"The 9th Bipartite was signed on 27th April 2010. There have been a series of meetings and grand gala celebrations all over the country over the success of the bipartite which is one of the major mile stone in our bipartite relations with the Indian Banks association. It is also a historic achievement as far as securing the 2nd Option on Pension. There have been a number of enquiries as to the implementation of the settlement and also expectations from the rank and file across the country that they would be able to draw the revised salary from the next month as such. The process of getting the agreement vetted by the Government for the purpose of amendments to our regulation was a long drawn procedure in the earlier days. However, over a period of time we have been able to reduce the delay and see that the in principle clearance is available for the implementation pending the amendments to the regulation of our service rules.
2. While appreciating the anxiety of the members across the country, we would only like to assure them that the implementation of the 9th bipartite is not going to be delayed at all and it will take place within the next few days. The leadership of the Confederation is in constant touch with the Indian Banks’ association and our information reveal that the officials of IBA are on their job of obtaining necessary instructions from the Government for the implementation of the salary revision and payment of acturial arrears on adhoc basis at the earliest possible.
3. The next task would be to commence the process of implementation of the 2nd Option on Pension. Comprehensive instructions are being issued to all the banks to speed up the process of obtaining the option and giving effect to the scheme without further delay.
4. Comrades, we have covered a long distance and it is now only a matter of few days before the 9th bipartite along with the 2nd Option on Pension in the Banking Industry is implemented. Let us look forward to cherish the historic moment.
With greetings,
(G.D.NADAF)
GENERAL SECRETARY "
On account of IBA agreeing to extend 2nd Option on Pension to CPF Optees, funding of pension gap by Optees at 2.8 times of revised pay as on 01.11.2007, a question has arisen as regards tax on the amount to be recovered, out of arrears of salary and allowances payable on account of 9th Bipartite settlement. According to Income tax rules, the gross arrears receivable on account of salary revision is taxable. A portion of arrears is invested in Pension fund towards future liability of Banks who have agreed to extend pension to CPF Optees. Therefore, the contribution has to be treated as investment in Superannuation Schemes and the amount to be exempted from payment of tax.
"No./1452/145/10 10.05.2010
To,
The Chairman,
The Indian Banks’ Association,
World Trade Centre,
MUMBAI – 400 020.
Dear Sir,
2ND OPTION ON PENSION
CONTRIBUTION TOWARDS PENSION FUND BY CPF OPTEES
As per pension settlement, the employees and Officers are eligible to exercise one more option towards the Pension Scheme, in lieu of the Contributory Provident Fund. The agreement also refers to the funding of the Pension Fund gap by way of contribution by the employees and Officers who are in service, out of the arrears payable to them on account of the 9th Bipartite settlement; apart from surrendering of Bank’s Contribution of PF accumulated in their respective accounts.
2. The contributions made by the employees towards the Superannuation Benefits; such as Provident Fund, Pension Fund etc., are eligible for the tax exemption as per the Income Tax rules and treated as investments in the eligible securities for all practical purposes. Thus, the money, so contributed towards pension fund in Bank is liable to be exempted from the payment of Income tax by the Tax authorities. It is in this background, there is a need to issue proper instructions to all the Banks at the time of sending guidelines for the implementation of the 9th Bipartite settlement as well as the payment of arrears to cover inter-alia:
a) The amount contributed from the CPF Optees towards their part of contribution for the Pension Fund in view of the 2nd Option on Pension extended to them should be treated on par with their contributions towards the superannuation benefits and necessary exemption should be extended at the time of deduction of tax at source. Thus, the recovery made out of arrears for the purpose of payment towards Pension Fund to the extent of 2.8 times of the revised Pay for the month of Nov.2007 should be treated as investment towards the superannuation benefits and necessary exemption should be allowed for the purpose of calculation of Income tax. In other words, the payment made towards Pension Fund on account of the 2nd Option on Pension should not be treated as taxable at the hands of the Officers.
b) The Bank Managements, while furnishing Form – 16 as well as the statement of arrears paid to the Officers should make necessary entry to this effect to enable the Officers’ concerned to utilize the same at the time of submission of their returns.
c) In view of the fact that the tax on the income for the year 2007-2008, 2008-2009, 2009-2010 have already been deducted at source, the Officers’ should also become eligible to apportion this amount as investment in the next three years’ income, since the money contributed is very substantial and they may have already exceeded their entitlement for such investments.
3. We therefore, request you to obtain special permission from the CBDT to exempt the entire contribution towards pension fund, from payment of tax. Please therefore look into the matter and take necessary action without further delay.
Thanking you,
Yours faithfully,
(G.D.NADAF)
GENERAL SECRETARY"
Source : AIBOC
205 comments :
1 – 200 of 205 Newer› Newest»Better Late than Never
Pension Option afresh has come after a period of 11 years after it fell due in February, 1999. The right to Pension was lost earlier on account of the silence of every one until latter half of 2006. As the deprived victims were driven out upto Apex Court for Justice and appeals were rejected in 2001, the matter was somewhat closed. The Government was not in favour of granting a fresh option on grounds of financial non-viability. And Unions agreed not to reopen the issue of fresh option in 1995 closing the door for ever.
The worthy leaders may, without prick of conscience, explain the silence observed in reopening Pension up to 2007. When Pension is paid under one and the same Pension Regulations, what is the justification in making fresh entrants make a contribution of 2,8 times their Nov., 2009 Basic.
What is the relevance of the date 27 Nov.2009 for commencing Pension to the retired? Have the Unions any authority to enter into an agreement for surrendering the Pension of the retired from the date of retirement to 26 Nov. 2009 and for agreeing to recover from them 56 percent of the CPF paid?
There was an MOU on 25th Feb, 2008 to settle within three months the issue of Fresh Option. If that time frame was adhered to, the retired would have earned Pension from May, 2008. Who is responsible for the loss occasioned to the retired? Have the retired not subscribed to and supported Unions till their retirement? Are the retired given justice, legal and socio economic?
Who propelled and prodded the Unions to put the issue of Pension , which was already a bygone thing in the charter of demands till Dec. 2006. We, the retired and working, who have all contributed to the growth of Banks and of Unions will together celebrate the Grand Gala Victory of 17.5 percent hike with our eyes shut so that we do not see the 40 percent hike Central Government gave to its five days working employees whose Salary and Pension are partly financed by the Bank Employees too.
ZINDABAD ZINDABAD UNION ZINDABAD
C N Venugopalan ceeyenvee at gmail.com 9484 2447994 09447747994
we think nothing is moving as about 15 days have passed for signing the pension /settlement agreement...perhaps the IBA in accomplishment of their ulterior motive is waiting that some one should go the court of law and bring stay orders....we have seen leaders and IBA both that what they have done in the time framework of 90 days given to them on 27.11.2009 for finalisation of the wage agreement....it took 120 days instead of 90 days...we want to know what exercise they have done in that period...Today no body is happy with the cost they have put on the employees and retirees specially the persons retired after 01.11.2007.....it is really shameful that they are making gala celebrations....inspite of strong issues for iind option for pension they have not disclosed any thing to the employees as what was transpiring between them and IBA...what made them on 26th april 2010 night that all of sudden their heart and soul has changed...infact they should have made IBA to bent upon that Pension is our right specially when they have ommitted forfeiture clause due to strike in 1999 and not given fresh option to the employees....pension is not a bounty by IBA/banks but it is the riight of the employees....any way what has happened is happened...now our humble request from employees and immediate target is to exercise iind option without any delay and get credit pension to our accounts....we will show these leaders that how an individual alone has the capacity to fight....but these leaders are to be thrown away from the leadership and their offence can not be forgiven...we have to show the IBA also that their policy of divide and rule can no longer be sustained....banks are filled with dynamic leaders having adequate skills...if required we have to adopt "do or die'principle and show the IBA/Govt/Fraudesters that govt can not be run with out banks who are the productive centres of economy...if required we have to be ready for indefinite strike for granting our legitimate demands....
