees had opted for monthly pension and it has proved to be a better choice. All provident fund optees are now expected to go for pension,” a senior banker said.
Public sector bank employees in general are entitled to only two retirement benefits — pension or provident fund and gratuity. There is an exception though: SBI employees get three superannuating benefits provident fund, gratuity and monthly pension.
The negotiating parties are scheduled to meet on Tuesday to finalise the micro details of the ninth bipartite wage settlement covering over 7 lakh bank employees in the public sector realm. They are expected to complete the formalities related to the pension issue.
The negotiating parties have agreed on a 17.5% wage hike amounting to an increase of Rs 2,577 crore. Nearly 2.44 lakh officers and 4.68 lakh workmen employees will benefit from the wage revision, which is due from November 2007.
As per the distribution of the enhanced kitty goes, basic pay for officers at the entry level is likely to be Rs 14,500 a month compared with Rs 10,000 under the eight bipartite.
For clerical staffers who are graduates, the basic pay is likely to be Rs 7,000 a month from Rs 4,840 earlier. For subordinate staffs, it will be Rs 5,500 per month, against Rs 4,060.
Source : The Economic Times.
113 comments :
The United Forum of Bank Unions and the bank management’s association IBA have decided that retired bankers willing to switch over to the pension plan will have to surrender 56% of the PF, PLUS INTEREST THEREON.
"PLUS INTEREST THEREON" is a NEW TWIST TO WHOLE DRAMA WHICH HAS BEEN ENACTED FOR ALL THESE MONTHS. Whether they want to extend the benefit of pension option att all is now doubtful. how many retirees will opt for pension option if they have to shell out 1.56% + INTEREST THEREON which wording was not there atall in all earlier announcements !
PATWEKAR K.N.
Read more: http://paycommissionupdate.blogspot.com/#ixzz0mGc3dtom
So finally 9th bp and pension option will be signed to-day.I think after meeting with FM and as per his decision our leaders mostly agreed for his formula w.e.f.27-11-2009 and for refund of pf at 156% will be for the emp who retired from 01-11-2007 to 26-11-2009.It is really very very injustice to them.So once again I request our great leaders though the date of pension is 27-11-2009 but those who were on the bank establishment as on 01-11-2007 should be treated as existing emp for refund to pension cost.Otherwise when you have come to 56% that means 8%simple int for 7 years from 2001-2008 like that it should be recovered yearwise at the rate of 8% from the date of retirement of the emp that is the only solution for this.Or at least calculate as bankers have saved 18 months pension to retirees say min of pension Rs.10,000/-pm x 60,000 emp for 18 months and deduct that amt from 934 crores and recalculate the gap and come to final conclussion.see what best can be done for retirees who retired from 01-11-2007 to 26-11-2009.I came to know that Mr.Nadaf is also not agree for the formula of FMs view.so think over it and then only sign the draft for pension.One thing both the drafts are to be signed at one go.
As reported ufbu met on 26 04 2010.
What emerged on that meeting?. can any one tell?.
I got the latest news that 9bps
is not likely to be signed today problem pesnion option
How much true it is try to find from your sources
The state pension is guaranteed by the state, it cannot go bankrupt. This means that no matter how much its costs increase, the state is required to pick up the tab.
new pension
Dear Blogger cum Bankers,
What is the latest news of 9th BPS. Is it going to signed today.
As per union circle , wage pact for award staff has already been signed and is under process for officers and will be signed within an hour .
Some Mr. Jai Vijay has written on blog that agreement is not going to signed today. Is he gossiping.?
Latest message received by SMS-To be confirmed-
01. Pnesion optees need not
contribute for 2 nd pension
option
02. PF optees required to pay @ 2.8 times of November 2007 Revised
Basic pay instead of 1.6 times
Settlement signing today
Since it is not confirmed, we need not rejoice or panic
RUMOUR - IBA has demanded recovery of 2.83 times of Nov’07 `pay’ against 1.60 times from the pf optees keeping an eye to AP High Court notice. NCBE, AIBOC, AIBEA agreed, other unions walked out from the UFBU Meeting on 26th Apr'10. Yet for pension sake everything can be sacrificed - 9th BPS will be signed on today late evening.
I am quite confuse for various comments, could you please help me that am i eligible for new pension scheme because i retired on 2005 july and at the time of retirement I completed 33+ years of service and my option was PF optee.
Referring to Anamika-April 27, 2010 4:56 PM
You are eligible for exixting pension scheme.
whether it has been finalised that existing pension optee do not need to contribute anything and pf optees have to pay 2.8 times of pay
9th BPS signed.Details awaited
SHANKAR what happened now?
You have the opinion that "Litigation from present pension optees is not sustainable"
But Court order was in favour of Pension Optees. What happened to your experience and stupid remarks. Dont tell things for granted..
Without taking consent of lakhs of retired/serving employees the Union Leaders have decided themselves to change and fix the recovery schedule of 156% of BC-PF(plus interest)/ 2.83 times of Nov'07 `pay' in the UFBU meeting on 26th April 2010. What a dangerous move and hooliganism/dadagiri. We should not firstly accept the 9th BPS & pension secondly pay levy. Thanking you all for the historic achievement.
Message just received-Award settlement signed
nothing can b predicted in cricket
settelment signed for officers also
PLEASE PROVIDE THE DETAILS
midessReferring to Adithya-April 27, 2010 5:20 PM
01.Note that it is not court decision-But settled by IBA and Unions before hearing by the court which would not have been made an issue and could have achieved in March 2008 itself.
02.Note that I have mentioned here several times that it is IBA insisting share by Pension optees and not by PF optees-if you go through my previous views you will come to know that I have been stressing that it is the for PF optees to share the burden of pension cost @ 1.44 lakhs by retirees and @ Rs 0.68 lakhs by existing PF optees.
03.Note that this blog is for open discussion and all new views and ideas are for discussion and members will be kept in dark by our so called leaders till last minute
04. Note that in AP high court case what I said was if employees are not required to pay even Matching contribution of PF by management also,it is not sustainable.
05. Note that there were 9 constituents who dragged the matter for years. Now you will agree that what was settled in March 2008 only is achieved and nothing else.Whether it is by PF optees or by pension optees sharing of burden by IBA fully is not achieved.
CONGRATULATIONS.
HISTORIC 9TH BIPARTITE SETTLEMENT ALONG WITH ONE MORE OPTION FOR PENSION TO CPF OPTEES SINGED TODAY.
VICTORY CELEBRATIONS ON 28TH APRIL, 2010 AT 6.P.M.AT SBI LHO.
ST. MARKS ROAD BANGALORE
http://www.aiboc.org/
Referring Adithya-April 27, 2010 5:20 PM
Please go through the petition filed at AP High Court-which says burden of 30 % should not be deducted out of arrears of employees-which is not achieved by Unions.
WHEREAS the Petitioners above named through their Advocate Smt K. Udaya Sri, presented this writ petition under Article 226 of the Constitution of India praying that in the circumstances stated in the Petition and the Affidavit filed herein the High Court may be pleased to issue an order, direction or writ more particularly one in the nature of Writ of Mandamus or any other appropriate writ declaring the action of the respondents in saddling the Employees/Officers of the Banks to make contribution of their share of 30% of the gap in the Pension Fund identified, quantified at Rs.1800.54 Crores from all the employees who are in service of the Banks as on date is discriminatory and illegal and consequently restrain the respondents including their Associate Banks from making recovery of the amounts towards 30%of the contribution to Pension Funds from the arrears payable on Wage Revision.
TALKS ABORTED.
NO SETTLEMENT SIGNED.
UNIONS WALKED FOR PENSION ISSUE.
TALKS TO RESUME AFRESH.
Referring to Megha-April 27, 2010 5:20 PM
Erroneously mentioned as Adithya, instead of your name-regretted
Please see my view-April 27, 2010 6:12 PM
Case is not about sharing of burden by pension optees-It is 30 % sharing by employees.
Referring Rahul
As per AIBOC Site it is signed ,Plz check
http://www.aiboc.org/
CONGRATULATIONS.
HISTORIC 9TH BIPARTITE SETTLEMENT ALONG WITH ONE MORE OPTION FOR PENSION TO CPF OPTEES SINGED TODAY.
VICTORY CELEBRATIONS ON 28TH APRIL, 2010 AT 6.P.M.AT SBI LHO.
ST. MARKS ROAD BANGALORE
source aiboc.com
AS per AIBOC web site:
HISTORIC 9TH BIPARTITE SETTLEMENT ALONG WITH ONE MORE OPTION FOR PENSION TO CPF OPTEES SIGNED TODAY.
Is it true that now existing Pension opty need not to contribute in pension fund.
dear friends
as i told we are the most optimistic creatures in this universe and see how we are rejoicing once the settlement is signed HISTORY REPEATS
WHERE IS SANJAY SIR your revolutionary comments are awaited
Mr.Kashinath and Mr.Aditya,
Where from you got this ITEREST over 156% for retired staff refund of CPF.Is it true?
