Update after 13th April's meeting with UFBU : In the meeting held on 13th April,2010, sharing of pension cost by employees and retirees has been finalized. For the date of effect of pension, it has to be pursued with the Govt. by UFBU.
Source : AIUBOF
It is reported that as per schedule, a meeting between IBA and four Officers’ Organizations was held in Mumbai on 9th and 10th April, 2010 to discuss and finalize Residual issues and Draft Settlement.
Source : AIUBOF
It is reported that as per schedule, a meeting between IBA and four Officers’ Organizations was held in Mumbai on 9th and 10th April, 2010 to discuss and finalize Residual issues and Draft Settlement.
Issues related to increase in accumulation and encashment of Privilege Leave, Sick Leave upto 7 days without medical certificate and other types of leaves including special leave for lady officers to undergo hysterectomy, Defined Working hours, financial compensation for working late and on Sundays and holidays were discussed in the two days’ meeting. Discussions also covered the following issues:
-
Modalities governing Stagnation increments -
Medical Aid and Hospitalization Expenses -
Recovery of House/Furniture Rent -
Fixed Personal Pay -
Professional Qualification Pay -
Deputation Allowance -
Hill and Fuel Allowance -
Halting Allowance -
Special Area Allowance -
Mode of Travel and Expenses on Travel -
Leave Travel Concession -
Definition of Family -
Project Area Allowance -
Mid Academic Transfer Allowance -
Split Duty Allowance -
Closing Allowance – coverage and increase -
Inspecting Officers – increase in the additional diem allowance
It is reported that unions have reached understandings on a number of issues with the negotiating team of IBA. However, the details of the same are not yet available.
It is proposed to take up the remaining issues with the Chairman of IBA seeking his direct intervention, immediately.
It is further reported that IBA will hold a meeting with UFBU on 13th April, 2010 to discuss and finalize Pension Scheme.
80 comments :
Don't pay LEVY.
We can do at least this for better 10th settlement.
to all officer,
please do not pay levy. in case harrassed resign from the membership.
Bad Union is better than no union. Develop alternate 1st, then go for resignation from existing union.
Do you think IBA/ GOI/ Bank management will work in favour of employees without union ?
If it is so you are wrong ?
dear friends,
all should[BOTH SERVING AS WELL AS RETIRED] SHOULD SWEAR NOT TO PAY REPEAT NOT TO PAY
ANY LEVY/DONATION WHATSOEVER. WE CAN MAKE IT FOR CHARITY. OK???????????????????????????
sk
without ass cociation also we can survive.
sooner or late management will realise that with good motivated team only they can perform..
so psl donot pay levy
these chor leaders will once again appear afetr settlement and ask for levy for their personal expenditure. god save us from clutches of these leaders.
Let me tell you one thing the site "allbankingsolutions" have been blocked as it was giving some genuine and reliable information to visitors. if you have no answer for the points raised in the site, than accept it in a positive way. by blocking the site you are making yourselves more vunerable for attack from the rankers
Surprisingly the "updated news" in AIBOC site still talks about the scheduled meeting with IBA on 8th and 9th April, which again is incorrect. The meeting was held on 9th and 10 th April. It is also not clear why pension related issues were not taken up on 12.4.10 as was announced earlier. This is being discussed today . Incidentally workmen meeting with IBA is also scheduled for today to sort out residual issues. Let us pray and hope that final outcome would bring cheers to all stake holders. Vasudevan
any rumour alert fm union
I HAVE ALREADY CANCELLED THE UNION SUBSCRIPTION & GIVEN LETTER NOT TO DEDUCT LEVY...
Expect same from every current employee who thinks Union Leaders hav cheated us on wage revision...
No information about to-days meeting for pension.received mail that cost sharing is finalized and for date of effect referring to the Govt so again it will take 140 days to get the decision from the govt so we have to wait again.So no settlement in near future because unless date of effect is finalized no signature on settlement.God only know how much will it take now.Pl circulate to-days minutes immediately about cost sharing so that retirees will have to be ready how much they have to refund ect.Do early.
Refer Shridhar 8.30 PM 13-4-10.
Leaders should come out with facts without any delay. If there is any substance in the news that that the matter has been referred to govt., then it is time to say Good bye to settlement. Govt which is very busy tackling lot of issues may not find time to take a decision in a hurry. The proverbial buck will be kept rolling with the helpless Bankers and their leaders looking on pathetically. How would the leaders follow up the matter with the Govt when they find it difficult even to get invited for talks by IBA . All of course assuming there is substance in the post of sh. shridhar. Vasudevan
better that this wage revision be postponed indefinitely for current employees....good that pension matter has been referred to govt..
In the meeting between UFBU & IBA, held on 13th April'10, sharing of Pension Cost by Emplyees and Retirees has been finalised. For the date of effect of Pension, it has to be persued with the Govt. by UFBU
Source:AIUBOF
Though the sharing of Pension Cost by Emplyees and Retirees has been finalised, the date of effect of Pension should have to be in between 01.11.2007 and 01.04.2008 (if not from the date of retirement as per rule) to enable the retirees to opt for pension option in order to compensate the cost of pension as well as the management contribution of PF amount or otherwise no one will be available to show interest rather capacity in exercising such type of benefit as most of them might have already crossed the average life time of men in our country.
Well, UFBU has done a good job but this should have been done with in the time frame of 90 days from the date of MOU arrived at.
GOD is also playing the game of chance with useless UFBU and useful IBA!