M.C.Agrawal
IBA HAS ISSUED CIRCULAR TO BANKS TO IMPLEMENT 9th BIPARTITE AND PAY ARREARS
http://bankflash.blogspot.com
C N Venugopalan
Ex-Manager, Union Bank of India
Nandanam
Kesari Junction,
N Parvoor,
Kerala – 683 513
Phone. 0484 2447994 Mob: 9447747994 E-Mail: ceeyenvee@gmail.com
No.20100511 11th May, 2010
The Principal Secretary,
Office of the Prime Minister,
Government of India,
New Delhi – 110 001
Kind Personal Attention: Shri. T K A Nair,
Respected Sir,
I am very much inspired by the speech of our Hon'ble Prime Minister on 8th May, 2010 addressing the Golden jubilee National Conference on Law & Governance of the Bar Association of India wherein he called upon Indian legal fraternity to become an integral part of the system of administration of justice in the country. The worthy Prime Minister stressed that justice shall not only be in the strictest legal sense and should focus, social, economic and political justice as set out in the preamble of our magnificent Constitution. The Prime Minister was seen elated to say that the Cabinet consisted of several outstanding legal luminaries making it capable of giving good governance to the country. Affordable litigation and reduction in number of suits were his aspirations.
It became obligatory on my part to bring to the attention of the Hon'ble Prime Minister an event which took place against the laudable objective with which he is functioning in line with the magnificent Constitution. While concluding the wage pact of the Bank Employees and extension of fresh Option of Pension to those bank men who could not opt when the scheme was launched initially in 1995, the Hon'ble Finance Minister, a member of the Cabinet and a legal luminary has advised the parties to the agreement viz. IBA and Bank Unions to extend the benefit of Pension to the retired employees with effect from the date 27th November, 2009 when they are in the legal and socio economic grounds entitled to Pension from the ensuing day of their retirement. The act of depriving them the benefit from the date of retirement is, in letter and spirit, against the Constitution of India. While fixing an arbitrary date which was irrelevant in the context, the action of the Hon'ble Finance Minister was vitiated by breach of the oath of office he took while swearing in, to treat people of all manners alike.
The following anomalies had crept in the wage agreement in the key industry of India:-
1. Those who are already retired and are now in financial distress have to pay back 56 percent of the CPF which banks paid to them on retirement as penalty albeit the fact that Payment of Pension is under one and the same Pension Regulations and identical people who opted earlier had not to pay such a contribution
2. The Pension for the period from their date of retirement to the date 27th November, 2009 arbitrarily fixed at the behest of the Union Finance Minister is denied to the retired which is prima facie illegal.
3. The existing bank employers in the CPF segment who have to enroll under Pension Scheme have to pay back from the arrears 2.8 times their Revised Pay for November, 2007 in addition to surrender of employers' share of CPF as entry fees when their counterparts who opted earlier had not to pay it
continued
Pension is declared as the right of an employee which is akin to Fundamental Rights of a citizen by the Apex Court and making the employees share it is shame to the Financial Sector and to the nation. In short IBA and Banks are imposing irrational penalty to all the new entrants to Pension Scheme. In the case of those now working, Banks are taking back with the other hand a lion share of the salary arrears paid through one hand. Whereas the arrears attract Income Tax, and the recovery does not attract tax rebate, a further penalty is also imposed indirectly by way of tax. Gross discrimination is meted out to all those are to be encompassed under Pension Scheme albeit the fact that the Pension Scheme is one and the same for all. It is learnt that the decision for recovery of money to finance the alleged short fall in Pension Fund and denial of pension from the date of retirement etc have stirred bank employees creating a turmoil and turbulence throughout the nation.
Identical lots are not given uniform treatment in spite of the fact that all are doing the same work when the salary and perquisites and retirement benefits for SBI employees totally differ from that of the Public Sector Banks and SBI subsidiaries. When Government gave a pay hike of 40 percent to its employees who work for five days a week, the Bank Employees who work six days are given a hike of 17.5 only, a major portion of which too is taken back in the name of the Pension burden. The denial of Pension from the date of retirement up to the arbitrary date, recovery of 56 percent of CPF as levy from them and penalty of 2.8 times Pay from the working etc. take things to the nadir of ethics. I earnestly request you to please place the matter before the Hon'ble Prime Minister and to advise MOF to issue fresh directions to ensure that perfect justice is made available to retired bank employees including me in line with the aspirations and vision of the great Prime Minister as also to ensure that the Cabinet does not become a party to give rise to fresh Court cases coming up in relation to Pension of Bank employees.
Waiting to hear from you, I remain.
Thanks and regards,
Yours faithfully,
C N Venugopalan
dear sri venugopal,
First of all let me congratulate your
goodselves for your letter to prime minister.HATS OF TO YOU& KEEP IT UP
thanks mr. venugopal.
S A L U T E S I R
ashok goel.
VENUGOPALJI,
CAN U PLEASE SEND A COPY OF YOUR LETTER TO SONIAJI ALSO AS REAL AND BOLD DECISIONS CAN BE TAKEN AT THE LEVEL OF MADAM SONIAJI ONLY.
Thanks Mr.C.N.Venugopalan for writting letter to the Prime Minister regarding pension option to retirees now who has to shell out 156%of pf is it justifiable really how leaders have negotiated like this have they not thought when actuaries have given the cost of pension as on 01-11-2007 and now our own leader like Mr.CHV says it is no way concern the date is 01-11-2007 for pension cost ect.One honorable supreme court Judge Mr.Iyer has written letter to PM let us see once upon a time he was also FM he knows how banks are giving very good profit and 46 banks can easily accommodate pension gap and not necessory to recover from ext emp/retirees to pension gap.let us hope better in days to come.The most injustice is for the emp who retired from 01-11-2007 to 26-04-2010.
PAYMENT OF ARREARS OF NINTH BPS STARTED. TODAY MUMBAI BASED CENTRAL BANK OF INDIA ISSUED ORDERS FOR PAYMENT OF ARREARS. OTHERS WILL DO VERY SOON. SBI IN JUNE, DUE TO BANK LEVEL SETTLEMENT TO BE SIGNED IN THE AREA OF SPECIAL PAY, PENSION AND SCA.
Thanks.
Referring SHANKAR 11, 2010 6:04 AM:
Sir,
This is one of the disturbed areas in bank employees' service condition, where I feel pain being an erstwhile govt employee.
Here the case that you have mentioned is as follows:-
Old Basic Rs 22900/- (Let it be the same amount on Dt: 01/11/2007 & June 2008)
So 50% of old basic i.e as per Eighth BPS the amount stands Rs 11450/-.
As because he was on service on the implement date of Ninth BPS i.e Dt: 01/11/2007, he is lucky enough to get the DA as per revised rate of Ninth BPS (0.15 per slab). For this purpose the existing DA 24.66% (0.18x 137slabs) is to be merged with his basic pension Rs 11450 and results a new basic for pension i.e Rs 14274/- and it is fixed for ever as per present system. So in his case he will get only DA updation though he will draw arrears in new basic as per ninth BPS from Nov-07 to June-08.This is the paradox in our system of service condition available in PSU banks.For this you can also observe the happenings in Eighth BPS period from Dt: 01/11/2002 to before date of signing in June-2005. In case of SBI their situation is worse than ours, in this matter.Many of them even retired after signing of Seventh BPS in 2000 are still drawing pension as per basis of their old basic of Sixth BPS. No DA, nothing updation is available to them despite seven days so called historical strike for pension in SBI in 2006.
When I talked with one of my known Section Officers of our state secretariats on this subject, on a get together, he was surprised to know this history of ours. Great Banking, Great Job.
Thanks.