Referring to Chandan-April 25, 2010,5:12 PM
Sorry I could not reply early due to personal reasons.
I would like to give an example.
You have engaged a maid servent for your house and paying salary of Rs 1000.00 per month.
In your locality an MP(Member of Parliament) also has engaged a maid servant and paying mothly salary of Rs 4000.00
Your servant wants the same salary as that of Maid servant of MP
All works are same,Cleaning cloths,Washing utensils,etc-same working hours.
My point is the salary of servant of that MP is also borned by the Government by way of perks where as the salary of your servant is paid by you out of your own income.Hence both are uncomparable.
Government collect additional taxes for MP's salary and pass it on to citizens.
You know though situation at US is different, our Ministers were eager to adopt the same system with all enthusiasm and very fond of globalization of banking system in India and halted after seeing what happened.
Well, AIBEA and AIBOA are not reporting this development on their websites even when it is more than two hours now after the reported signing of the 9TH BPS today 27.04.2010 at 5.00 pm (The time now is around 7.10 pm). Secondly, why do we always term the settlement as "Historic" (I am especially referring to AIBOC). It definitely is historic only for AIBOC as they have now realised the importance of Pension after almost 15 years. Nevertheless, congratulations to all bank employees and officers, both serving and past. I am sure Unions will always remain united on common issues of Bank Employees/Officers (including those of the retired/ex staff) and fight for the right of the working class and the retired. It is observed that the associations are more interested in interfering in transfer matters of thier members. There is a need to come out of this shell. The members should also not bow down to their associations on grounds of requirements of choice transfers. Please bold and face the situation and not allow yourselves to be used by the unions/ associations. Only then will the associations really perform their other reasonabe required duties (other than transfers).
NINETH BPS SIGNED WITH OPENING OF PENSION OPTION, NO PROVISION FOR OUTSOURCING, NO ADDITIONAL DUTY FOR SPECIAL PAY, SOME POWER FOR ALL. RECOVERY FROM NEW PENSION OPTEES ONLY @ 2.8 TIME OF NOV-2007 PAY. BEFI EXPRESSED DISCONTENT BUT SIGNED.
MR.NADAF'S AIBOC WEBSITE CLAIMS TO CELEBRATE VICTORY DAY ON 28-04-2010ON SIGNING OF WAGE/PENSION PACT.
ALL MEMBERS SHOULD POSITIVELY PARTICIPATE IN THE MEETING AND CARRY AN EXTRA PAIR OF CHAPPALS AND SHOES TO THROW AT MR. NADAF SO THAT HE WILL NOT APPEAR IN PUBLIC AGAIN. HE HAS SOLD OUR RIGHS AND PRESTIGE AND THERE IS NOTHING TO CELEBRATE.
MEMBERS SHOULD ENSURE THAT HE IS NOT ALLOWED TO SPEAK IN THE MEETING.
We all know that we are being fooled by IBA.Although we are the most important part of indian economy. Bt our leader is doing a shameful work. Where i work there is a degree college . a peon of that college get 9540 rs. Per month .bt in our new system a new graduate cashier will get within 9500. What is this "BACHHE KE HATH ME 1 RS. Ka CHHOCALATE DEKAR KAHA JA RAHA HAI BETA MAT RO.BAD ME CADBARY KHILAYENGE." The wrost shameful work. Pay scale to badh gaya par salary sali wahi ki wahi rahi.
AS PER AIBEA WEBSITE
The much-awaited Settlements on wage revision and pension option have been signed today with the IBA, achieving another landmark in our trade union movement. The 9th successive Bipartite Settlement has been signed and the wages and service conditions of bank employees have been improved. The Pension option Settlement has also been signed today which enables all the remaining employees to be covered by the D.A. linked Defined Benefit Pension Scheme, which is the best social security measure in the post-retiral life of employees.
We are happy that under the banner of UFBU, all the 9 unions have simultaneously signed the Agreements covering both employees and officers, manifesting the true spirit of the UFBU.
The Settlement covers 46 Banks (26 Public Sector Banks, 12 Private Sector Banks and 8 Foreign Banks) and would benefit 4,77,000 workmen employees and 2,75,000 officers. The Settlement would cost the Banks an additional increase in wages by Rs.5,200 crores per year (Rs.4,816 crores for Public Sector Banks and around Rs.400 crores for private and Foreign Banks). The Settlement will be effective from November 2007 to October 2012.
Under the Settlement all the remaining 2,60,000 employees and officers who are now covered by CPF would be given a chance to join the Pension Scheme - a long time demand of the Unions. More than 50,000 retirees will also get the option to join the pension scheme.
The Settlement is preceded by 30 months of protracted negotiations between the IBA and the unions, and was backed by various agitational programmes and strike actions, which were enthusiastically implemented by the members. There were many anxious moments during this period coupled with loads of misinformations, orchestrated columnies and virulent propaganda against all our efforts to settle. Added to this were the attempts to undermine the organistion, decry the leadership and derail the negotiations. But overcoming this and these, we have concluded the Settlement successfully.
Hats off to your unity, patience and co-operation. You have done proud to AIBEA.
Greetings to all of you.
DEAR MADAPPA
NOTHING WILL BE HAPPENED IN CELEBERATION .AS USUAL WE PUT SALAM TO LEADERS AND AS WELL AS MANAGEMENT.
SELVAKUMAR
How much coward Mr Nadaf is. AIBOC in their circular carefully avoids mentioning of 2.8times of Nov 07 salary to be foregone by new pension optees instead of 1.6time as mentioned earlier. The celebrations of whatsoever type in Bangalore should mark with "BROKEN BISCUITS PIECES" THROWING AT THE LEADERS
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 :
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.
The wage revision is effective from 1.11.2007.
Total wage increase of Rs.4816 crores representing 17.5% increase on the establishment expenses of Rs.27520 crores as on 31.3.2007.
The pay scales of Officers are Rs.14500-Rs.52000.
The pay scales for Clerical staff : Rs.6200-23900
The pay scales for subordinate staff : Rs.5500-13800
Total wage increase for officers and award staff is Rs.4816 crores.
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.
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.
All part-time employees (lump sum) will be brought to 1/3rd scale wages w.e.f. 01.05.2010.
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.
******
27th April 2010
Indian Banks’ Association
Mumbai
From IBA website
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 :
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.
The wage revision is effective from 1.11.2007.
Total wage increase of Rs.4816 crores representing 17.5% increase on the establishment expenses of Rs.27520 crores as on 31.3.2007.
The pay scales of Officers are Rs.14500-Rs.52000.
The pay scales for Clerical staff : Rs.6200-23900
The pay scales for subordinate staff : Rs.5500-13800
Total wage increase for officers and award staff is Rs.4816 crores.
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.
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.
All part-time employees (lump sum) will be brought to 1/3rd scale wages w.e.f. 01.05.2010.
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.
The salient features of 9th BPS as per AIBOC are:
a)Highest, in terms of the percentage of increase – 17.5%
b)Success in getting the 2nd option on Pension which was pending for a long time.
c)Introduction of 2 additional stagnation increments for Scale I to III;
d) Ensuring of the better starting Pay without sacrificing the internal relativity and incremental pattern;
e) Improvements in the LFC by providing eligibility for JMGS I, Middle Management Grade II and III to travel by air;
f) Settlement of Halting Allowance with substantial improvements;
g) Improvements in Medical allow-ance to considerable extent;
h) Improvement in the Project Area allowance and Special area allowance etc.
- NOT MENTIONED -
a) recovery of revised structure 2.83 times of Nov'07 salary from pf optees
b) recovery of 156% of CPF (BC)
HI,
This is Piyush Shah.
My father is a resigned bank employee. Can anybody tell me whether he is also eligible for the 2nd pension option desided on 27-04-2010.
The reversal of IBA decision to recover 1.6 times of Nov 2007 salary from Pension optees from their arrears shows what the unity & youth power can achieve from his new ideas....
Had not our union filled with retired & useless people,we would have achieved much better wage revision this time....
Some of our fellow readers like Mr Shankar & others who were with everything impossible & telling to remain satisfied with what u get...i would like to receive another demotivating comment on this....
Nothing is impossible in this world..only a idea & power to realize it is needed..thats all...
mr, shankar, your example is very good attempt but equally unconvincing. whether the MP has created wealth within last 10 yrs only as the salary of mp- maid was lower than your maid prior to that period.why did u allow to create the situation in republic since 1956 made for establishing the state of EQUITY.
India is democratic country and those who take more pain with labour should be rewarded accordingly. pl do not take ladies excuses for lower salary of your maid as you are capable to pay more out of your own income.
Your maid is also member the UBFU, HAS IT BECOME so bebus , lachar that u r arranging surrender before MP maid.
Pl present some more convncing examples to hide the shortcomings.