Well IBA has outsmarted UFBU.Very cleverly the ball has been thrown into Govt's court. The buck has started moving ! It is anybody"s guess when the Govt would find time to look into this issue . Priorities of the Govt are totally different. There are many more urgent issues confronting the Govt like proposed " CUT MOTION ", Women's reservation bill to name a few.Under the circumstances it may be difficult for UBFU to get invited for talks with Govt officials.I feel the right time to force the issue was the month of March and sadly UFBU missed the bus . And now all have to wait ............................................................? Vasudevan
1 Thing for 100 Things
And
1 Medicine for 100 Disease.
Don't Pay Levy.
It is a matter of regret except Union Bank Officers Federation site, which at least appears to address the concern of all anxious members no other site has updated information fueling anxiety and anger. Why is it leaders are so secretive ? Is it not their duty to assuage the feelings of members and be transparent ? What about the tall claims made that settlement would be signed by 15th of April.What was the basis for such an assumption. What steps are proposed to be taken now ? When do they hope to meet the Govt officials ? It is high time full details are made available without any further delay . Leaders should understand that pent up frustration of members might explode like a volcano. Vasudevan
"Link is down,Bear with them"
TO OUR BELOVED , MOST RESPECTED, MOST TRUSTED, MOST SKILLFUL,MOST SMART, MOST EFFECTIVE UNION LEADERS,
PLEASE BE TRANSPARENT AND POST AN IMMEDIATE ELABORATE CIRCULAR ON WHAT ARE THE ITEMS THAT WERE SETTLED REGARDING PENSION OPTION. PLEASE CONFIRM THAT EVERYTHING OTHER THAN THE DATE OF EFFECT HAS BEES SETTLED. PLEASE ALLOW THE EMPLOYEES/PENSIONERS TO MAKE UP THEIR MIND IN PARTICULAR RETIREES MANY OF WHOM ON THE VERGE OF COLLAPSE. THEY CAN NOT EVEN BEAR ALL THE NEGATIVE NEWS AT ONCE. HENCE ISSUE ONE CIRCULAR ON PENSION IN DETAIL REGARDING THE AREAS AGREED AND THE AMOUNT THEY HAVE TO SHELVE OUT AND COMMUTATION FACTOR AND APPROXIMATE AMOUNT THEY HAVE TO PAY IN CASE OF PROSPECTIVE EFFECT. PLEASE ALSO INFORM WHETHER IBA IS ALLOWING 100% NEUTRALISATION TO PRE 01.11.2002 PENSIONERS BY RECTIFYING THE PAST ANOMALY.
PLEASE SEEK AN APPOINTMENT WITH FM AND REQUEST HBIM TO DEPUTE ONE OFICIAL FROM MOF WHO IS MINVOLVED IN THE PROCESS TO TAKE AN ON THE SPOT DECISION ON TOMORROW SO THAT IT CAN BE SIGNED ON THE DOTTED LINE. WHY THIS MUCH FUSS IBA IS MAKING GOD ONLY KNOWS. EVEN ALL THESE NONSENSE BANK EMPLOYEES ARE GOING TOBE THE LOWEST PAID IN THE COUNTRY.
HATS OFF TO ALL LEADERS /IBA TEAM MEMBERS/MOF BABUS.
K BALASUBRAMANIAN
Rely what is going on for 9th BP/Pension issue God only knows.In yesterdays meeting what has finalized pl inform the members sharing of pension cost etc.Now for effective date the matter will be refereed to Govt see the game of IBA again prolonging it.Already one of our comrade has given the example how IBA has earned Rs.1800/-cores and now for d ate of effect it will take nearly 4-5 months for Govt decision by that time again it will earn some 100-200 cores and will say ok it will be paid from 01-04-2008 and thaty to not from date of retirement so our Nadaf/Venkatachala will say see we have achieved as per our demand pension from 01-04-2008 and themselves they will appraise.and poor bank emp/retirees has to wait till the end of this financial year.You missed the opportunity giving strike call in March otherwise all the matters have been settled.
SPREAD THIS MESSAGE:
-------------------------------------------------
Shame on our salary revision. For central govt employee the wage revision is at 40% with lot of other benefit, for PSUs the revision range from 60% to 90%, for UGC teaching professional the revision is at 60% & even in many govt the revision is more than 50% ** BUT PSUs BANKS revision is at 17.5% ** please ask yourself do you work less than others\do your organisation is not making enough profit\are you working at a very comfortable work environment without risk & responsibility ??? if your answer is no ??? then you deserve a respectable wage hike.{let us make it a mass movement} Please circulate to all colleagues{send SMS to a minimum 15 colleagues} so that message will reach to its destination.
------------------------------------------------------------------------------------------------------------
Exact lines that I received yesterday from one of my colleague through SMS.
Thanks.
IBA and their team should be complimented for their excellent work done on behalf of GOI/MOF in dismantling the UFBU and banking fraternity. Younger generations officers should apply their mind in accepting the suggestions of associations. (AIBOC is one of the association who advised the members not join pension option in 1995/1996).We are paying the price very dearly for our sins. I appeal to all the present generation officers think twice before you act and choose right leadership for better 10th BPS..
In how many sectors pension cost shared by employees in India.?
Is the UFBU not ashamed of sharing cost of pension?
Pension is a security for the employees and heir spouse in their old age? The days of children taking care of the parents have gone? Children now a days feel that it the duty of parents to educate, and get them married, and provide them shelter etc in their parental assets etc., and no children now a days think of supporting their parents in their old age?
Is the government not concerned with the social security of the retired.
Already bank officers are drawing salary of central government office clerks and how can one expect one to save for the old age. If cost is to be shared for pension in Banking, will it not become a precedent for other industries/sectors.