(FPP, PQP etc are not included to make the calculation easy, as a case study)
Read more: paycommissionupdate. blogspot.com/ 2010/04/nbef-signs-negotiation-9th-bps-for.html
C N Venugopalan
Ex-Manager, Union Bank of India
Nandanam
Kesari Junction,
N Parvoor,
Kerala – 683 513
Phone. 0484 2447994 Mob: 9447747994 E-Mail: ceeyenvee@gmail.com
No.20100511 (a) 11th May, 2010
The Principal Secretary,
Office of the Prime Minister,
Government of India,
New Delhi – 110 001
Kind Personal Attention: Shri. T K A Nair,
Dear Sir,
EVALUATE THE FANTASTIC CONTRIBUTION TO BANKING SYSTEM -
HAS ANY ONE MADE IDENTICAL CONTRIBUTION TO FINANCIAL SECTOR IN HISTORY?
Seventeen listed PSBs made incremental profits of 22,502 Crores over 2006 during the three ensuing years. During 2003 -2006 the Chairmen of different banks fought themselves ignoring national goals for their own cosmetics, pulling the legs of one another most unethically using the deregulated interest rates, allowing interest concessions up to 6 percent to potent borrowers.
When IBA said, banks did not have financial muscles to bear the burden of fresh Pension Option, I criticized them and pointed out the process of debilitating of the Banks by those who are to strengthen them. In 2006 August, the lethal interest rate war and take over mania almost came to an end. I mooted vehement criticism to RBI, MOF etc. saying that "thanks to the efficient monitoring of Banks by RBI by keeping their men as directors on board the different banks, even a PSB viz. New Bank of India vanished into obscurity; RBI changed the nomenclature of their director as "Nominee Director". The change was announced by CNBC Channel in August, 2006.
The take over of accounts offering lesser rates of interest stopped almost as a result of my efforts. The stoppage of the interest rate war resulted in soaring profits for all Banks in Public and Private Sector. The incremental Profits over the year 2006 for the next three years for 17 listed PSBs were to the tune of Rs.23,670.00 Crores. SBI, Associate Banks and Private Sector Banks too must have made incremental profits totaling double of the amount for the 17 Banks. It is after contributing to the Indian Banking system about Rs.70,000 Crores that I pressed the demand for Pension Option. The actuarial assessment of the deficit in Pension Fund was Rs.6,000 Crores, i.e. just 10 percent of the incremental profits of the three years.
Contd>>>
Profits of Eighteen listed Public Sector Banks in India (excepting banks that are not listed) during the past five years:
March March March March March
2005 2006 2007 2008 2009
Punjab National Bank 2707.21 2874.77 3230.64 4006.24 5744.35
Bank of India 340.05 701.44 1123.17 2009.4 3007.35
Union Bank of India 719.06 675.16 845.39 1387.03 1726.55
Central Bank of India 357.41 257.42 498.01 550.16 571.24
Canara Bank 1109.51 1343.22 1420.81 1565.01 2072.42
Indian Overseas Bank 651.36 783.34 1008.43 1202.34 1325.79
UCO Bank 345.65 196.65 316.1 412.16 557.72
Syndicate Bank 402.90 536.50 716.05 848.06 912.82
Allahabad Bank 541.79 706.13 750.14 974.74 768.6
Vijaya Bank 380.57 126.88 331.34 361.28 262.48
Bank of Maharashtra 177.12 50.79 271.84 328.39 375.17
Corporation Bank 402.16 444.46 536.15 734.99 892.77
Indian Bank 408.49 504.48 759.77 1008.74 1245.32
Dena Bank 61.00 72.99 201.56 359.79 422.66
Bank of Baroda 676.84 826.96 1026.47 1435.52 2227.2
Andhra bank 520.1 485.5 537.9 575.57 653.05
Oriental Bank of Commerce 760.81 803.16 826.81 840.94 905.42
Total 10562.03 11389.85 14400.58 18600.36 23670.91
Profit above March 2006 level (Incremental Profit)
3010.73 7210.51 12281.06
Total Profit hike for all the three years 22502.30
The Loan waiver for helping farmers in difficulties in the pre-election period was Rs.70,000/- Crores. Benefits mostly went to willful defaulters with ample means. Decision makers were bank managers who extended on the basis of status of the account and as per their whims within the limited time frame. The normal loan waiver for the past three years by banks was to the extent of Rs.25,000 Crores. While banks could easily accommodate Rs.95,000 Crores on write off, banks were pleading paucity of funds to meet the Pension burden in spite of the progressive and cumulative Net Profit figures. A major portion of the incremental profits of Rs.70,000 Crores can be reasonably attributed to my work as the take over mania of banks and unethical competition by using the lethal weapon of reduced interest rate stopped almost as a result of my criticisms put forth. Any one may evaluate whether any individual has made such a fantastic contribution to the Banks and Financial Sector of the country without taking any remuneration or compensation, while those responsible for strengthening banks were fighting with each other and debilitating the Banks. The actuarial deficit of Rs.6000 Crores in Pension Fund was a mere statistical gimmick, a product of those who were paid for it by Banks.
It is only after strengthening the banks and the banking system of the country so much that I made the demand for a fresh Pension Option which meets with the aspirations of our Great Prime Minister from legal and socio economic angle. My work is resulting in redeeming the deprived social security benefit to more than five lakhs Indian families from the banking community, presently working as also the retired who are in utter financial distress. It is my belief that you will kindly appreciate it as the most laudable achievement of an individual - a Keralite - at least in the first decade of the century benefiting a vast number of families in India as I have been fighting relentlessly for it single handed for past nine years.
Thanks and Regards
Yours faithfully,
C N Venugopalan
Dear sri venugopal, jagadheesan again.Please send copies of your letter tomr.sudarsana Naachiappan&
mrs,Jayanthi Natarajan[Rajya sabha MPS]which will be very useful.sorry to bother you
with warm regards,
[M.J.JAGADGEESAN]
Ref. Shanker 11.5.2010 6.04.A.M. Chandan 12.05.2010
Formula shown by you are not correct.The formula for updating basic pension in respect of workmen who have retired on or after the 1st day of November, 2007, whose few months falls in in the pre revised scale and few months falls in revised scale as, in this case.
The formula for updation shall be as under:-
(1) Total of pay drawn as per the old scales for the month/s
during the last 10 months of qualifying service.
Rs………….
(2) Total of dearness allowance actually drawn or dearness
allowance at 2836 points (137 slabs), whichever is less, for each
month of pay calculated at (1) above.
Rs………….
(3) Total of pay drawn as per (1) above plus total of dearness
Allowance drawn as per (2) above.
Rs…………
(4) Total of pay drawn as per revised scales of pay for the
month/s during the last 10 months of qualifying service
including the month in which the employee retired.
Rs………….
(5) Total of columns (3) and (4) Rs………..
(6) Average emoluments for the purpose of pension i.e.
Total as per (5) above divided by 10
Rs…………
(7) Updated basic pension
50 % of (6) above x Number of years of qualifying
Service (Max. 33 years) divided by 33
Rs…………..
(8) Basic Pension (Rounded off to next higher rupee) Rs………….
Note :- The “pay” includes Basic Pay, stagnation increment, PQA, incremental portion of FQA and officiating allowance if any.
Please be guided and calculate the basic pension.
G.C.Kumbhat
Ret. Manager SBBJ
Ref. Shanker 11.5.2010 6.04.A.M. Chandan 12.05.2010
Formula shown by you is not correct.The formula for updating basic pension in respect of workmen/officer who have retired on or after the 1st day of November, 2007, whose few months falls in in the pre revised scale and few months falls in revised scale as, in this case.
The formula for updation shall be as under:-
(1) Total of pay drawn as per the old scales for the 2 month/s
during the last 10 months of qualifying service.
Rs.22900x2=45800
(2) Total of dearness allowance actually drawn or dearness allowance at 2836 points (137 slabs), whichever is less, for each
month of pay calculated at (1) above.
Rs. 45800x24.66%=11294
(3) Total of pay drawn as per (1) above plus total of dearness
Allowance drawn as per (2) above.