Heartly thanks to all those ppl who did some extra efforts by raising their voice against injustified deduction of 30% arrear in the name of Pension Option...
And also to those who went to Court against IBA &union decision..
These all things made contribution in forcing IBA to take back his decision of contributing 1.6 times of nov 2007 pay from existing employees...
Three Cheers to all!!!!
dear ajit,
REFER YOUR COMMENTS @6.57.
my comments appeared @8.55 am TODAY were based on the economic times news in todays paper and on the blog.
after reading the recent news AT 9 pm it has been confirmed beyond doubt that the word PLUS INTEREST was not used by the reporter inadvertently.
Instead of " 1.56% of Provident fund and INTEREST THEREON ", THE SETTLEMENT now states that PF OPTION CAN BE OBTINED ONLY IF YOU PAY 2.8% OF PROVIDENT FUND CONTRI. RECEIVED OF BANK"
QUESTION POSED BY ME IN THE MORNING @8.55 am HAS BEEN ANSWERED BY THEM IN THE EVENING.
HOW MANY RETIRED STAFF WILL NOW OPT FOR THIS NEW STIPULATION WHICH HAS COME AS A LIGHTENING BLOW? A PERSON WITH PF OPTION WHO HAS RECEIVED RS.10/- LACS AS BANKS CONTRIBUTION WILL HAVE TO SHELL OUT RS.28/- LACS UNDER NEW FORMULA.
ANY SANE PERSON WILL SAY " xxxx UP IIND PENSION OPTION !!! I WILL ENJOY MY OWN rs.10 LACS.
THESE LEADERS ARE CHANGING THEIR COLOURS OVERNIGHT AND SHAMEFULLY AGREES TO ANYTHING WHICH IS DICTATED BY IBA. THE LEADERS ARE SPINELESS FILTY CREATURES WHOM WE PEOPLE ARE GIVING UNDUE UNWANTED IMPORTANCE. THEY SHOULD BE SHOWN THE DOOR AT THE EARLIEST.
can any union leader enlighten the members how exercising of IInd option is beneficial for any retiree with example eloborating the BP,DOJ,retirement,pf recd.,age etc. i am 100% sure that there will not be single case in which they can justify this 2.8% formula by taking into a/c the age, commu . factor etc. I CHALLANGE THEM TO SHOW ONE EXAMPLE !!!
LASTLY ,YOU HAVE NOT ACHIEVED ANY WORTHWHILE IIND OPTION WHICH YOU SAY TO BE HISTORIC (SICK) AS NOT A SINGLE SOUL WILL ACCEPT AND PAY SUCH EXHORBITANT COST OF ONE FOOLISHNESS WHICH WE HAVE COMMITED OF OPTING FOR PROVIDENT FUND OPTION !!!
K.N. PATWEKAR
Why the leaders are behaving like this? What is the contribution from from the retirees to opt for pension? Why is this not disclosed? Is it a truth that PF optees(retired)have to pay 56% additional CPF + interest?
With reference to Pushkar's write up at 9.51pm:
At last I found a like minded person.Thank you brother. Your message to everybody is an eye opener. Around 8.57 pm, I have given the same type of message to Bankpersioner.blogspot.com, as a member of it.
I request the forum to stop pessimistic comments and realize the right to get a fair wage. Now, instead of cheaply celebrating for the petty achievement, start to struggle for the forgotten demand -- implementation of 6th pay commission recommendations in Banks, immediately. It is legitimate demand and possible, possible, possible to achieve it.
MR.B.V.JOSHI
YOU WILL SEE THAT AS USUAL OUR LEADERS WILL CELEBERATE THE HISTORIC EVENT AND SAY RED SALUTE.
WE SOLDIERS SAY ALWAYS "HA HA HA "WITH CLAPS.
SELVAKUMAR
Referring rishikesh-April 27, 2010 9:53 PM-
My point is clear.Go through the example again.
We can not demand wage increase by comparing with central government employees. Their salary is from public money but not ours. If at all we are making any demand for wage increase of 30 to 40 % we should highlight our difficulties, our problems,our efforts and the circumstances under which our mental peace is eroding day by day. We should highlight how managements are sucking the blood of employees and even go to the extent of indefinite strike and get the things done.
A is giving to B, So you give to us is not correct.Just demanding since somebody is getting is uncomparable This matter has been discussed in the past, several times.
Finally its curtains for the never ending BPS.. FInally its tiime to be happy with the peanuts as salary hikes... The agreement apportions Rs 2239 crores for 2.44 lakhs officers... A simple calculation will put the figure at around Rs 90000 per annum for each officer , which translate into a monthly increase of around Rs 7000... At best we will be getting Rs 2500 hike in monthly salaries which converts into an annual hike of Rs 30000. Where is the remaining money gone ??? Even aftr considering all the factos the figure shd be arnd 50K per annum...Really historic settlement. Time they came out with a circular regarding the levy to be proposed so as to make the settlement more historic and lend a thin bit of transparency.
Jagdish Kallan says in allbanking solutions : "It is submitted for the knowledge of our members in general and leaders is particular that all the employees of the banks irrespective of the fact whether they were pension optee or PF optee have contributed towards the cost of pension at the time of 7th and eighth settlement as under:
The cost of pension at the time 7th settlement was 26.5 percent which was shared fifty fifty in excess of the statutory contribution i.e.10+ 8.25percent by the employees and balance 8.25percent by the Banks. Again at the time of 8th settlement cost of 30.5 percent was shared by the employees and the bank i.e 10+9.25 percent by the employees and 11.25percent by the bank. And the cost of pension in the 9th settlement was arrived @36.0percent which was to be shared 10+13+13 by the employees and the banks in 50:50 proportion in excess of 10Percent.
i could not understand the above argument.I am a pension optee from 1995 but I did not share anything apart from transfer of my PF.
Please , anybody can explain me with simple terms how all contributed to the pension fund in 7 th and 8 th bi- part settlement .
Selvakumar
way to go dealers - read it as you would. this just wouldn't happened without you. all your had wrk has paid rch dividents. thanks fr making the world a muck better place to leave in / should one say leave out.
Referring SHANKAR 27, 2010 10:51 PM:
Sir,
Do you feel 156% and 2.8 factors are the results of a stabbing from back by UFBU on PF Optees?
I find many of your assumptions on pension option become wrong, after the final verdict came today on signing of BPS. What are the reasons for this 180 degree turn by unions at the fake moment?
You say:
"We can not demand wage increase by comparing with central government employees. Their salary is from public money but not ours."
Sir,
With due respect I ask:
1)What's your experience in/with central government?
2)How far do you know the internal set up of their's?
3)Have you ever worked with central government/state government?
Sir,
I worked for a long period in both state and central government.I believe if bankers will get an effective and dynamic leadership in their union. they can crack the govt services in salary count.Present UFBU is useless and needs redemption at all its cadre immediately.
Request not to take anything from my this text personal, as because here this is only a discussion and nothing else.
Thanks.
shall i ask a million $ question now.................
HOW TO ESCAPE FROM LAVY FRIENDS?
please reply whoever is online
Referring to Megha-April 27, 2010 5:20 PM
In the enthusiasm of criticizing others do not exhibit your ignorance and half knowledge. Settlement now signed is not as per court order. It is as agreed by unions and IBA. Proposal to collect share by pension optees was by IBA and not by any staff member. Staff members are always prevented from dealing the matter and they are kept in dark. Court order may take years together to come. Writ petition filed at High Court of AP was for not sharing 30 % out of Rs 1800 crores by employees. This still remains. Instead of collecting from every employee as proposed by them earlier,it is proposed to collect it from a section of employees. Let us hope that this section of employees will not move to courts.
My view about pension optees is clear. If managements are prevented from collecting even matching contribution they may scrap pension to all.Further see my view dated
April 24, 2010 9:44 PM
03)
Why in 2008, pension issue was not settled once and for all by even calling for indefinite strike in March 2008? Why can't share amount be collected from the persons who wanted to switch over to pension?
I got no convincing answer from any of the leaders. That is reality.
I think we should wait for the complete details to come out. There seems to be a lot of heart burning based on rumours. The truth will be out soon. Please have patience. One more thing someone here , a little while ago, referred to union leaders as retired and useless people. I am not a Union Leader but definitely a person who took voluntary retirement at an age under 45 in the year 2000 as I was very very sick and still not keeping good health. For the kind information of that person, who calls retired persons as useless, I would wish to advise him/her that I earn (per year) and amount almost half of what I would have earned if was continuing with my bank job, simply by contributing only 1 or 2 hours for some work on some days in a month. Please also note I was a clerk when I retired. This additional income I generate inspite of my disability and sickness which has kept me out of bank;s job. Please do not call any one useless. Please look into your hearts and see that you really do good for the nation and for the poor (and the havenots) people in particular. Sorry to say that many people lick the boots of the rich. Such persons care less for the needy. So dear friends (who call others useless) awaken, arise and serve the community first. You definitely deserve the best. Keep fighting against the odds not amongst ourselves. Thanks and God Bless you all !!