UFBU and IBA are digging graves not only for bank employees but also for the future banking industry.
EXCERPTS AS PER AIBOC WEBSITE AS FOLLOWS:
In case of Central Government employees, they will first arrive at the proposed revised scales and allowances and there is no restriction as regards cost of wage bill. The entire cost will be debited to the National Ex-chequer of the Government of India.
In the case of Bank employees, Government of India first fixes the limit for percentage increase and distribution of the increased load among various components of salary and allowances, is the responsibility of IBA and Unions/Associations.
SO FOR THE CG EMPLOYEES THE PAY STRUCTURE IS FIXED AND DEBITED TO NATIONAL EXCHEQUER.
BUT INSPITE OF EARNING HUGE PROFIT THE SALARY REVISION IS RESTRICTED TO CERTAIN PERCENTAGE TO BANKERS.
THE WORKING CONDITION IS PATHETIC.
INCREASE IN WORKLOAD WITH REDUCTION IN WORKFORCE WITH EVEY NOW AND THEN.
TO TOP IT ALL PENSION IS SOCIAL SECURITY FOR EVERYWHERE EXCEPT IN BANKING INDUSTRY. THEY PAY PENSION BY CUTTING DOWN OUR DUE INCREASE ie
RECEVING FROM US BY ONE HAND AND PAY BACK TO US BY ANOTHER HAND.
IN CONCLUSION IT IS LIKE DEPSITING YOUR MONEY IN LUMPSUM AND GETTING
BACK IN SMALL INSTALMENTS.
LONG LIVE PENSION SCHEME IN BANKS
FLASH NEWS:
-----------------------------
1) SIGNING OF BPS ON DT: 25/04/2010 INSTEAD OF TOMORROW.
2)EXISTING EMPLOYEE WITH PENSION OPTION IS TO CONTRIBUTE 1.16% OF BASIC FROM SALARY TO PENSION FUND DURING NINTH BPS.
3) RETIRE PF OPTEE IS TO REFUND 156% OF MANAGEMENT CONTRIBUTION TO A MAXIMUM EXTENT.
N.B.- POINT 2 & 3 NOT APPLICABLE TO SBI.
SOURCE: UNION CIRCLE. VERIFICATION SOUGHT FROM MEMBERS.
Thanks.
Same message received ut small correction
it is 1.6 times of revised basic pay instead of 1.6%
it is 1.6 times of revised basic pay instead of 1.6%
what does that mean???
i mean what more contribution these chor leaders want from existing employees after sacrificing gud wage revision for pension option...
can anyone throw some light??
DEAR CHADANJI,
25TH APR IS SUNDAY. IT IS CERTAIN THAT THE SHEDULED SIGNING ON 15TH APR APPEARES TO HEVE BEEN ABANDONED IN VIEW OF UFBU's FINAL CALL WITH GOI. IT IS UNCERTIAN TO PREDIT THE MEETING/OUTCOME WITH GOI OFFICIALS. THERE IS NO WONDER IF THE FINAL AGREEMENT IS POSTPONED TO MAY END.
ANY WAY MORE DELAY WILL BRING MORE ARREARS AND IN TURN BRING MORE LEVY TO LEADERS SO THAT THEY CAN LEAD COMFORTANLE RETIRED LIFE.
Dear Sir(s)
Please correct me if I am wrong. The distribution of load is as follows.
INDUSTRY LEVEL IMPLICATIONS OF OFFICERS WAGE REVISION
Increase [ Rs. In crores] %
Basic Pay + DA 1132.56 8.85
HRA 139.51 1.09
CCA 0.69 0.01
Medical Aid 26.01 0.20
Addl.2 stag.incr. 4.39 0.27
FPP 28.66 0.22
PQA 2.29 0.02
PF 0ptees
[SBIPF+PensionBalancing]188.32 1.47
Pension [Statutory[10%] 191.03
Addl.load[13%],
pension costing on stagnation
increment/s, FPP, PQA
418.75
7.72
2.05
7.90
4.90
Gratuity [4.25%of BP+DA]48.13 0.38
Other components 10.99 0.09
Total 2239.00 17.50
4.90 % is earmarked for additional load of pension funds. In case the second option of pension was not a bone of contention, this 4.90% also would have utilised for the basic pay and other allowances. So we have been already robbed about 28% of the amount due from us(4.90/17.50). Is it logical that we have to bear an additional 1.6 times of the new basic pay towards pension fund. I would like to stand corrected.
Regards
vinod
IBA IS WILLING TO PAY PENSION ONLY FROM DATE OF SETTLEMENT TO THE RETIREES.AS PER UNION WEB SITES UFBU IS PERSUING THE PENSION PAYMENT FROM 01.04.2008.DURING ONE OF THE MEETING THE EXECUTIVE SECRETARY OF IBA IS REPORTED TO HAVE CONTACTED GOVERNMENT OFFICIALS AND INFORMED UFBU THAT GOI ALSO WANTS PAYMENT OF PENSION FROM DATE OF SETTLEMENT ONLY.BOTH IBA AND GOI APPEAR TO BE FIRM ON THEIR STAND RIGHT FROM THE BEGINNING.IN VIEW OF THE ABOVE ONE WONDERS HOW THE UFBU INDICATED THAT FINAL SETTLEMENT WILL BE SIGNED ON 15.04.2010.THAT TOO HAVING A MEETING ON 13.04.2010 WITH IBA BOTH FOR PENSION AND SOME RESIDUAL ISSUES.IT APPEARS THE UFBU HAD LOST DIRECTION.THE GOI WILL BE PREOCCUPIED WITH WORK RELATING TO THE PARLIAMENT SESSION TO COMMENCE FROM 15.04.2010 WHEREIN THE OPPOSITION PARTIES ARE TO BRING A CUT MOTION AND THE RULING PARTY WANTS TO TABLE RESERVATION BILL FOR WOMEN BESIDES PASSING BUDGET.EVEN GOD MAY NOT KNOW WHAT IS IN STORE FOR THE BANKMEN FROM UFBU. R JAYARAM
This settlement is for the benefit of those minority (30%), who have not opted for pension earlier. But for their folly, the majority has to suffer by giving 1.6 times their basic + stagnation increment + FPA + PQA to the pension fund. Had these 30% fools opted for pension earlier, we could have got a better revision this time.