Rs.45800+11294=57094
(4) Total of pay drawn as per revised scales of pay for the
month/s during the last 10 months of qualifying service
including the month in which the employee retired.
Rs.32400x8=259200.
(5) Total of columns (3) and (4) Rs.259200+57094=316294.
(6) Average emoluments for the purpose of pension i.e.
Total as per (5) above divided by 10
Rs.316294 divided by 10=31629
(7) Updated basic pension
50 % of (6) above x Number of years of qualifying Service (Max. 33 years) divided by 33
Rs.15814.50.
(8) Basic Pension (Rounded off to next higher rupee) Rs.15815.00
Please be guided accordingly.n.
G.C.Kumbhat
Ret. Manager SBBJ
WE SHOULD ALL THANK MR KUMBAT FOR ENLIGHTENING US SCIENTIFICALLY ON ARRIVING AT THE BASIC PENSION FOR THOSE WHO RETIRED DURING THE INTERVENING PERIOD, BY HIS EXCELLANT NARRATION.
Referring to Gyan Chand Gumbhat-May 12, 2010 11:47 AM
Thank you for your elaborated clarification.
Thank you Mr. Kumbhat for the excellent clarification. If a person retired in middle of month say 16th then he would have receied only 16 days salaly only during the last month. Please clarify how their cases are dealt with,
Referring Gyan Chand Kumbhat 12, 2010 11:47 AM:
Acknowledge your clarification.
Thanks.
Can any one clarify how those pension optees opted for pension when the draconian strike clause was very much there ? Then how come that can form the basis for one more option. They have traveled in a rickety bus when others were waiting for A/C Volvo bus to take them to the destination.The first lot reached destination and now when the fare goes up , we only have to curse either ourselves or the one who gave misdirection.
implementation 14 May 10 21:02:23 Print
"adv.pradeepkr" ; "aibeahq" ; "aibeahq" ; "aiboa" ; "aipnbsf" ; "bankunion" ; "bankvrs" ; "ceeyenvee" ; "chatterjee_mahesh" ; "chv.aibea" ; "P" ; "pradipbefi" ; "retiredbankers" ; "rkraheja"
To : "adv.pradeepkr" ; "aibeahq" ; "aibeahq" ; "aiboa" ; "aipnbsf" ; "bankunion" ; "bankvrs" ; "ceeyenvee" ; "chatterjee_mahesh" ; "chv.aibea" ; "P" ; "pradipbefi" ; "retiredbankers" ; "rkraheja"
dear friends,
1. kindly do the needful for early implementation of pension pact to retirees.
2. In all banks pension opening gate/ commutation applications gate should be opened simultaneously.
3. the application form should be carefully drawn to avoid any further and further information.
4. in application form salary details should also be seeked by the applicant himself. It should be matched with details available with the bank records.
5. there should be clearly mentioned that pension can be transfered/credited to joint account al;so.
It should bear that up to the date of payment of commutation full pension will be paid.
6. the refundable amount to the pension trust by the new optees should be asked in instalments.
7. there should be no medical examination up to the age of 75 years , if one request for commutation.
thanks
ashokgoel
IF ANY PF OPTEE OR UNION WANT TO DO SOME FOR CPF OPTESS AND WANT TO FILE ANY WRIT OR PETITION IN COURT THAN HE SHOULD BE FILE WRIT BEFORE PF OPTEES WILL OPT PENSION OPTION.ONCE PF OPTEE WILL OPT PENSION AND SWITCH OFF FROM PF TO PENSION THAN HE HAS NO LEGAL RIGHT TO FILE WRIT OR PITITION OR FIGHT AGAINST IBA AND UNION AND IT IS WORTHLESS. IF ANY FORUM TOLD YOU FOR FIGHT ON BEHALF OF YOU THAN ASK TO FORUM FOR DO FAST BEFORE OPTING PENSION,IF NOT THAN FORUM BE YOU FOOL.
JOR SE BOLO ....LEADERS..CH..R HAI.
Referring to Mohan-May 14, 2010 2:34 PM
I came just now by attending a meeting arranged by AIBOA at Bangalore where Deputy General Secretary of AIBOA narrated as under:-
Earlier,98 % Sub staff members,70% Clerical staff and 48 % of Scale I, II and III officers opted for pension.
Majority of clerical and Sub staff members were not bothered about any restrictive clause as they are coming under ID Act and/OR they were ignorant of any such clause.
Only Officers who were scared of the restrictive clause did not opt. Because of that restrictive clause everybody got another option now. Now it is take it or leave it. Hence nobody will listen to others and they will take their own decision now.All arguments are useless now.
See how Iba has changed the wordings .
Earlier Union Leaders said even in the joint nOte of 27/4/2010 that those pf optee who wants to join pension should give in writing within 60 days other wise you miss the train.
This miss the train is an illusion created so that you come in this trap.
Ok now we are going to get in the offer letter from our banks
as instructed by Iba as below:
The Indian Banks’ Association has since issued detail communication to all the banks in respect of the Award Staff
a)An amount equal to 2.8 times of the “Pay” for the month of November, 2007 be withheld and kept in a suspense account for
crediting to the Pension Fund in case the employee opts to join the Pension Scheme complying with the terms of the
Settlement dated 27th April, 2010.
b)If any employee gives in writing an irrevocable letter stating that he does not intend to join the Pension Scheme in
terms of the Settlement, 2.8 times of the November 2007 pay as above need not be withheld.
c)Once the offer is made to join the Pension Scheme, on expiry of the period of option, the amount withheld in respect of
those who exercised the option to join the Pension Scheme should be transferred to the Pension Fund.
The arrears withheld in respect of those who did not opt for pension within the stipulated time, be refunded to them.
d)No portion of arrears be withheld in respect of non-optee employees who retired from 1st November 2007 to 27th April 2010.
They will be joining the Pension Scheme by making contribution towards funding gap as retired employees in terms of the
Settlement.
Though it all means same but actually it is not.
See if you ask anyone to give in writing people become vigil and they think twice or 100 times. Isint'it.
See how illiterate these Iba and Uniouns think of us and see how easily they have exploited us for so many years.
As per th Joint Note dated 27/4 2010 pf optees who wish to join had to give in writing that they want to join pension .
Now They are asking pf optees to give Irecovale letter and sign that you are NOT JOINING THE PESNSION SCHEME.
WHAT A TWIST SEE HOW WE ARE BULLIED. SEE HOW THESE LEADERS ARE PLAYINHG WITH OUR PSYCHOLOGY.
friends just think yourself
if some body asks you to give in writing Dont you become little more alert and you may even prefer to skip to give in writing
So now here if you dont give in writing that you are not opting pension it means you are opting pension and your arrears and the BIG BIG KITTY banks pf contibution is to be transferred to pension fund from pf fund.
All the pf optees must be receiving the pf statement from your banks which shows Contribution of ours and banks along with interest / loan deductions if any
In case of pension optee there is only one side and that is ours.
Pension optee cant get banks pf contribution which is equal to our share of pf.
contd
Intersting is this Iba circular has not mentioned about pf optees joining pension option should give the letter with sign to transfer pf contribution of banks share to pension fund.
See the psychology being played here. It is to be signed and given but they have not mentioned aword on it and quitely your signature would be taken and your doors for volantarily retirement would be closed which is very easy if one is pf optee. and have a clean service file.
Intelligent Iba /Unioun Leaders.
Dont underestimate these members They are now not just blind followers of union leaders.
All pf & pension opttes are now understanding what is the real picture and very soon the scam of Iba/Unions would be discussed in media. Just wait for a few days more
All pf optees have now started understanding that why this pension carrot is being doled out to them.
And leave aside pf optees now The existing pension optees are worried about whether they will ever get commutation and pension for sure.
Now these pension optees are worried that if pension fund is depleting so fast that from every wage settlement the banks pf contribution is being taken back in the form of pension fund gap.