Referring Sagar..April 27, 2010 11:35 PM
"HOW TO ESCAPE FROM LAVY FRIENDS?"
Just Give a letter to ur HRM Section that not to deduct LEVY from Arrears or u can specify some minimum amount like 500 or 1000 to deduct in the name of LEVY...that all u hav to do....
April 27, 2010 11:35 PM
REFERRING AajTak :
AajTak said...
Are O Babumosai,
Kisne roka hai aap ko court jane se.Jao stay lao.ye unionwalo ka jadu hai,paise sabko barabar dene padenge,tumhe bhi dene padenge,hukam to hukam hota hai.Nahi dena hai to stay lao.sab rukwa do.aur bhi maza ayenga aur 30 mahine,bahut sara arreares milega.Kuchh nahi honewala,paise aur samay brbad mat karo.Baki jo ho sake vo karlo.
April 19, 2010 12:04 AM
Read more: http://paycommissionupdate.blogspot.com/2010/04/bank-9th-bipartite-final-position-for.html#ixzz2Nd7JZwu3
--------------------------------------------------------------------------------------------------------------------
Reply:
ye unionwalo ka jadu hai,paise sabko barabar dene padenge,tumhe bhi dene padenge,hukam to hukam hota hai.
2.8 factor tume banaya AajTak se KalTak.
Kuchh nahi honewala,paise aur samay brbad mat karo.
aur bhi maza ayenga.
Kease rahi O bhai KalTak.
Three cheers for Pension Optees.
Thanks.
Read more: http://paycommissionupdate.blogspot.com/2010/04/bank-pay-hike-fm-agrees-to-make-pension.html#ixzz2NdLFvfZF
Mr.SAGAR
YOU CAN'T ESCAPE FROM LEVY.You are or we are bonded laborer of BANK AND UNION.YOU HAVE TWO BOSSES .YOU CAN NOT COME OUT FROM EITHER OF US.YOU CAN NOT EITHER RULE OVER THEM.YOU ARE IN CLUTCHES OF UNION AND BANK.THEY ARE YOUR BOSSES.YOU CAN NOT DEMAND ANY THING FROM THEM.WHAT EVER THEY GIVE YOU SHOULD TAKE.
IF YOU DO'T HAVE MONEY TO PAY LEVY PUT PF LOAN PAY LEVY TO THE UNION AND ENJOY ONE MONTH ATLEAST WITH THE REMAINING MONEY OF PF LOAN.
Selvakumar
Referring Chandan April 24...
You are right buddy....
There is no dearth of persons on this earth who will demotivate before one is going for a change....
They will create several obstacles physically & mentally becoz they hav frustrated from their life & gained a negative attitude for everything......
Some ppl in this community also who were imposing union & IBA as a big brother in front of which all members are mouse & cannot oppose anything.They were all those who have several Bipartite in their carrer & inspite of Injustice by Union & IBA never dare to oppose them ritehandedly......
This reversal of 1.6 time s contribution From existing employee is correct example for them to set right their mind for change as banking sector is now occupied by much more younger generation....
Referring Sunil April 24
"union leaders as retired and useless people. I am not a Union Leader but definitely a person who took voluntary retirement at an age under 45 in the "
Sunil my comment was in general & not personal to anybody....
PPl like u are the most appreciated person who have struggled in their life but never given ur hope to move forward...
My comment was for those ppl who are good for nothing but still pretends that they r the most admired person in the earth & all other r inferior to them ..
My comment was for those Union Leaders sitting in high position who have closed their eyes towards the dissatisfaction among employees regarding settlement & instead for taking example from other other Govt sector revison & pressurizing IBA for getting some gud deal are trying to persuade the members that they have signed historic settlement & feeling very high on their own itself.....
Instead of Union,IBA has taken wise decision by reversal of their 1.6 time contribution as they know that they cannot stand legal implication on this issue....
it is surprising that why Union Leaders were not able to understand this situation which was explanatory enough by itself.....
All PF Optees who don't want to give 2.8 contribution now defined in settlement can read this & can join INBEF for legal filing of case as u ppl have equal rite to deny this contribution .....
http://www.allbankingsolutions.com/INBEF-SIGNS-UNDER-PROTEST.htm
Referring Seetha,
And All Friends,
I allready told in my comment dt:25/04/2010
"IT MAY BE POSSIBLE ORIGINAL DRAFT OF SETTLEMENT WILL BE COME WITH OTHER MORE HIDDEN BAD POINTS OF THIS SETTLEMENT.BE READY FOR IT."
If 2.8 factor is suddenly came in original draft at last moment.Who feel injustice they have filed court case and get verdict in their favor.We should be accept court verdict.But last moment change of 1.6 to 2.8 is very very bad game of cheater and impotence leaders.Now disappointment rise in pf opttes side and they feel injustice,We can also free to go court.
Impotence leaders and IBA afraid from AP HC petition and changed 1.6 to 2.8,but they forgot What is about pf optees bare 3-4% arrears in last 3 settlement even after they are not a part of pension?
Now IBA and UFBU should be give back 3-4% to pf optees.
What ever done pension optees not bre 1.6 and happy now.
After 2.8 pf optees will get pension option.
But my request to all as per game plan of UFBU and IBA We all diverted to pension point only and forgot injustice and no parity in wage revision.
Leader be fool us in both pension and salary also.
Very cleverly UFBU leaders not disclosed 2.8 factor and also not given any time or chance to pf optees.
DON'T PAY LEVY AND SUBSCRIPTION.
GIVE RESIGN FROM UNION.
We all see What is the Status of Union and Leaders?
It is my humble request to all for our better future and safety.
Don't left from this blogg.
We have only get settlement any way with disappointment but find out of sure cure and solution is rest.
Please continue here...
Regards.
The way pension optees had succeeding in preventing deduction of 30% towards pension should be an eye opener for PF optees intending to switch over to Pension. As pension optees had contributed to pension fund during earlier settlements,they too can file cases and ensure justice to themselves. In any case 9th BPS is sure to encounter many court battles. Vasudevan
Mr Selvakumar,
If PF optees have to give back 2.8 times, how many times they have received? Today's Shameless, impotent celebrations in Bangalore should display a sort of befitting protest with last resort of throwing chappals as well after throwing broken biscuit pieces- thats what we have got.
The curse of all retired/existing employees will haunt our shameless leaders for generations. The curses from the deeply hurt silent hearts will never go in vain. A simple true incident that my father used to quote often "A DAFEDAR (during Razakar Movement in Hyderabad)- HAD TO COLLECT TAXES IN THE FORM OF GRAINS FROM A HAPLESS OLD LADY, THE OLD LADY PLEADED UMPTEEN TIMES HER INABILITY AND THE SMALL AMOUNT OF GRAINS LEFT WITH HER WAS SUFFICIENT FOR HERSELF AND HER GRANDSON FOR SOME MONTHS (OBVIOUSLY HER SON WAS NO MORE). THE DAFEDAR WAS ADAMANT AND WENT AHEAD AND STARTED TAKING CONTROL OF GRAINS STOCK. THE HAPLESS LADY TOOK A SMALL BOWL OF DUST FROM THE GROUND AND CURSED- LET YOUR GENERATION END WITH YOU" - REFLECTING TRULY HURT FEELING- THE YOUNG AND ONLY ADULT SON EXPIRED WITH MINOR AILMENT. LET US ALL CURSE AND SIMULTANEOUSLY FIGHT AGAINST BY JOINING Indian National Bank Employees’ Federation- IF AT ALL THEY REFLECT A GUININE AND TRUST WORTHY AND DO NOT HAVE THE ONLY INTENSION OF INCREASING LAMB MASS OF THEIR ORGANISATION.
Another Option for Pension (in Banks other than State Bank of India)
Workmen employees in the service of the bank as on 27th April 2010 and who exercise their option to join the Pension Scheme in terms of the Settlement dated 27th April 2010 will contribute from their arrears on account of wage revision in terms of this Settlement an amount of Rs.878 crores towards their share in the amount of Rs.1800 crores offered by UFBU towards 30% of the estimated funding gap of Rs.6000 crores. The said amount is worked out @2.8 times of the revised pay payable for the month of November 2007.
As I have retired on Jan. 2010 as P. F. op tee what will be my position.I have to contribute 2.8 times or 56% of pf plus pf received . please guide.
Thanks to AIBEA release on pension issue for retired bankers with clarity. Refer All Banking solutions.