Moreover those fools, who have retired, have to return 156% of the Bank's contribution. There would be many retired fools, who would not opt for pension to avoid this return. How to penalize these fools?
Referring MADAPPA 14, 2010 12:37 PM:
"ANY WAY MORE DELAY WILL BRING MORE ARREARS AND IN TURN BRING MORE LEVY TO LEADERS SO THAT THEY CAN LEAD COMFORTANLE RETIRED LIFE."
Dear Sir,
You are very right. We must not pay levy on arrears beyond Nov-2009.(Month of MOU signed)
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"
Thanks.
Why can't these great fools (UFBU) sign the MOU on 15.04.2010 and fight for change in effective date of pension to 01.11.2007?
Is there any restricition for non-rectification of any anomely of the any agreement.
Is there any compulsion to sign pension deal alongwith 9th BPS only ?
These leaders have made 9th BPS as mess in the name of pension, pensiona and given only tension to retired, retiring and serving employees.
These leaders are afraid that after finailisation of BPS, IBA will not listen them becuase they know that 90% of bankmen are interested in early and better wage revision while 98% of leaders are interested in pension settlement becuase all of them either retired or due for retirement.
The outcome of 13th meeting:
Text of UFBU Circular No.3 dated 13th April, 2010.
Another round of bipartite talks was held between IBA and UFBU constituents at Mumbai today. IBA was represented by Mr. Ramakrishnan, Chief Executive, Mr. Unnikrishnan, Dy. Chief Executive and Mr. M. Venugopalan, Officer on Special Duty. From UFBU, representatives of all the 9 Unions were present.
In today’s meeting, issues relating to settlement on pension option were taken up. The draft Settlement was discussed in details and finalized.
Regarding retirees, the formula for contribution of Rs. 934 crores ( 30% gap ) of the deficit after refund of the PF amount (Bank’s contribution), it has been decided that the retirees will contribute as under:
Refund of PF amount (Bank’s contribution) actually received at the time of retirement (no interest is payable on this amount)
Rs. X
Plus: 56 % on this amount of Rs. X
Rs. Y
Less: Commutation amount Receivable from the Bank
Rs. Z
Net Amount refundable to the Bank ( X + Y – Z )
Rs ……
Regarding existing employees / officers, out of the net gap of Rs. 6000 crores, Banks would contribute 70 % i.e. Rs. 4200 crores. For the balance of Rs. 1800 crores ( 30%) employees / officers would contribute as under: ( This will be a onetime contribution and would be recovered from the arrears.)
For existing employees/officers - 1.6 times of “ Pay ” payable for the month of November, 2007.
For employees who have joined the banks after 1st November, 2007 their contribution would be proportionately reduced.
Date of effect of pension option: IBA reiterated their stand that pension option would be effective from the date of the Settlement while we have explained our viewpoint that it should be w.e.f. 1-4-2008. Difference on this issue persists. UFBU decided to take steps to find a solution to this issue.
Improvements under Pension Scheme: We took up with IBA various improvements in the Pension scheme like periodical updation of pension along with wage revision for serving employees, 100 % DA to be paid to all pensioners, common indexation of pension, increase in commutable portion of pension, increase in Ex Gratia for Pre-1986 retirees/widows, higher pension for pensioners above the age of 80, etc. After discussion it has been decided to submit a memorandum on these issues to the IBA and the Government and to be pursued further.
regards
vinod
Referring bob 14, 2010 1:47 PM:
"Had these 30% fools opted for pension earlier, we could have got a better revision this time."
OPINION ON PENSION FOR PF OPTEES:
------------------------------------------------------------------------------
In this blog there are two school of thought.
1) Pension could not be opted due to clause of "RESTRICTIVE PRACTICES"
2)Fools had not opted for pension as stated by Mr bob.
I can called first one 'RESTRICTIVE PRACTICES' as BRAHMAASTRA and the second one 'Fools had not opted for pension' as PASUPATIASTRA for this argument.
@SHANKAR
Sir,
Request to throw some light on Mr bob's point.
Thanks.
To Bob,
The retired bankers got fooled because of some fools like you heading the unions. First penalize yourself for writing nonsense on this blog. If you can't shut your mouth then get the hell out of here.
You talk just like union leaders/Netas better join politics/bank unions. They have lot of requirement for fools like you there.
~Retired Banker
Referring to bob-April 14, 2010 1:47 PM
He has exhibited his total ignorance about wage revision, pension,bipartite talks etc with his remarks.His questions have been answered several times in this blog.First he has to go through all the facts before commenting.
PF optees are fighting for their right legally and it will continue as usual.The effect of this type of letters has ZERO value.Before settling pension option wage revision should not be settled since this pension demand is 15 years old.