Will there be any money left therefter becsue the new recriuts from 1/4/2010 are not in our pension scheme.
How will bank fund the pension gap.
They are now more worried because it has come to known now by many pf optees the game plan and iba's eye oon pf optees bank's pf contribution which is some 16000 crs which all be used by 2012 for pension & commutation for the best wage salary receivers all above Scale 3 and 70% of these members who got good share of this wage revision is about to superannutae by 2012.So highr basic pension and higher commutation is only poosible to give them if the existing pf opttes bite the pension carrot.
People here all are just blind followers of their Lord Union leaders and they dont take care to read matters between the lines.
And dont want to think . They forget one thing that this thinking of missing this train now if you not join the pensio scheme is an illusion CREATED BY THE VESTED INTERST
infact the existing pension opttes have really now have to worry if they have more than 10 years of service about their future because they now cant opt of Cpf even if they wish.
So all members those who are pf optees think 100 times before joining this ponzai scheme.
If you are plannng to retire at the age of 60 or say at superannuation dont go for pension
but if planning to retire early go for pesion but at your own risk because now this old pension ponzai scheme is coming to an end because from 1/4/2010 the new recriuts will not join this old pension ponzai scheme. and those who left out for retirement with pension will be their choice if they opt for pension carrot.
I have given here the real inside story which no Union leaders will ever tell you. But because there is a divide among these unions which is created we get this leaks.
So once gain pf optees think 100 times before joining this pnzai pension scheme.
you may feel that i am misguiding you then you can take your decision
but remember my words then dont blame these union leaders who are fighting for you since last 10 years to give you pension and take your banks pf contribution to pay these seniors likely to retire by 2012 mostly all above scale 3 who got good wage revision in this wage settlement so they can get higher pension and higher commutation all from existing pf optees bank contribution.
So i would put it as Better Newer then late
TO ALL PF OPTEES
DONT GET MISGUIDED AND REPEAT THE MISTAKE OF SAILING IN CPF SCHEME. DEATH IS NOT IN OUR HAND AND IT IS PREDETERMINED BY FATE.
LUMPSUM IN THE RETIREES HAND WHATEVER MAY BE THE AMOUNT WILL BE PRONE TO UNNECESSARY CREATION OF ASSET LIKE PLOT JEWELLERY ETC BY THINKING IMAGINERY RATE OF APPRECIATION WHICH WE WILL NOT REALISE ACTUALLY BY TIMELY SALE. BULK MONEY IN THE HAND WILL BE TEMPTED TO INVEST IN THE HIGH VOLATILE STOCK MARKET.
WHAT EVER MAY BE THE CPF AMOUNT AROUND 50% IS COMING BACK AS COMMUTATION . ONE THIRD BASIC IS ALSO GETTING RESTORED AFTER 15 YEARS. PENSION IS BENEFICIAL BEYOND 8 TH YEAR . IF YOU EXPECT YOUR LONGEVITY IS BEYOND 70 BY HOPING THAT GOD WILL MAKE YOU TO LIVE ONLY PENSION AND PENSION ALONE WILL GIVE YOU THE NECESSARY PEACE IN THAT OLD AGE . IT IS AN INDEXED LINKED PENSION AND NOTFIXED PENSION. AND IF COST OF LIVING RISES UNABATED THE PF MONEY POWER WILL GET DEPLETED. INTERST RATE WILL NOT GO BEYOND 10% AT ANY COST.
DONT DO THE MISTAKE ONCEAGAIN BY THINKING SOME IMAGINERY CALCULATIOPN. THE LETTER THEY ARE GETTING NOW IS TO CLOSE THE OPTION ONCE FOR ALL IN THE FUTURE AS UNIONS ALSO WILL NOT SUPPORT IT IN SUBSEQUENT SETTLEMENTS FOR ONE MORE OPTION
K BALASUBRAMANIAN RETIRED SENIOR MANAGER UNDER VRS 2000 PENSION OPTEE
Now pf op tees dont think anything else other than to join Pension scheme which is now Golden chance.I am also retired person took 8,94,000/-banks pf and now have to refund nearly Rs.5,00,000/-56%more to opt pension but going through the web sites given for how pension is benefited and decided to opt for pension.As I have earned int on pf for one year Rs.90,000/-and if I would have been in bank i had to pay 2.8%of Nov pay that comes to Rs.95,000/-so total Rs.1,85000/-and as iba was firm to pay pension from date of settlement now with the ufbu met FM and agreed to pay from 27-11-2009 so I will get full pension for nearly 7 months that comes to Rs.2,10,000/-so total will be 3,95000/-so now just i have to pay 1,05,000/-and get the pension of Rs.17,500/-p.m.on monthly basis that to on 1st of every month.No tension of interest rate coming down and getting less int and run the family.The pension is linked to index da so every 6 months da will be compensated in some what.So as per my opinion dont think 100 times as stated think once and go for pension those who are in service and also those who are retirees.
As stated by our learned members, do not go by mere mathematical calculations. Opt for pension what ever may be the cost for the present.
Possibly the things may get better in the coming years like updation etc. Taking into social security and inflation, all PF optees without any hesitation join the pension scheme and fight for refund through legal measures.
JaiVijay 15.04.2010
(TO ALL PF OPTEES)
Please do not misguide PF optees, don't show imaginary calculations, once union leaders have done the same job and the result is known to everybody. Once again don't repeat the same mistake. You may calculate by any means DA linked Pension is always better than the PF. If you feel PF is beneficial than why we are fighting for pension for last 11 years and why government was not in favour of granting a fresh option on grounds of financial viability.It is my humble request to PF optees do not miss the chance luckily coming your way. You will never find this chance again as you will have to give irrevocable letter that you are forgiving your chance to opt pension forever. Do not look at the cost we can bear any cost to purchase the peace for our retired life.
G.C.Kumbhat
Ret. Manager(iii) SBBJ
Pension optee(retired on 31.03.2008)
Thanks Everybody for the comments
Anyway i am not misguding but was just giving you all the real inside story and all this is not imaginery calculations.
No body will deny this fact what pension funding gap these iba/unions are talking off since last 3 settlements are just figures and we all have realied all these years Without in proff
we still beleive this because this has been taught to us since last 15years and we have not done our own calculations.
I dont say pension is not benefecial It is 1000% but tell me from where will they pay this commutations & pension to everyone in future. Now if these /Iba cant fill the gap and is shared from us since last 3 settlements There is no chance that the new recruits from 01/04/2010 will share the future burden because they are in NPS.
I think you all must be knowing the what is a Ponzai scheme.
Same thing is applied here. esp in Banks pension
Our pension scheme is not like Goi's pension scheme where basic pension is revised and what is family pension with banks just 30% of what we would get
Now when we know the pension fund is depleting faster then and that is why they were not allowing is true but like pf optees didnt expect that basic pay & inflation would increase to this extent even Govts didt expected this but Govts and top helm at Iba relises that with the fund now it is not possible even to pay pension & commutations by 2012 and like Goi they cant print money
This what aiboa has also given in one of its circular
"
PF optees who did not earlier opt for pension when offered, making it difficult for them and for pension corpus as a result of which the estimated corpus did not accrue making incremental cost also more and more."
This means that because pf optees didnt participate in pension earlier the corpus of pension fund has remained less. And you all know that there are no details of the actual pension fund No banks/Iba nor our beloved Union leaders who is enjoying luxories have ever asked this to iba/Banks.
And we rely on figures till this
So they are now worrried because many seniors who above scale 3 who infact have got a good deal in this wage settlement esp from wage revision point of view of which nearly 70% are about to retire by 2012 .
Suppose if pension was not implemented what would have been the fate of these and existing pension wothdarwers
Friends tell me how banks would be minting money to give to these 70% of the above scale 3 members about to super annutae by 2012 and along with the existing pension withdarwers from the existing depleting pension fund. Only source was from pf optees banks pf contribution but they cant add that to pension fund without the mmembers consent so only option for iba/Ufbu to get its hands on this 16000 crs is to offer pension to keep this show running.