Referring to Pushkar's msg dated28th April, 2010 12.00 am. Thanks, Pushkar for the clarification and for your kind words. The cat is now out of the bag and we can clearly see "doodh ka doodh and paani ka paani" (milk and water seperately). But one this is not clear. When is the effective date of start of Pension for an already retired person who didnot then opt for Pension and now desires to opt Pension. I am referring to such a person say who retired in the year 2000. Will someone please clarify as I donot happen to see this matter in the Memorandum of Settlement dt 27.04.2010, appearing on other websites. Further,In my opinion the change in the norms for payment of 2.8 times the salary for the month of Nov 2007 instead of the earlier proposed 1.6 times, made only for the CPF optees (already retired much before)and who now desire to opt pension, seems reasonable. The persons who have already opted for pension in 1995/96, etc , naturally, have no reason to make this contribution. And hence the decision now to require an additional percentage (difference of 2.8 and 1.6 times of one month salary)to be paid only by old CPF Optees not yet retired till 1.11.2007 and (not old pension optees -still working or worked upto 1.11.2007), seems reasonable. One more thing, It seems that two things are being mixed up..the contribution of 2.8 times of one month salary and refund of Contributory part of PF (with 56% additional amount) are different issues. The 2.8 times one month salary of Nov 2009 is for the CPF optees who are in service and that 156% refund of CPF already taken by retired employees and who now desire to opt pension are different issues.
Vasu Sir,
It is not only eye opener for pf optees but for every members.First pension optees made victim and now turn of pf optees. As you told pf optees aslo go to court for injustice.
But Sir,
Really and hearty I am happy.Due to pension optees win in Court.I am PF optee.At least some members got justice.Now our turn.
Main point is that Unions for save and fight for our legal right and job security.
But here you see every thing going in revers manner.
Members going to court for their rights themselves and also against
own unions.What type of unionism?
Now tell me Any need of Unions for Us?
What work has to be done by unions, Which has done by members.
We all should be resign from unions and also not join other union.
In overall pension problems We move on wrong direction from parity in Wage,It is our main problem.17.5% is not justifiable in any manner.Leaders cleverly direct us on wrong track.
Please Anybody don't take it any way and also I am not saint and not Lollipop of words.
Regards.
In my earlier post sent on 28.04.2010 at around 10.50, the following text may please be deleted "Further,In my opinion the change in the norms for payment of 2.8 times the salary for the month of Nov 2007 instead of the earlier proposed 1.6 times, made only for the CPF optees (already retired much before)and who now desire to opt pension, seems reasonable. The persons who have already opted for pension in 1995/96, etc , naturally, have no reason to make this contribution. And hence the decision now to require an additional percentage (difference of 2.8 and 1.6 times of one month salary)to be paid only by old CPF Optees not yet retired till 1.11.2007 and (not old pension optees -still working or worked upto 1.11.2007), seems reasonable. One more thing, It seems that two things are being mixed up..the contribution of 2.8 times of one month salary and refund of Contributory part of PF (with 56% additional amount) are different issues. The 2.8 times one month salary of Nov 2009 is for the CPF optees who are in service and that 156% refund of CPF already taken by retired employees and who now desire to opt pension are different issues." I SHALL REDRAFT IT AS IT SEEMS THERE IS A MIX UP BY ME TOO. THANKS
still no clarity on date of effect of pension and nothing mention of commutation deduction for people who have already retired
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.
To All Members,
Some foolish people are ignoring A.P High Court notice issued to IBA & Unions.They thought that whatever IBA and unoins will decide employees are bound to accept that.
IBA just want 30% share back from employees and this is decided by Unions to make 1.6 share from already pension holders.
They have finalised this. But the Show Cause notice of court that make them to change this at last time.
Don't forget that writ was filed on 16.04.10 & IBA have to reply to court on 27.04.10 against the show cause notice. Obviously IBA & unions don't have any genuine reason to reply that why they deducting 1.6 time from employees who have already pension option. They dont have any other option but to recover all amount from PF opties otherwise case would be registered on 27.04.10 against IBA on 9 BPS. IBA knows that this is illegal and if once the case is registered they have to reveal everything in court that how they calculate all this and why so. So they told to unions abt 2.83 times contribution from PF holders only before UFBU meeting on 26.04.10.
I salute to 6 bankers who dare to file the case against injustice doing by IBA & unions.Hearlty congratulations to them and also to pension holders who got justice.
Sorry but PF holders have to bear this load itself as it is finalized.
So finaly the settlement is signed for wage and 2nd option of pension but no where it is mentioned that who will be existing emp or retirees those who have retired from01-11-2007 to 27-11-2009 so as to refund of pf ect.Banks pf with int is ok but what about 56%of pf it is only pf amt of own share or it includes int also one more thing those who have retired after 01-11-2007 will be given pension as per new scales of basic pay and da available at present at the rate of 36.75% pl clarify those will help us to prepare for refund.
Dear Friends,
Now I appeal everybody to throw some light in legal angle on the following point.
(a) Can it be possible on our part to get house rent at par with other PSUs/ Central Govt./Gramya Banks?
This 9th BPS is dedicated to pension. I propose that the coming 10th BPS (which will be started one year after) should be focussed on House Rent only. Thanking you.
Dear friends,
Our witty leaders have achieved 7th stagnation increment for Clerical staff in the last 9th BPS. As per calculation a graduate clerk will be eligible to get the 7th stagnation increment only after 38 years of service (18years to get the last increment and 20 yrs (6x3 + 2) to get(6+1) 7th stagnation. How many will be benefited by this shrewdness.
Dear Friends,
I cannot follow the basis on which PF optees were taxed with 2.8 times .... eventhough both PF & Pension optees have not retired. If simply a nod to pf is costing so much, then it should be trialed in the court of law to bend the backbone of IBA as well as old foxes (Union leaders). Thanking you.
Can somebody be clearly explain ,with examples, how much amount an existing PF optee has to contribute from arrears ,and then every month for opting to pension?. A lot of confusion.
What will be the DA relief for retirees who retire from Bank service after 01-11-2007? Can anybody enlighten the group with examples of calculation of pension and DA relief based on new pay structure?
refer to raju
April 28, 2010 5:03 PM
This one time amount to be paid from your arrears.If say your salary is 10k on Nov 2007.28k will be deducted from your arrear.there after there are no deductions monthly
Referring to Chandan-April 27, 2010 11:29 PM
It is established that the signing of the settlement was done in a hurried manner to implement NPS from April 2010 to new entrants at any cost. That is why this 180 degrees U turn.
There is no need to work in an establishment to know the facts of a companu or firm. Advocates fighting cases on behalf of employees of companies or firms are not employees of that firm or company.Proper of studying the facts are required.
There is no question of right or wrong. Several High court verdicts were later declared as wrong by supreme court at a later date.It depends on the capacity of the person who files the case in a court of law till the end.We know that court cases are filed not only to get justice, but to delay the process also in many cases.
Referring to-Pushkar-April 27,2010 9:51 PM
Do not underestimate aged persons.Aged persons are equally competant enough to challenge anything in the court of law as youngstors can do.Do you know the age of our Prime Minister, President of India and other law makers? Do you know that several bankers after retirement are appointed in key positions in reputed firms considering their knowledge and ability?. Do you know that several aged persons are earning more than any serving employee in banks?. It all depends on the ability of the person and not on his age. Do you think effected parties in this settlement are not at all moving to courts in future?. Wait and see.
Further, nobody has any right to make derogatory comments on ex-staff members including retired staff members. All staff members after leaving the service are treated as "EX-STAFF" and are provided with all the facilities applicable to serving staff members such as additional rate of interest, Locker rent etc.as applicable to serving staff members.They are not treated as "General Public" other than for seeking their opinion on service provided in branches.
This is to inform to you that while commenting you should comment on the subject matter and not on persons.All your criticism, analysis,comments on any subject is welcome. Our fight is against managements and IBA and not with ourselves. We should fight for the best out of the available options which we can decide only after healthy discussions.
I am also of the view of these two following points posted by Mr.IYER April 28, 2010 11:05 AM.
Points:
1)Technically speaking PF optees can not seek court intervention on this issue opposing to pay this money.
2)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.
---------------------------------------------------------------------------------------------------------
@Sanjay Bhatt
Mr Sanjay,
Are you opting for pension by paying 2.8 factor ? If yes then what will be your net arrears that comes to your pocket after deducting 2.8 factor, PF, Income-Tax and union levy if any ?
Thanks.
Does anyone have any idea about the effective date of Pension to the new Pension Optees ? There is one more SUNIL here and that is causing confusing. I have not posted some posts but they are appearing as "SUNIL said...." I wonder who this SUNIL is...it is not me..my last comment was dated 28 April 2010 around 10:53 AM..A comment thereafter appearing by the name SUNIL at 10:56 am and then again at 7:06 Pm on the same day is not mines...what could be the reason for my name appearing ?
Respected Chandan Sir,
I am always ready for adverse or favor comments.
Definitely I am opting pension even after 2.8 salary of Nov'07.
Personally I have no other option.