Referring to Chandan-April 14, 2010 3:01 PM
In order to have a clear vision about pension, I am reproducing here below some of the relevant extracts from the Pension Regulation Act-1995
The Draft Regulations of the Bank (Employees) Pension Regulations, 1995 have been approved by the Ministry of Finance, Department of Economic affairs, Banking Division, Government of India, Delhi, and cleared by the Reserve Bank of India. The Pension Regulations have been implemented affective from 29.09.1995 after their publication in the Gazette extraordinary.
01. Regulation No 22- Forfeiture of Service
Resignation or dismissal or removal or termination of an employee from the service of the bank shall entail forfeiture of his entire service and consequently shall not qualify for pensionery benefits.
02. Regulation No 5(3) - Constitution of fund
The Bank shall be a contributor to the Fund and shall ensure that sufficient sums are placed in it to enable trustees to make payments to the beneficiaries under these Regulations.
03. Regulation No 11-Actuarial Investigation of the fund
The Bank shall cause an investigation to be made by an Actuary into the financial condition of the fund every financial year, on 31 st day of March, and make such additional annual contributions to the fund as may be required to secure payment of the benefits under these Regulations
04. Regulation No 12- Investment of the Fund
All monies contributed to the fund or received or accruing after that date by way of interest or otherwise to the fund, may be deposited in a Post Office Savings Bank Account in India or in a Current Account with any Scheduled bank or utilized in accordance with the provisions of the Indian Trust Act, 1882(2 of 1882)
Rule 89 of the Income Tax Act states that for the purpose of providing the annuities for the beneficiaries, the Trustees, shall,
(i) Enter into a scheme of Insurance with the Life Insurance Corporation established under the Life Insurance Corporation Act, 1956(31 of 1956), or
(ii) Accumulate the contributions in respect of each beneficiary and purchase an annuity from the said Life Insurance Corporation of India at the time of retirement or death of each employee or on his becoming incapacitated prior to retirement
Everybody should understand that under Regulation 11 banks have been contributing to the pension fund every year the shortfall required to secure payment of the benefits under these Regulations, which was not available to PF optees all these years except matching contribution from the managements. By extending another option for pension to PF optees, IBA is now setting right the anomaly.
As writen by SHANKAR Sir,
"Before settling pension option wage revision should not be settled since this pension demand is 15 years old."
This is the crux of the delay in wage settlement.
Referring to Chandan-April 14, 2010 3:01 PM
What will you do when you are passing through a Mental Hospital where some mental patients are shouting at others? Ignore and move forward.Same thing about Mr bob
IN AIBEA WEBSITE details of 13 th April 2010 meeting is available
As per IBA all issues have been sorted and settlement will be signed on 20.10.2010-See AIBEA website
Is this 1.6 times of pay payable by PF optees who opted for pension or all members. Pl clarify
Mr Harikrishna,
all the members who are on rolls as on 1.11.2007. No exception to pension/PF optee. (As per AIRBA website)
Why should we pay for their mistakes. We didnt ask them to opt for PF. It is too much
In continuation to my earlier post April 14, 2010 3:01 PM:
I am a pension optee.
Thanks.
Referring harikrishna 14, 2010 4:44 PM:
According to Mr SHANKAR April 14, 2010 3:52 PM in this headlines:
------------------------------------------------------------------------------------------------------------------
Everybody should understand that under Regulation 11 banks have been contributing to the pension fund every year the shortfall required to secure payment of the benefits under these Regulations, which was not available to PF optees all these years except matching contribution from the managements. By extending another option for pension to PF optees, IBA is now setting right the anomaly.
--------------------------------------------------------------------------------------------------------------------
Please note I am a Pension Optee.
Thanks.
My dearst BOB,
I THINK YOU ARE AN OFFICE BEARER OF UNION/ASSN,LIVING IN FOOLS PARADISE.PL GO BACK TO1995. YOUR LEADERS ADVOCATED FOR PF to us AND OPTED FOR PENSION for themTHRO BACKDOOR ENTRY ON 50/50 BASIS WITH THE HELP OFTHE CUNNING WOLF MINDED MANAGEMENT.i CAN QUOTE NUMBER OF CASES IN MY BANK. SO PLEASE DO NOT THROW STONES BY SITTING IN THE GLASS CHAMBER OK?????????????????
All PF optees vying for pension incluing union leaders are interested in settling their own benefits(pension option) on the cost of present employees wages....
These people opted for PF 15 years back(whatsoever the reason be--Union misguidance etc).I ask why they blindly followed the unions???They didnt have their own mind then...
Still these ppl are nt willing to admit their mistakes done 15 years back & want to extract as much as possible from current wage revision..
Had the poorest wage revision not enough that these ppl are eyeing on the arrears to be get by Non PF optees existing employee...
Are these ppl cannot see the gross injustice done by union to present employees...
If not then all these including union are shameless people who are interested in settling their own benefits...
1.6 TIMES OF "PAY".
PAY MEANS, IS IT BASIC PAY+FPA+PQP WITHOUT DA?
REGARDING SETTLEMENT, THE DEADLINE OF 15TH APRIL IS IGNORED. THOUGH IBA IS PREPARED FOR 20TH APR, THE UFBU IS NOT READY AS PER AIBEA WEBSITE. I FEEL THE LEADERS HAVE NOT RECEIVED THEIR DUE FROM IBA YET. WHAT IS GUARANTEE THAT THEY WILL GET IT AFTER THEIR SIGNATURE? THEY DO NOT WANT TO TAKE ANY CHANCE. SO THE DELAY.
bank me aaye hai to jina hi padega / wage aagar jahar bhi hai to pina hi padega
suno suno dunia walon aake yahan bank lagalo / cheaper banker milenge hindustani
Any one can explain how commutation amount would be calculated,if and when second option is extended. Vasudevan
AS PER BEFI WEBSITE
Existing employees: All employees (i.e. all existing optees as also new optees) to contribute 1.6 times of revised Pay (BP, Special pay, FPP, PQP) as on Nov.’07 against 9th BP arrears. Employees joining on or after 01st November 2007 shall have to contribute pro-rata. Serving employees, who are presently covered under CPF and would not like to switch over to Pension, would not be required to contribute on this account.