Ok now we all pf optees in the hope we will get social security will opt for pension and forfeit our existing banks share of pf contribution but then again after 2012's grand super super anuation festival the pension fund is again going to face a terrible dent How would everybody would get pension & even commutations when one is about to retire in next 10 years.
Show me the formual how banks would be minting money to pay us.
And unfortunatly there were no recriuts in banks in 1190's in mass scale like it was in 1970's ad 1980's
If the pension fund was managed well the there would have not been this pension fund gaps.
Seniours who are now running banks cant control Npa created in banks . They cant manage it. How can they manage our pension fund.
o this is Ponzai schme. The late joiners/late reterieers are always going to loose everything from this ponzai scheme
contd
Otherwise there are Intelligent members here tell me how is our banks who cant give transperency to the pension fund gap is going to mint money to pay to all future pensioners.
If you have the answer which if it was then so many years we would have not had to share the burden of pension fund gap.
have ayof you have ever heard that pension burden is to be shared by members.
So our pension scheme at banks are not at all comparable with the state/central govt or railways.
There members are not burdened the pension fund gap.
And what more proof you all want you all know what arrears these pensioners of state/Goi & railways received . You all know this as you all have handled it. Compare this with what arrears you all are going to get.
So i hope the Aiboa circular admits that pension fund corpus is not to the extent because pf optees didnt join it. It is a sheer madnees to say that because if existing pf optees have not joined that doesnt makes the pension fund gap but mismanagement of pension fund corpus has created this gap.But it lurkes why i say this is not a ension scheme but a Ponzai schem where late joiner/retirees will loose everything and obviously all pf optees now are also late joiners as well as late retiers and all their banks pf contribution is going to be used to pay the commutations to the members who are about to superannuate by 2012.
World over pensions are withdrwn and dismantled this also Aiboa is admitting then why it is being encouraged here.
Members who may not be knowing and if you all have net connections then search out fro pensioners fate in uk/greece etc .
You will come to know what i say.
if Still you want to join this pension ponzai scheme in the hope you all will receive good retirement i am not discouraging any but it would be wise to think this point rationally instead of just banking on HOPES.
What Union leaders & bankers should learn from here?
Gregorio Lopez has a message for the Greek workers who are protesting deep cuts in salaries and pensions that come with an international, trillion-dollar rescue package: You're on your own.
Lopez and his fellow employees at the Lavalan wool-processing factory worked for a year without pay after Argentina's economy imploded in 2001 and the country defaulted on a record $95 billion debt.
They endured blows from riot police to keep creditors from carting off the equipment. In the end, they had to take over the factory and form a worker-run cooperative to save their jobs.
"It was really ugly," Lopez said. "We didn't have support from anybody - not the government, not even the union. ... Our only way out was to do it ourselves."
9th Bps would be called as History in banking Industry fro all aspects.
Educated working class have also failed to do the maths because they were heavily relied only on their Lord Union leaders.
And they have blindly foolowed to do what & when they wanted.
In 1995 they insisted not to join pension so people didnt joined and today they insist to join pension and they are joining.
Nobody have any GUTS ta ask them to give us accounts of Union for last 10 years nobody is asking details of why & how of pension fund gaps Nobody wants to know where your bank pension trutees have parked their money.
See the madness to follow this unioun leaders. we have stopped using our brains and only hope on Hopes given by these Union leaders.
We have become slaves to these Union leaders.
Jai Vijay 15.04.2010
Banking system in India is very strong, it had well survived last year during the period of extream MANDI.However as you say we suppose banks in India may fail in future and they will not remain in position to pay pension to pensioners than tell me one thing, how your PF will remain safe in the hands of bank.I think you are always looking dark side of the things only. Please don't misguide PF optees with your imaginary thinking and try to look at the bright side of the picture also.Please don't take it otherwise.
G.C.Kumbhat
Ret. Manager SBBJ
There are certain rules esp in pension and pf.
A pension optee cannot retire that much easily in compare to pf optee
If you happen to read the pension regulations act you will understand what i say.
If my figures are imaginery hen what Unions /Iba are talking of pension funding gap are more imagery.
They cant show it in public and you talk of beleiving them.
My intention is not to misguide I always said take your own decision but be informed of what you are doing because all this thing which Union leaders should have done has not done.
ok after all you have retired as a manager from SBBj i would be glad if you can enlighten me on the below matters.
Who manages the pension fund?
Where the fund is invested?
what is the annual returns from these investments.
Does these fund have got the pension fund gap shared by employees from previous settlement
have the bank deposited its 10% pf contribution every year
Why Iba/Unions are not sharing the deatails of this pension fud gap and just giving the figures.
Have you ever heard of pension fund gap deducted fom slary arrears in state/central Govt or railways or postoffice.
This is not a pension scheme but a Ponzai scheme.
Banking system in India is very strong, it had well survived last year during the period of extream MANDI
BUT banks in India cant be said stronger then China.
So read this latest news
Chinese banks have had a brilliant run so far. The nation of aggressive savers has been pouring more than a third of its GDP into banks. This has made some of them the largest globally in terms of balance sheet size. The government's mandate to lend aggressively has also helped these banks grow at a scorching pace when their global peers, including some in India, were cutting down exposure to risky businesses. However, analysts in the dragon economy see red from here on. The banks' heavy exposure to real estate could wreck havoc to their asset quality. One that could transpire from home loans to personal loans, as seen in the US. About 30% correction in housing prices is all that will take the Chinese banks to acknowledge that so far they were supporting a bubble. We will not be surprised if China too follows the 'Too Big To Fail' mantra.
Referring to Jay Vijay-May 15, 2010-1:37 AM
All your doubts are answered in the pension regulation Act 1995.It is the responsibility of the managements to fill the pension fund gap every year as per audited accounts and employees are not required to do anything.
To all PF Optess:-
Finance Minister's caution to UFBU telling them either to take it or leave it(Second option for pension)is an indication that you should think twice before rejecting the option once again.In other words, IBA/Government's intention was not giving another option. Take any decision you want,but never repent again.
JAY VIJAY IS TELLING RIGHT, AND ALL CPF OPTEES SHOULD BE THINK OVER ALL POINTS OF JAY-VIJAY.ALL OLD PENSION OPTEES SHOULD BE THINK FOR FUTURE.INDIA HAS STRONG BANKING BUT TIME IS NOT ALWAYS SAME. IF TALKS OF JAY-VIJAY IS IMAGINARY THAN WHAT IS ALL DRAMA BY IBA AND UFBU BY ACCTIRIES CALCULATIONS AS PER 31/03/2008 AND RECOVER 2.8 SALARY WITHOUT ANY LOGICAL CALCULATIONS,CAN ANYBODY TELL ME LOGICAL CALCULATION OF 1.6 AND 2.8. JAY-VIJAY'S TALKS ARE NOT FOR MISGUIDING BUT FOR EYE OPENER FOR BOTH CPF OPTEES AND PENSION OPTEES. PLEASE STOP PRAYER OF LEADERS AND UNION FOR LITTLE PROFIT.DON'T PUSH FUTURE IN DARK WITH LITTLE PROFIT OF SOME SPECIALS.
JAY-VIJAY CARRY ON . IN THIS BLOG AND MOUTH TO MOUTH ALSO. MY SALUTE TO YOU.
QUOTE from Jay Vijay
" There are certain rules esp in pension and pf.
A pension optee cannot retire that much easily in compare to pf optee" UNQUOTE
Mr Jay Vijay :Your statements are confusing. Kindly urgently clarify clearly as to who will be eligible to take VRS/Resign early with pension after one opts for pension now, after this settlement also.
Eg: Suppose an officer completed 25/26/27 yrs when opting for the pension scheme, now under 2nd option. He is not 60 yrs. After the pension option , can he resign from bank/leave service ( or call it as VRS) and get pension? .