IBA and UFBU leader has encash our need for pension.And due to pension 2.8, I Will approximate get Arrears Rs.27,545/- This time What is our fate We pf optees get less arrears with 2nd pension option.This time less amount recurring or fixed Deposit.
For kind clarification to all.
I will loss Rs.47,360/- for pension option.2.8 times salary is injustice,But If I/We want to opt pension than I/We should be paid.
I have no problem to give 2.8 salary,but Main point for feel unhappiness is that From Which way, manner and situation(Last time stabbing) 2.8 salary has recovered is painful.
Definitely I have commit mistake in 1995 than I should be bare now,But It should be in logical manner.
Sir,Again Approximately I will get my net Arrears Rs.27,545/- after deduction of I.Tax,Pension Fund,PF difference.
No question rise for Levy because I have already resign from union in
Feb'2010.If any special purpose than I can put here my paid and payable salary details.
Regards.
___________________________________
Again Request to All,
DON'T PAY LEVY AND SUBSCRIPTION.
RESIGN FROM UNION FOR BETTER AND SAFE FUTURE.
WHY CONDITION CREATE TO GO COURT FOR INJUSTICE AND OUR RIGHT EVEN AFTER WE ARE MEMBER OF UNION?
LEADERS WORKING FOR IBA/GOI/MANAGEMENT NOT FOR Members.
MY REQUEST TO ALL
WE SHOULD BE PREPARED CHARTER OF DEMANDS FOR 10th BPS AND SEND TO UNIONS, SO LEADERS(OLD OR NEW)WILL HAVE NO EXCUSES FOR DISPARITY AGAIN IN NEXT SETTLEMENT.
IF ANYBODY INTERESTED FOR IT THAN PUT HERE. I WILL ALSO PUT HERE AND SEND TO ALL UNIONS/ASSOCIATION VERY SOON.
CHARTER OF DEMANDS MEANS WHAT WE WANT FOR PARITY IN PAY.IF LEADERS WILL READY FOR IT THAN OK OTHERWISE THEY ARE NOT ABLE TO BE OUR LEADER)WE WILL HEARD SOME NEWS SHORTLY IT WILL NOT GOOD.
Comments Requested.
Total pesion load is Rs.1800.54 Crore.
Now suppose 10% pf optees will not opt pension,than rest short fall of pension load of rupees Rs.180 Crore Who will paid and How can banks will manage?
Be ready all my friends(Pension/Pf optees).There are huge retirement in 2014 in most banks.Than for us and also for Who has retired or will retired load also will be bare by existing employees only.
If any pf optees will paid 70,000 and opt pension and his remaining service is 14 years than He will lose their 10 lacs rupees and He should be live atleast or minimum 3 years after retirement for recover his 70,000/-.
__________________________________
## From my branch there are 3 AIBEA members,3 Federation members and 1 officer of INBOC has resigned form their union and association.Wheel started now.
In my opinion the change in the norms for payment of 2.8 times the salary for the month of Nov 2007 instead of the earlier proposed 1.6 times, to be made only by those of the CPF optees (who are still in service)and who now desire to opt pension, seems reasonable. The persons who have already opted for pension in 1995/96, etc , naturally, have no reason to make this contribution. And hence the decision now to 2.8 instead of 1.6 times of one month salary,proposed earlier)to be paid only by old CPF Optees not yet retired till 1.11.2007 or thereafter and (not by old pension optees -still working ), seems reasonable. One more thing, It seems that two things are being mixed up..the contribution of 2.8 times of one month salary and refund of Contributory part of PF (with 56% additional amount) are different issues. One isue is, The contribution of 2.8 times of one month salary of Nov 2009 is for those bank employees who are in service and had earlier opted for CPF, and the other issue is 156% refund of CPF by those already retired employees and who had earlier opted for CPF but who now desire to opt pension. It can be seen that both are different issues."
Will someone please guide as to what would the be difference in Pension payable to those retirees who retired between 1st April 1998 to 31st October 2002, in view of the following clause of the Bipartite Settlement dated 27.04.10 :-
QUOTE
16. Pension (in Banks other than State Bank of India)
2. Further to Clause 6 of the Bipartite Settlement dated 2nd June 2005, it is agreed between the parties as under:
(i) With effect from 1st May 2005, the pension of employees who retired or died while in service during the period 1st April 1998 to 31st October 2002 will be re-fixed based on the definition of „Pay‟ as defined in Clause 6(ii) of the Bipartite Settlement dated 27th March 2000. No arrears of pension and commuted value of pension will be payable on account of such re-fixing of pension.
3. Further to Clause 7(2) of the Bipartite Settlement dated 2nd June 2005, it is agreed between the parties as under:
(i) On and from 1.5.2005, in the case of employees who retired during the period 1.4.1998 to 31.10.2002, dearness relief shall be payable for every rise or be recoverable for every fall, as the case may be, of every 4 points over 1684 points in the quarterly average of the All India Average Consumer Price Index for Industrial Workers in the series 1960=100. Such increase or decrease in dearness relief for every said four points shall be calculated in the manner given below:
Scale of Basic Pension per month The rate of Dearness Relief payable as a percentage of Basic Pension
(i) Upto Rs. 3550 0.24 percent
(ii) Rs.3551 to Rs.5650 0.24 per cent of pension exceeding Rs.3550 plus 0.20 per cent of the basic pension in excess of Rs.3550
(iii) Rs.5651 to Rs.6010 0.24 per cent of Rs.3550 plus 0.20 per cent of the difference between Rs.5650 and Rs. 3550 plus 0.12 per cent of basic pension in excess of Rs.5650
(iv) Above Rs.6010 0.24 per cent of Rs. 3550 plus 0.20 per cent of the difference between Rs.5650 and Rs.3550 plus 0.12 per cent difference between Rs.6010 and Rs.5650 plus 0.06 per cent of basic pension in excess of Rs.6010
UNQUOTE
Those of you can help me please send your reply on my mail id sk070707@rediffmail.com
Dear Shankar,
Please refer your blog on 30th April at 12.15 a.m. and your earlier 2 blogs. You propose to send 10th BPS demand to union leaders and you are also not ready to pay union levy as you have already resigned. Have you taken back your resignation in veiw of your sending proposal for 10th BPS. Clarify it. How do you expect that union leaders will accept your proposal. Have some maturity while writing the blog at least by reading blogs of Mr. Chanda and Mr.Shankar or start your own union.
Hi All,
My previous blog is addressed to Mr. Sanjay Bhat and not to Mr.Shankar. Regret the error
Dear Mr Sanjay Bhatji,
1) If 10% of pf optees do not opt pension, no short fall will happen. The load would also proportionately go down and there will be no issue.
2) No body is paying for other's pension. Pension fund is well designed to take care of the interest of all pensioners. The thinking itself is hypothetical and unethical precisely. The pension regulation takes care of everything. Banks are paying pension for almost over 15 years. How many cases did you come across where anybody was denied pension for want of funds. Natural wastages by way of retirement/death are happening on a perpetual manner. Too much of imagination is not good for your mental health and for others as you are capable of confusing anybody!
3)I would suggest you to kindly take a calculater, piece of paper and a pen draw calculations for any employee assuming he is opting for pension and retiring on VRS at different point of service and on superannuation age. You should factor all components judiciously including the 30% sacrifice and calculate the commutation receivable from bank duly applying the correct factor according to the age next birthday. I swear, it would be more than the bank's contribution to PF which is available if you decide not to opt pension. These are all simple mathematical calculation - of course with some application of mind and ability to assume and foresee future happenings.
Please try to cultivate positive mind set and of course your language skill,for, often it goes below standard. Sorry.
Dear PF optees, I am compelled to write this post after reading observations of some negative people. When I asked one of our bank's managers who is a PF optee the reason for his decision earlier, he replied that he had the doubt of the very existence of the bank in the nineties! I replied, you might have assessed your quality and accordingly doubted the bank's existence. See today he is required to cough up Rs.93000 to get the benefit of pension. Some people keep on yelling at leaders, curse them and shout in meetings but these are the ones who do not live their life rather hinder others life. Unfortunately such negative elements are also in a big way responsible for the mistake done for the first time.
Opportunity never comes twice. But now it is there to grab - notwithstanding a price tag which can be compromised as an entry fee or a penalty - Please do not let it go off your hands. Simply opt it. No fruitful thing can be achieved by doing postmortum. Look ahead. Pension is (at any cost!)always beneficial. Please do not subject yourself to hypothetical, wild and imaginery thinking which is not going to do any benefit for you and possibly the persons amenable to you.
A lot of thinking has already be done by our leaders, IBA and government and the best possible thing is before you. Do not take a negative decision to demoralise their untiring efforts.
I know all these fault finders would not be able to stand the leadership even for an hour, for, most of them are self centered, suffer from complexities and knowledge. Let us forgive them.
Referring ajitnaik Sir,
I will not join again any union.100%
I/We can send letter / e-mail to union,They accept our idea or not it is other thing.