Retirees: Bank’s contribution to CPF including interest received thereon at time of retirement plus 56% of such amount; less amount of commutation - is to be contributed by a retiree.
I think this 1.6 times of basic etc as one time payment will be collected from those existing PF optees who are interested to join in Pension. Because hereafter also one can find atleast a few PF optees in nationalised banks, due to human psychology. Collection of this 1.6 times of basic etc from pension optees somoto definitely invites legal course of action in different courts and legal experts opine that apex court will also give a favourable decision in favour of existing pension optees.This collection from existing pension optees is also unconstitutional. Existing pension optees must counter this challenge tooth & nail. So let the existing pension optees wait a while and observe the final come out.
Thanks.
Dear Chandan
I never thought that you will write like that. In the previous settlements enhanced PF amount calculated on the revised basic pay was recovered just to bear some contribution to Pension fund. When PF optees were forced to do like that why this time alone Pension optees should cry for that. There should not be two logic. I hope you will agree with my point. The above fact never come to light.
I could not understand the reasons for not giving the effective date of pension as 01-04-2008 when IBA wants to get the employees share of pension fund gap in full. Let IBA either ignore the amount to be recovered from the employees or pay pension from 01-04-2008. IBA should be a model employer. They should not take only which is favourable to them.
There is no circular regarding the talks held on 13-04-2010 from both aiboa and aiboc. Whether they were members of UFBU or they had not discussed anything with IBA. When so many minority unions issued circulars why there is no circulars from these unions. Please update the members then and there.
Referring Parameswaran 14, 2010 9:11 PM:
Dear Sir,
With due respect. I can support a justcause but not an illegal act by UFBU/IBA. Not opting for PF what so ever the reason is certainly a mistake on the part of the concerned person. Bank employees/ Officers are not the Port/dock yard labourers. They join in bank through rigorous competition and General Intelligence is one of the paper of this exam. If someone in bank being an experienced one does not have minimum foresight in the matters like opting pension or not, I can't help him by sacrificing my amount from arrears.It is his/her sin. Why should I will be responsible for that? Wait, you will find legal recourse in this matter that will make this so called pension issue more complicated.
I am surprised to see, the subject that could not be possible to reopen by TC during his life time, how dare this convener UFBU has reopened the same in such a manner.His Dooms day is nearing within the cadre.
Please don't take it personal.
Thanks.
Mr.Parmeshwarn,
I never thought that you will write like that. In the previous settlements enhanced PF amount calculated on the revised basic pay was recovered just to bear some contribution to Pension fund. When PF optees were forced to do like that why this time alone Pension optees should cry for that. There should not be two logic. I hope you will agree with my point. The above fact never come to light.
Sir,You are right.
I also can't understand Why old pension optees crying? Due to some anger they don't try to understand that PF optees have also gave some % from their arrears in last 7th and 8th BPS.
Than also any old pension optee has problem than he is free to go court.
*** I am PF Optee and I will not going to opt rubbish pension scheme.I can mange my fund for sure to future as a banker.(It is my personal thought only,don't take other way)
Referring Sanjay Bhatt 14, 2010 11:03 PM:
Dear Mr. Sanjay,
SBI Package (SCA) is ready for its employees. It will be around Rs 1200/- per month for a clerk at his/her stagnation. This comes from the pension load amount of this BPS at their bank level. If pension issue is not there we all including SBI would have got equal hike.
How far you expect we pension optees can sacrifice for the mistake of PF Optees? My experience from the inception of Pension in 1993, most PF Optees pose themselves smarter in this decision. At that time I recalled they looked at us(pension optees) backward and coward.
Please note this contribution of 1.6 times does not end here. It must see the legal recourse and make this pension re-option more complicated very soon. I also talked this evening with three/ four high court lawyers dealing with service matters and find this 1.6 times from us(pension optees) is quite unconstitutional.Very soon you will find a stay order on this subject for the time being.
Thanks.
Any Banker has so many so called degrees and talent and they came here through very tough exams then also due to our fate 9th BPS is our Luck,It is bad or good person by person.
Nobody can change nothing now.
If yes then go to court and ban the settlement and 2nd pension option.Without 2nd pension option settlement would not sign.
We know not a single member is happy.
We only writing against each others,And We can only show our power in words only.
But in real life nobody can dare to resign from union and denied for levy.
Words will not fill our belly.
If you unsatisfied than action must be required from your site.
If Pension optee feel that they bear for new pension optees then they should be go to court.
If anybody feel that they will going to get less then they are free to go court.
If anybody not happy for above 2 points and feel that UFBU leaders has be fool us then they should be resign from union.
All above 3 points Who feel like must be done by them only.No other person can do your works for you.
Don't cry here.If have daring then show it.
At least We all can do.No Levy No Fee.For Better 10th BPS.
*** I have already resign from union in Feb'2010.So,I have no question for levy and fee.I am ready to transferred any place
in India.I have book of pension regulations,But I have no money for fight in court for it,So What I can do,What I have do.I have resigned from union.Because Its a very effective factor from member's side to union side.