Pls clarify, because presently most officers/employees are in this range of service and age: and may think of quitting the bank service,before becoming 60 yrs by opting for pension
Pls clarify urgently.Any other person who knows clearly also can clarify.
Salute to Mr C.N.Venugopalan for his untiring exemplary effort to make another option for pension a reality. I think he should now take another effort to challenge the very concept of "recovery from employees to fill the deficit in pension fund" successfully pushed through by IBA when no where employers have resorted to such a step.He should, with the guidance from Justice VR Krishna Iyer, file a writ in supreme court. I am sure bank men from across the country will not hesitate to contribute their mite to fight the case against IBA.Any other way to undo the injustice is futile and cannot end the discrimination amongst bank men
Yes That is I Wanted to say
I dont want to discourage anyone to take pension option . It is their choice but do your own maths after all we are bankers not dock workers
Same way for retiree pf optees all are not benefecial It depends on what you received and now what u have to pay & how much you get after commutations.
Now the point of raju.
a pf optee can resign or take vr for any reason even if it is on medical or non medical ground. and if your service file is clean no enquiry or fraud you can get all your dues and also vr.
Whereas if you are pension optee then the pension regulations act of your bansk must be having this under clause(1) under sub regulation (1) that your vr has to be required to be accepted by the appointing authority and It depends on his accepting he can refuse it and this he will convey you before the expiry of the 90 days notice/ to be given by the staff for vr
Second if you are thinking to retire with pension on medical ground then it is also not easy if one applies for invalid pension your invalidity would be tested by Banks medical officer and if found fit for further service thenyou may be not given vr and instead you get demotion.
ANd for officers under some rules it requires one has to atleast go for rural posting I dont know much about officers rules but i request all members to get your respective banks pension rules & regulations booklet and also Banks officers service rules booklet and study them and then take your descision. Your Union leaders will never tell u this.
A bird in hand is 2 in bush Dont go after the the illusion of big pension and forgo your banks pf kitty and also forego ur right to retire at your wish Think what your family will get if you are a pf optee and pension optee if you die before you superannuate.Try to read your banks pension regulation act first then opt for option Just dont blindly follow these Union leaders.
Now a days lots of promotion are given in varios banks and many people have gladly taken promotions and that is good but one should also read the Bank officers service regulation rules and must understand it.
There are many clauses and points which you may have not thought of and must be planning to take vr after this wage hike /after promotions and after opting pension scheme. Dont just act blindly on hopes Read all the rules discuss it with like minded people.
Your Union leaders are not going to guide you . They are only intersted in your monthly fees and levy every 5 years
I again repeat i am not discouraging anybody to take pension but first read the rules and what are your future plans & if required discuss it with your family members with your wife /husband /friends.
Now atleast dont follow blindly these Union leaders.
They have newer given us true guidance earlier and newer will give you.
They dont want thinkers they want just blind followers.
You have now to decide what you want to be a thinker or a blind follower of Union leaders.
Shankar said
Referring to Jay Vijay-May 15, 2010-1:37 AM
All your doubts are answered in the pension regulation Act 1995.It is the responsibility of the managements to fill the pension fund gap every year as per audited accounts and employees are not required to do anything.
Yes there you are Shankar Babu
You are now speaking what everyone wants to here from the Union side.
If the pension funds gaps responsibilty is of the banks management as you said it is in the pension regulations act 1995 then why pension fund gaps been shared since last 3 settlements by staff from arrears.
By the way Shankar babu i have seen that in most of the response it looks like you are a mouth piece from unions side.
If yes ok if not then also ok.
Dont worry These members have now understood to think and are not dream chasers
Good you responded it and many many thanks for it.
Looks like Iba has entrusted a duty albeit with a good mango fruit to convince all pf optees to join the pension train so that they can lay their hands on the Cpf of rs 16000 crs of pf optees.
So that the grand superannuation festival of 2012 will become a success otherwise everything would be failing
Ok friends think about this.
40% of cpf corpus of pf optees comes to about 16000 crs so the remaining 60% which banks we hope must have deposited in pesion funds would be some 24000 crs of pension optees this should have been in the pension fund . and then add all the pension fund gaps recovers form the last 3 settlemets
then add to it 8.25% pension fund gap load taken from all pf & pension optees in 7th bps agaisnt banks 10% share given so nett banks has contirubuted only 1.75% not 10% statutory share
then add to it 9.25 pension fund load taken from all pf & pension optees in the 8th bps against banks 10% share given so nett banks have contributed only 0.75% against 10% against 10% stautory share
Then in 9thBps 13% pension fudn gap load is shared by employees so net employees is sharing 3% after deducing 10% stautory share.
All these 15 years we feel banks have been sharing 10% where as the true picture is banks have shared ver negligbleor as good as nil if we take all the 3 settlements total.
Inspite of this Aiboa in his circular says now that pension fund gap is because pf optees didnt join the pension.Its is a silly thing to say this from Aiboa Staff union leader.
If cpf have not joined then they will aslo not get pension also How can these Aiboa sa that pension fund gap is because pf optees didnt opt for pension.
At this state now even if they join then the pension & commutation buden is still going to increase atleast after 2012 grans super annutation festival.
What is the secret formula given by these Union leaders to banks & iba to mint money. Let us all know.
Why then since all these settlements the pesnsion load is taken from staff.
So inspite of all this illusion that govt & iba didnt wanted to give pension option then why it has agreed to it to keep the show running and not to fail the 2012 festival.
Ok members now think about this suppose if 80% of the pf optees who have really become thinkers & dont bite the pension carrot how would the banks be paying the commutation & pension from the existing depleting funded form arrears since last 3 settlements pension fund which even unions have agreed and commited in writing in their circular.
Is there any source to fund this gap if 80% pension optees dont bite the pension carrot.
If somoene says govt/banks will pay it as per penison reg act then why it has been recovered since last 3 settlements nearly 15 years from staff wage settlemets what would be the fate of this fund after 2012 superannuation festival
Get the answer of this from these uniouns I would eagerly wait for it infact all pf optees would be eager to know the future of the existing depleting funded from arrears pension fund whose acocounts details cant be shared in open by this Iba or Unions and still they insist the remaining pf optees to join it by showing dream castles in thin air of pension & commutations.
If we go by the numbers then pf optees are sure to get all that is shown in their pf statements of banks share. Atleast they can fight in court on that basis if not received whereas pension optees dont have any proof that banks pf contribution has been deposited by banks in these pension fund instead Iba/Unions are shouting of pension load and has been recoverd from all wage settlements since last 15 years.
where as pension reg act says banks have to share the burden of pension gap.
A Bird in Hand is 2 in Bush
So at present pf optees are at advantage because they have the proof of in the form of pf statement every 6 months and they can also retire and take all their funds easily which is not easy if one is in pension train.
So it is now your choice
But take intelligent decisions discuss it with your wife/husband & well wisher. Also think about the worlds fragile economic conditions Nothing is sure anything can happen.
2008 was when US & UK felled in trouble last years Dubai felled in trouble This year euro countries Greece has falled in trouble.
Now who knows whose turn it is now.
India cannot survive if the many contries turn by turn start failing.
Think all this and then take your decisions. It would be better if one has any spare capital then invest it in gold etf for their saftey but dont buy all at one go buy it at every dips. for next 10 years.
You will never repent. Take my word.
If the Banks pension fund would have invested in gold then we would have not had to pay all these years from our hard earned arrears.
Pension funds are Mismanaged and so Iba/Unions cant give details of it in open and this no one can deny Now if you fill pity for the seniors about to retire in 2012 then share your banks pf contribution and take the risk putting your family's future at stake.
Mr. Jay Vijay
Ridiculous assumptions, first thing is that both PF and Pension unds are not managed by the banks they are managed by the trustees.