I never claim that I am knowledgeable. This blogg is open platform for put your thoughts,What I am doing.If you have not read my old comments then I would inform you that I have written in my comments anybody can believe this like talks from patient of mental hospital.And I also written many times my ENGLISH is poor.If you set your mind to take me negative than friend you are free.This blog is open for all.
Are you not worried about safe future?In your way I am immature and as per my way you are immature.
Its depending on perception.
If any blogger has no data, figures,no good English command than He can not write and explain his thoughts here or not ?
Please Ajitnaik Sir and
Owner/Director Kindly confirm this blog is open for all or not. Is this blog is for some special blogger(Mr.Shanker,Chandan,Iyer,Balan,etc) only? Please mentioned requirement to be blogger of this blog,than I can find out I am fit for it or not.
Question to www.Paycommission.com
CAN I WRITE MY IDEA/THOUGHTS HERE ?
I have never changed my stand from begging.I am not double standard man.
Thank and Regards.
Question to Shyamali Singh,
and www.Paycommission.com
CAN I/ANYONE WRITE IDEAS/THOUGHTS HERE OR NOT ?
Any Rules and criteria for join your blog?
Any minimum Education/Qualification needed for it?
Thanks for providing good platform to bankers first time.
Respected Iyer Sir,
10% pension gap idea has came in my and I have confused and write here.
Than I have got real matter or knowledge. AND THIS THE MAIN USE OF THIS BLOG or PLATFORM.
I have never claim I have guts,knowledge about calculations,I am the best,I am good person etc.
If I have don't write for 10% pension gap than HOW CAN GET FACT?
And I have not written I am sure and right.
For my language I am sorry to All Who has heart.
Bad words,firing words is my anger for leaders only nothing else.I have used words cheater,impotence for leaders and it is right.For this no sorry. and language changed area to area,Sir.
I am always trying to encourage Who feel injustice.
I HAVE REQUESTED ALL TO MANY TIMES TO CONTINUE HERE(IN BLOGG) EVEN AFTER SETTLEMENT, BUT NOW I AM SORRY, I AM LEAVING BLOGG/BATTLE FOR GOOD.
BLOG AND ALL BLOGGERS ARE GOOD, BUT I AM NOT FIT FOR THIS BLOG.
My blog profile is open for all and it has been seen by others 332 times.Now find hearty your, Whose words effective for others.(I don't like to write this here,in past I have only shared this to Mr.chandan by e-mail)
Sorry... Sorry...Sorry...
Thanks and regards.
(I will not answered any adverse or favor comments now.You can contact me on spbhatt73@gmail.com freely)
I am not suitable person for this blog.Again Sorry.And Thanks for bare me till today.
[## Last two comments deleted due to spelling mistakes only.]
RE-OPTION FOR PENSION THIS TIME ACHIEVED IN LIEU OF NPS FOR NEW RECRUITEES. THIS IS JUST A RESULT OF GIVE & TAKE POLICY, NOTHING ELSE. BE SURE OF IT.
THANKS.
Dear Shri Sanjay Bhattji, Please do not take anything to your hearts. My concern now is that people are closely following your words for all these months and might be following in letter and spirit, resulting in missing the bus for the second and lost time in succession. There was chaos and dismay till the settlement was discussed and signed. Now is the crucial time especially for all PF Optees for whose cause this settlement is totally dedicated and compromised. Hence, if 100% option is not achieved then it defeat the very struggle and purpose. These are the reason why I expressed aggressively and there is no personal feelings against anybody. After all we all Indians enjoy abundant freedom of expression. But many follow a definite set of people instead of taking informed decision on their own.
I would request you to be on your usual self come freely participate in the blog as usual and allow your positive energy to grow and glow so that you can offer what best action can be taken to improve the working conditions. We are are mature bankers showing positive ways and means to tens of hundreds of people who avail our services and I am sure you will identify and cherish your positive energy and feel your self great.
Be reset assured I have no grudges or reservation on any member. I believe in taking everybody along with me where ever I go and work. Onceagain please do not use words like sorry and bad comments on leaders. there are good people and bad people co-exist. All leaders are not bad. Even it is very difficult to co-ordinate with nine constituents with different idealogies or for that matter no idealogy at all. If we do not support these leaders during difficult hours how can they bring us results.
Mr Sanjay Bhattji, you have been a champion writer on this blog for all these months and have added more friends and accept me too to your list: my email id is : iyerchandhra@gmail.com
Hope this will definitely enthuse you and transform you and will bring out the best out of you soon.
iyer
Referring Sanjay Bhatt 29, 2010 11:44 PM:
Dear Mr Sanjay,
You were a member of the union till Jan-2010 and resigned in Feb-2010 as you informed. See, as you were a member of the union till Jan-2010 and obviously you enjoyed the union patronage till that time. So my good suggestion is you should pay union levy till Jan-2010.If you don't pay I feel you will be in-debt to the union. A 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.
DEAR FRIENDS
PLEASE READ THE ARTICLE APPEARD IN
http://allbankingsolutions.com/WhyPFopteesareunhappy.htm
SOME VALID POINTS RAISED BY MR.RAJESH KUMAR
THOUGH SETTLEMENT IS OVER SOME OF THE ISSUES STILL TO BE FINE TUNED :
SO PLEASE SPREAD THE MESSAGES/DISUSSION ISSUES OF OUR FRIENDS TO YOUR FRIENDS BY WSAY OF EMAIL TO YOUR FRIENDS OR GET PRINTED AND DISTRIBUTE TO YOUR FRIENDS.
I BELIEVE THIS KIND OF SHARING VIEWS AMONG OUR FRIENDS WILL CREATE AWARENESS WHICH MAKE OUR LEADERS TO PURSUATE THE MATTER WITH MANAGEMENT IN NEAR FUTURE.
MY ENGLISH IS NOT GOOD BUT MATTER IS WORTH TO SHARE.
RAJESH KUMAR says : "The Joint Note Signed by Unions of PSU Banks with IBA is is being treated as Historic Settlement. There has been high discontentment in Banks for the settlement. All the officers are not very proud of the being in Bank of member of various association and justice has not been done by accepting such kind of settlement.
Further the real workforce of officers (Scale-I/II/III) has been discriminated. While joint statement does not talk of 2.8 times of Pay as on November 2007 has to be paid by the PF Optee of the Banks. We have heard from leaders from that due to filing of writ petition in Hyderabad High Court, they have no option but to sign the joint not and agreeing that the Pension cost of the Bank had to be borne by the PF optee only due legal compulsion. It has been a pathetic situation as far as salary of Bank officer's is concern. I need clarification from all union and association leaders:
1. When the pension settlement signed between Unions and IBA on 29.10.1993, at that time the cost of pension was shared by all the employees of the Banking industry. Now why this kind of logic in present case?(5th Bi-partite/wage settlement).
2. The settlement of 29.10.1993 also states that the option of Pension as a second retrial scheme in line of contributory provident fund was applicable to employees on the service of the Bank as on 31.10.1993 and employee who joined after 31.10.1993 would compulsorily be covered under Pension Regulation and they do not have choice or option was available to them.
3. The employees joined after 31.10.1993 was not required to give the option of PF or Pension to their Bank. But many Banks have kept the employees joined between 31.10.1993 and 29.09.1995 (the date of Employee Pension regulation coming into force) under PF scheme since they did not give any option.
4. The issue of the employees joined between 31.10.1993 and 29.09.1995 was all in the agenda of demand under 9th Bi-partite settlement but what was the decision taken by the Government in this regard and what was the stand of union and IBA in regard to violation of agreement signed on 29.10.1993. Is that mean Employee who has joined between above period shall have to file the writ then only Banks/Government shall listen?.
5. It is also very funny that employees joined between 31.10.1993 and 29.09.1995 some of them having appointment letter stating that they would be covered under Pension scheme still we have been kept in PF scheme since they had not given Option for pension.
6. It was told that if pension option is allowed by the Government the cost of pension fund would be Rs 6000 Crore out of which 30% shall be shared by the employees of the Banks. We would like to know the details of this Rs 6000 Crore. Is it for the new pension optee only or also the incremental cost of pension of existing employee? How that has been arrived needs to be known to every employee of the Banks.
7. Why not grade pay for the Bank officers as given to Central Government officers ?. Even in Banks Special pay is given to workmen staff for same kind of job.
WITH REGARDS
Hello prospective pension opting friends,
As far as my opinion goes on deeply studying the latest settlement lines related to the second pension option, there is clear reference vide page no.8 of the AIBEA 9th bi-partite settlement minutes circular as follows:
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 27th November 2009, provided 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.
From the above paragraph, it may be quite clear and without any cause of doubt that (1) the addition of 5 years and (2) the taking up of the next birthday age from the date of 'retirement'- both may definitely be applicable for the prospective pension optees also. To get this confirmed, I suggest all our friends to go through the contents of the minutes.