Referring Sanjay Bhatt 14, 2010 11:42 PM:
Resigning from union never be a great job that you claimed. The problem of AIBEA right this moment is, the vision of Tarekeswar Chakraborty is not present with C.H. Venkatachalam. How ever Com Venkat is very gentle, so far I know him.
The concept of union in our organisation definitely great, but the leadership is quite inefficient. Leadership ever needs some specific quality. A leader must be a daredevil.
Not only ours(pension optees), please also refer Mr. Shankar's post on disproportionate 156% refund amount for retires, where he(Mr Shankar) also apprehends different legal recourse from retires.
Thanks.
Referring Sanjay Bhatt 14, 2010 11:42 PM:
"Without 2nd pension option settlement would not sign."
----------------------------------------------------------------------------------------
BPS and Pension will soon be de linked. Two are different issues may be discussed on one table.
Thanks.
Referring Chandan Sir,April 14, 2010 11:37 PM
Chandan Sir,
It is not an question for smarter or not smarter.
I have not believed smartness myself,So,I have put 1 day SPECIAL CL(casual leave)because place is 105 km far from my branch and went to ask about PF or Pension to Leaders,they simply told me "Pension is good for Who has left 6 to 7 years for service,you must be opt for PF,then I have opt PF.
I also agreed some peoples also make calculations as per recent time rate of interest.
Due misguidance from union as per my thought old pension optees nor PF optees should be suffer in BPS.I will not opting Pension What I will get lose or profit,What is my fate.
Why We are blaming each others for Pension or PF.Actually this condition has created by unions only.
And For SBI.It is not a new news.
SBI People always got more then us by settlement or from their management.
I have no fund but have courage,Sir.Five resigns and join with me and see.We can change every thing without doing nothing.
If Sir,You are in touch of High Court Advocates then Its good news for me and all,If you don't mind then I am ready to pay my levy portion amount for legal expense.I am telling heartly not in other way or meaning.I appreciate your efforts,I am with you.If possible then take stay order before signing of settlement.I will eagerly awaited for news.Keep it up.Now Just like bravo.
Chandan Sir,
I am not against UNION.
At least I can't be a member under an umbrella of inefficient leaders.I have no problem from Mr.C.H.Venkatachalamji.He is a good person,I don't know them personally but They are my friend's good friend.
As per your words"A leader must be a daredevil."
Where We seen daredevil daring ?
"BPS and Pension will soon be de linked. Two are different issues may be discussed on one table."
Then UFBU and IBA should be sign BPS or 2nd Pension option and discuss other.My Dear Friend It is not possible for 9th BPS.These all talks for heart comfort only.UFBU convener told in August 2009 as per your past comments pension cost is not included in 17.5%.
Pension diff.(30%) will deducted from arrears,What is meaning not included in 17.5%.Both are same,If 2+3=5 and 3+2=5 than.
If mistake done by leaders than they should be committed it and left their chairs with keep mum.And give chance to younger generation.
If they have not committed mistake than openly issue circular in details with Why they have surrender to IBA and not take chances for indefinite strikes and details of last five years members contributions(fees) and amount of levy.Its approximate 450crores as per www.allbankingsolution.com.from last 5-7 years unions not fighting for members,because leaders also not feel safety for themselves from management.Most bank management have transferred them far places,they all busy for comeback.Then no matter to fight for members,then no court cases etc.Then Where they expense so many amount.
Sir,
After midnight 1:16am in my mind there are so many questions born in my mind.Please clarify my questions if possible.(You can take it like Nonsense talks of patient of mental hospital)
In last
As per tentative calculations
My Arrears is Rs.68.398/-
less cost of pension*Rs.28,069/-
Net Arrears payable Rs.40,329/-
CAN I CONSIDER *Rs.28,069/- AS OUT OF 17.5% ????
Good Night.
Regards & Love.
Referring Sanjay Bhatt 15, 2010 12:30 AM:
1)ask about PF or Pension to Leaders,they simply told me "Pension is good for Who has left 6 to 7 years for service,you must be opt for PF,then I have opt PF.
2)And For SBI.It is not a new news
-------------------------------------------------------------------------------------------------
Reply:
1)Was the leader more intelligent than you? You had recruited through BSRB at your time. Please keep it in mind. It was your mistake that you choosed a wrong Doctor for your treatment.
2)Tell me what did extra SBI people get from last BPS ? Signing date is in June 2005 ?
Opting or not opting for pension now is your personal decision and I have nothing to say in this.
@SHANKAR
Sir,
I request you to advise Mr Sanjay suitably on opting or not opting for pension on the present option as because we know there will be no third option in future for this purpose.Please save a member from the ordeal.
Thanks.
Dear Mr SanjayBhat,
Do not take emotional decisions based on the present 9th BPS. In the long run pension will be beneficial. Please do not make the mistake now. Consult your friends who are well versed about the pension option and hedge against inflation etc. As an elderly man I may be permitted to suggest you to opt for pension.
Respected Chandan sir & Shankar Sir,
Thank you very much.
I and We all wants like you care taker persons as our leaders.But due to our fate it is not possible for bankers in short future.
Again Thank you Very much to both.
Regards & Love
There have been wide spread reports regarding the dissatsifaction among various sections of the officers on account of the poor increase in this wage settlement. Officers have been fuming as association instead of increasing the pay scales as offered by IBA actually forced IBA to start the pay of Scale I officers at a lower level then what was offered by IBA. Similarly, the last stage of Scale VII offered by IBA was also pruned under the pressure of Union leaders. They did all this in the name of benefiting the Scale I, II and III officers by introducing stagnation increments. The final outcome which has come out has been far from satisfactory even for Scale I, II and III officers. Moreover, the payment for 2nd option for pension has also brought heart burnings as even pension optees have to contribute towards this.
Now we have received certain reports that due to above resentment with the wage settlement, 80 per cent of State Bank of India (SBI) officers in the senior management grade have resigned from the membership of the officers’ association.
The finer details of the industry wide wage revision for bank employees have already been worked out and the agreement will be made official next week.
“There has been an exodus from the officers’ association from the Mumbai Corporate centre alone”, said an employee involved in the issue.
Referring to the dissatisfaction among officers, TN Goel, president of the All-India State Bank of India Officers’ Federation, said the basic issue with the decision for just a 17.5 per cent hike, which was making it difficult to structure the pay scales. Hence, various groups feel they are getting a raw deal. Specific issues regarding SBI staff and officers will be taken up after the industry-level pact is signed.
However, SBI officials who have resigned from the association are of the view that the wage negotiations are more focused on issues other than a decent wage package. Officers allege that the first priority of the present settlement is giving a second pension option to those who did not opt for the scheme in 1993.
The second priority of the settlement had been providing “stagnation increments” to officers in scale I to III, they said. The position in the SBI cadre increases in an ascending order from scale I to scale V. Scale IV and V comprise senior management.
“The stagnation benefit creates an anomalous situation whereby a person in a lower scale, who was either not found fit for promotion or did not opt for promotion, draws the same basic salary as a person who is shouldering higher responsibilities after being promoted to a higher scale. Moreover, the wage settlement does not extend the same benefit to scale IV or V officers, where stagnation is more than 12 years and is followed by frequent transfers”, they said.
“The most objectionable part of the settlement is that the representatives of the SBI officers’ association, rather than struggling for higher wages for members, have settled for less. This is because IBA had proposed pay scales of Rs 15,000-54000 as increase in basic salary across the board whereas the association settled for Rs 14,500-52,000”, said the officers.
GD Nadaf, general secretary, All India Bank Officers’ Association, said that from around two-and-a-half years of arrears, employees opting for the second pension scheme might have to forgo seven to eight months of arrears as contribution to the pension fund in lieu of the provident fund.
Source-Allbankingsolutions.com
If above post of www.allbankingsolutions.com is true then "ALL OFFICERS WHO HAS RESIGNED FROM ASSOCIATION IS ZINDABAD"
my all remarks for better 10th BPS only,For 9th BPS no chance,without action like SBI Officers.
Last time SBI people has got 2increaments amount more then other PSB.(I have no data base,So It may be wrong)
My request: Don't take it personally.
Sudhakar Sir,
Thank you very much.
Its not an question of Rs.28,o69/-
Everybody understand me wrong.Its not an question for Rs.28,069/- but What type of achievement ? What type of leadership?I can't explain here What type of talks running in our banking industry,Its right or wrong is other thing but there are Dormant volcano should be activated any time.And that is not good sign for banking industry.
Again thanks.
Regards.
Dear Sanjay,
In the society either we lead or we follow. If we are mot accepting the verdict of UFBU be as a leaderand lead the team. As a member you are having right to express your anguish but that should not jeopardize your financial stability. There is one word by named' Circle of influence'.As a member are we really alter the status of UFBU now.(read 7 ways of highly effective people by Stephen Covey.My request you is take wise financial decision based on your requirements not based on anger on somebody.My best wishes to you.
BSNL employees plan indefinite strike from April 20
Press Trust of India / New Delhi April 15, 2010, 19:14 IST
Calls to and from BSNL network will be disrupted from April 20 with nearly 3 lakh BSNL employees planning to go on an indefinite strike against the management's decision to divest 30 per cent stake.
"We have not heard as yet from the management. We are planning to go on an indefinite strike from April 20," Joint Forum of Executives and Non-Executives' Unions and Associations convener VAN Namboodiri said.
"About three lakh employees will be participating in the strike. Services of BSNL will be severely affected due to the strike," he added.
BSNL, which has over three lakh employees, saw profits plummet to Rs 178 crore in 2009-2010 (up to December 2009) from over Rs 575 crore in 2008-09 as the PSU is rapidly losing market share to new entrants. The PSU has 91 million users.
The strike call has been given by a joint forum of unions that has both executives and non-executives as members.
The employees unions are protesting against the recommendations of the Pitroda Committee report that favoured 30 per cent divestment in the PSU and voluntary retirement to nearly 1 lakh staff.
The Sam Pitroda panel was set up by Prime Minister Manmohan Singh to suggest ways to improve BSNL's financial health. The panel had banker Deepak Parekh and Telecom Secretary P J Thomas as members.
Besides a scrapping of the divestment plan, the unions are also demanding absorption of the 1,500 Indian Telecom Services (ITS) officers in the company who have been continuing on deputation for the last 10 years.
What need of BSNL News here?
Please Read,think and see What will be happen on or before 20th April.
Please don't forget to compare ourselves and others,because 20th is common date for both.(On 20/4/2010 evening)
Yet so many hidden magics rest in MAGIC BOX of UFBU/IBA.
Best of Luck.
Referring to Pushkar-April 14, 2010 6:10 PM
You can not tell others what should have been done 15 years back.Pf optees opted for PF 15 years back as they felt it was good at that time. When situation changed they decided to opt for pension. It is their prerogative to decide what to do and others have no business to advise them. If others are not ready to bear burden of pension they can switch over to PF when another option comes and they need not pay anything.
Post a Comment