Hope optimistically that both benefits are secured for all the prospective pension optees.
Let us hope for the best.
V Sampath Kumar
(Retd. Senior Manager on VRS)
Dt: 01/05/2010@11/16pm
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.
I have spent about Rs.3.00 lakhs out of my terminal benefit on Printing Postage and stationery to bring the issue of Pension to the present status. While unions say that they have no commitment or responsibility to retired employees, one retired officer has spent huge money and efforts lasting for eight years to secure Pension Benefit to those working when the unions they subscribe to remained non-performing on it.
guess Who said it?
as you are regular visiters of this site.
I got it from a piece of paper of some leaflet / circular .
as I can recollect it was written by Mr. venugopalan.
Dear friends,
Please forward the message to the bank men of the country for their information.
Thanks. goel
Bank Unions settled wage pact in the Industry conceding to 17.5 percent hike and Fresh Option of Pension to the retired and working. The hike is the highest ever in the Industry as Union claim. When the pay hike of 40 percent to five days working Government employees is considered, Bank employees got 56.5 percent less. The working has to pay 2.8 times of the November, 2009 Pay to gain entry into Pension Scheme. The retired has to pay back 156 percent of the CPF paid to them on retirement. They further lost the Pension from the date of retirement to 26th November, 2009, an arbitrary date which has no relevance. It appears all concerned worked hard(ly) to prolong the agreement to hype the arrears to raise a large toll on arrears and unknowingly the retirees are going old in the hope of new pension option.
One has to think why Pension Option that was due to us upon scrapping the forfeiture of service clause was not pressed by Unions until 2007. Why did Unions drive all the retired to Courts to stage a bad show and get adverse judgments? Supreme Court rejected intervention in the appeals in 2001 closing the issue for ever. Unions that were silent on Pension Option agreed with IBA in 2005 not to open the issue any further. It was again brought to lime light by a one man army viz. C N Venugopalan, Ex- Manager, Union Bank of India from Kochi. He took VRS in 2001 at the age of 49 and left no stone unturned in reviving the lost dream of the banking community. His inspiring letters and other communications alone compelled the Unions to once again dwell upon Pension Option for the benefit of all. Zeal and enthusiasm were his weapons a nd he used them well to make the Unions fight for Pension again. Now the lost social security benefit has reached all of us again.
The working who have to pay only 2.8 times of Pay are the more benefited than the retired who have to surrender 156 percent of the CPF received. The worst sufferer is the architect of fresh option who abandoned his job forgoing future promotions and emoluments of about Rs.60.00 lakhs for 11 years and spent out of pocket huge money out of his terminal benefit for the great cause of redeeming the legally due benefit. It is our responsibility to acknowledge the work and to adequately compensate him. When participants in reality shows even get rewards of Crores of Rupees, bank employees and the retired who benefited out of his strenuous work will render themselves a thankless lot if they do not reciprocate the great work.
Now that IBA is snatching away 2.8 times of pay from the working and 156 percent of CPF and Pension from the date of retirement to the date envisaged in the settlement preventing the logic implementation of the Pension regulations once again, it has to be challenged in the Court. Since Mr. Venugopalan has taken up this challenge by making statements to that effect it is our responsibility to extend him all support for the mission. We hereby call upon all dignified bank men who make profuse contributions acknowledging his work and inspiring him further to go ahead with his mission.
I suggest that let Mr Venugopal's account( specially for this purpose be intimated in this blog,alongwith details of the case he filed.Let all who feel at least a little bit of sense of thanks send contributions voluntarily to Mr Venugopal, who has been working hard for the welfare of bank employees, when the union leaders were working against them. It is better than the levy we are forced to pay the unions.
FOR PALLAVI,
IT IS OUR PERSONAL VIEW HAVE MORE INFORMATIAs per the present formula,
it is not known whether they will treat the case as an employee who is in service entailing levy of 2.8 percent of November, 2009 Pay or as a retired employee who ceased to be in service on the date of death. She is eligible for family Pension but no commutation will be payable. She will have to return the CPF ( Bank's Share plus 56 percent of it if the case is treated as a retired employee or 2.8 times the Nov.2009 Pay if treated as a serving employee. The case depends on situation that are not specifically covered. May have to be sorted out in course of time.
Venugopal
On 8 May 2010 09:12, ashok goel sought guidance.
pallavi said...
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?
.................................she is seeking advice. pl. tell the following questions.
1 Yes. she is eligible for option.
2. yes, she is eligible for family pension and not the pension.
3. I am of the opinion that commutation can be asked from the "pesion" and commutation cannot be asked of "FAMILY PENSION"
4. in above case she cannot ask for commutation as I think.
4. AS his husband expired on 28.12.09 IE. after the date of settlement ie, 27.04.10. she will have to refund BAnk share of PF+intt. on PF. up to the date of death+ 2.8 times of his revised basic salary as on 1.11.07.
please guide the actual position. pallavi
IF u feel so you can post your E MAIL address.
akgoel
08.05.10
......................................
Whether you are a Pf optee or pension Optee?
Your pf contribution is with your respective banks along with pf optees banks contribution with pf fund and in case of pension optee is with pension fund
All these funds are managed by trustees and they need to be audited.
If u put your money in mutual fund you always like to know in which stock the mutual fund has invested ok
Then why dont we have that right to get the statement of accounts of how the pension fund and provident fund is managed by the trustess
There is a statutory requirement and rules where they can invest
We all have full right to seek information on how are money is managed and whay we dont have right to the full accounts .
We will then get the true picture of pension fund gap which Iba & Unions are talking loudly for so many years and have been made paid off by the empoyees since 6 Bps to 9th Bps.
It seems now like in case of Ulip of by Insurance Cos Now sebi should also ask details from respective Bank Provident fund & Pension fund Truteess about the details of investments made by them and also submit the accounts with Sebi.
Any Union Leaders have ever asked this to Iba?
For what are we paying levey then and monthly Union fees?
To Cheat us?
And these shameless leaders are asking levey on this historic settlement
Iba Wanted Nps from 01/04/2010 at any cost because the rules of nps are quite different then the old Pension scheme.
And another imp factor was Iba wanted to give pension option to pf optess not as a social security but FOR their own security . How ? Why?
Pension fund is depleting faster and there are limited source to get more funds.
Only option is in every wage settlement take it from wage arrears.This they have been doing since 6bps
But this time iba wanted more and this can only happen if pf optees bank contribution is merged with the existing depleting pension fund by giving pf optees a carrot to join the pension scheme.
so that some 261000 pf optees average 6/7 lacs per pf optee gives us 16000 crs banks contribution of pf is readily avilable along with a 1.6 which is now 2.8 of nov 2007 pay.
The tension is because many old timers are getting retired by 2012 so this pf optees fund can save the day.
It is my challenge that suppose if 80% of the pf optees DONT GO FOR THIS PENSION CARROT THEN THIS iBA & BANKS PENSION FUND TRUSTEES would land them selves in a terrible situation BY 2012 because if as on today if the pension fund is depleting what will happen by 2012 when many seniors of higher post retire . How they will get there commutations and pension.
But Iba & Unions know that Indian bankers are not going to think about this as they are like donkeys and will run after the pension carrot and we will get 16000 crs pf optess fund
LOOKS LIKE THIS IS A PONZAI SCHEME RUN BY OUR BANKS WITH OUR INDIAN GOVT'S BACKING.
My decision.
Pension funds are depleting this means our banks pension fund truStees dont know to manage pension fund and are in loss.
These seniors are the creators of Npa to Banks. When they cant manage a Bank how can they manage my fund?
I am a pf optee . I will better manage my fund instead of relying on these people who know nothing about fund Management
I am not opting for pension Thanks after 4% levey at least i will get 77000/- This alone will help me manage to get 50% of todays salary as monthly return from my proper invements along with both my & banks contribution after 10 years
So i am not opting for pension.
Thanks for Iba/ufbu to give us this 2.8 % which made all think not twice but 100 times before falling in this trap of pension.
at present my banks contribution stands at 5.22 as on march 2010 ok
contribution pa would be .24 and pf Interest would be .45 all approx figs which gives me roughly .68 in banks pf share i.e roughly Rs 5666 pm now is been deposited by bank which i count in as advance pension in my terms which increase every year due to interst on closing balance of banks pf every year
and this is i am only talking about banks pf contribution which pensionoptee dont get. and suppose if i die before super annutation at least my family will get this full amount. as it is family pension is the worst in Indian banks So it is better to be in pf instead to go for pension.
There are other reasons which i will discuss next time.
All this is just a rough estimate
SO I AM NOT JOINING PENSION.
BUT I DONT SUGGEST EVERYONE HERE TO DO THE SAME.
Make your due deligence and read your banks Pension regultion act Thanks for all this because to Unions till this 28 years of my service i didnt even cared to read pension regulation act.
Whatever these Unions did but they have really made many bankers read the rules
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