With regard to the proof for depositing the pension fund, the central auditors have to veriy the contributions and a separate ACCOUNTING STANDARD (AS) 15 WAS MODIFIED IN 2005 AND WAS IMPLEMENTED from 01-04-2006, theis entirely deals with elployees benefits in totality, includng the retirement benefits.
It takes care about the provisioning for all terminal benefits.
Dear freinds our pension schemen is not a ponzi scheme where the payments are made from others contribution. You will definately draw 50% of pay and DA as pension for sure, and no body can stop that at any cost.
If any body as any doubts they can seek the information under RTI from their respective banks with regard to the management of the pension fund, including the names of trustees.
TO ALL
MR JAY VIJAY IS UNNECESSARILY MAKING LENGTHY ARGUMENTS AND IMAGINE BEYOND ANYTHING BY ADOPTING NEGATIVE ATTITUDE. OURS IS A POLITICAL SET UP AND IN THE EVENT OF ANY CRISIS WHICH WILL NOT HAPPEN ANY WAY, GOVERNMENT WILL SUPPORT THE SYSTEM BY ALLOCATING FUNDS OR MAY PERMIT TO INCREASE THE SPREAD EITHER BY INCREASING PLR OR SERVICE CHARGES .NOW THEY WANTED FPS FROM 01.04.2010 TO CUT THE BALOONING OF PENSION LIABILITY AND THEY ACHIVED . THEY ALSO SAW JUSTIFICATION IN EXTENDING ONE MORE OPTION. THEY ALLOWED IT WITH HEAVY COST TO THE NON OPTEES EARLIER. THAT IS ALL. NOW ALMOST EVERY EXISTING EMPLOYEE WILL BECOME PENSIOMNER BARRING FEW HUNDRED IF ANY , THERE MAY NOT BE ANY DIFFICULTY AND PROPER PROVIISONING WILL BE AUTO MATICALLY MADE.
DONT MAKE THE EXISTING PENSIONERS AND WHO ARE GOING TO COME TO THAT FOLD , FRIGHTENED AND MAKE SLEEPLESS NIGHTS.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER VRS 2000 PENSION OPTEE
Referring to Jay Vijay-May 16, 2010 1:22 AM
You have proved that you have not gone through my previous views, where I have clearly stated that I am not a member of any union since January 2008. Whether you believe it or not makes no difference to me. Dont have the impression that we get carried away by your opinion and decide when you are writing pages together.It will not have any effect on those who decide themselves. Particularly this time nobody will decide on the advise of others.You have also proved that you have not at all gone through Pension Regulation Act 1995.Otherwise you would not have got the doubts raised by you.The responsibility of managements is clearly spelt out there which I have published in the Pay Commission blog long back.
My sincere view is that everybody should decide on their own now, in respect of opting for pension.If somebody argues that if the entire world is submerged in oceans in 2012, what to do? We will do what is best at the present moment.We shall do what is required in 2012 and not think of it now.If the banking industry is collapsed, I will not die and I will do some other thing for my lively hood.
SURVEY PROVED THAT 99.9% OF EXISTING PF OPTEES WHO ARE ON PAY ROLL, GOING TO BE OPT FOR PENSION DESPITE 2.8 FACTOR. PLEASE DON'T MISGUIDE THEM RIGHT THIS JUNCTURE. DON'T REPEAT PAST MISTAKE. A HUMBLE REQUEST.
Thanks.
Pension Fund Trustees are not any outsiders.
And if Everything is so transparesnt then why it is not open for members . Why the gap figures are only discussed.
I have read Pension Regulation Act 1995 and i know that it is the duty of the Bank management to bear all the cost but then whay the pensiong fund gap is been recoverd from wage settlement.
have any of you have heard this with Central Govt/State govt/ Indian railways/Postoffice. It is only with Banks.
Why?
Since last 3 settlements ( 15years)banks have recovered in the name of pension fund gap which is the responsibility of Banks management as per act what Banks have contributed as 10% pf on our behalf.
WHere in the world such thing is done? Show me
I have not discoureaged and have newer told to anyone to not opt for pension But do it knowingly after understanding the thruth not just because all your Unioun Lord says so.
They are the biggest parasites of banking Industry to not put us all at par with Central Govt or even with Sbi employees.
Surveys in India have always proved to be reversing whether it is election or be anything
In fact the existing pension Optees have now started thinking tht should had an option of Cpf or pension which only sbi employees enjoy.
Whay then our Union leaders who have enjoyed all 5 star luxories from our money couldnt get this to us since last 12/15 years.
Just imagine how easy & conveinent it would have been to have this type of choice.
Have our Union leaders ever taken this survey from us that what we want
They only want fees & levy.
I again say i am not discouraging anybody take your choice but dont do it blindly make your own calculations so that you dont have to repent.
Few persons are not happy that one more option is extended to PF optees now. They are trying to highlight non existing negative features of the existing pension scheme in almost every way. 90 days time is more than sufficient to decide and act.
If am required to sacrifice and opt for pension, I shall decide and let others not have any right whatsoever to object for my decision. If my decision now is found to be wrong at a later date, I shall reserve the right of approaching appropriate forum at that time for reversal of my decision and switching over from pension to PF and vice versa.
I shall always reserve my right of demanding what I need.
Why in banks? Why not in Central Government?
My openion that
"We can not compare ourselves with Central Government employees"
is reflected in the reply given by IBA under Right to Information Act
http://www/allbankingsolutions.com
under:-
"Principal of Updation of Pension - Reply sent by IBA under RTI - The query and its replies are on four pages (sent to us as image format) : click on following four links one by one to read the full text : Part I, Part II (Query); Part III, Part IV (reply by IBA) (uploaded on 11/05/2010)"
From Shankar,
If my decision now is found to be wrong at a later date, I shall reserve the right of approaching appropriate forum at that time for reversal of my decision and switching over from pension to PF and vice versa.
To,
Dear Shankar Babu,
Where have you read in Pension regulation Act or in any banks Service Rules that you can reverse your decision and switch back to pf from pension.
The choice of Pension or Pf is only given to Sbi employees.
It is not for any other bank employees.
No it is one way once you choose pension you cant switch back to pf.
Infact hwen we will choose epsnsion optin read all papers properly at one place we will have to give in writin that we are transferring the banks pf contri from pf fund to pension fund. Once we give this in writing we have givn this amout of 5/7 lacs to the pension fund. Then you cant reverse it back.
So dont reamin in an illusion and start building dream castles in thin air.
Even Central Govt now have realised that it is difficult to manage pension fund and they have appointed 4/5 Big Mutual funds to manage pension fund and there also it is market realted ( stockmarket). If you happen to read the New Nps then you will understand what i say.
And the case for pension for retired and for existing is quite different.
Retired employees are having in hand all the dues in the form of Pf of both side. One has just to calculate whether it is profitable to opt or not and pay the banks pf + 56% less commutation and start taking your pension. While for existing it is not the same as they are at the mercy of Union Lords & Management.
retired employes have just to pay the price & buy the benefit which is not with the existing employees.
To get vr at your time is not easy after swithcing to pension.
I do agree that pension is 1000% benefecial i have done the calculations but dont think that there is free lunch and you will get all that easily.
This is the dream one should not be chasing instead one should take ones future plan/health/ no of years one intend to work amount you have accumalated in bansk pf etc etc into consideration before opting for pension.
To just follow others blindly because it is beneficail is akin to gambling in the hope and foregoing ones right to retire at wish and also forego banks pf contribution with this then the doors to switch back to pf is close.
You cant switch back to pf once you opt pension.
If that facility was provided then everybody today would have been in pension.
One should not chse dreams & illusion.
And what Iba ( under Rti act)has told i know that is why i say dont compare banks pension with central govt and dont chase dreams just because everyone is chasing
Do your own calculations we are bankers not illiterate dock workers.
If after calulation one finds it is bebeficial to opt then one should opt pension if not then one should remain in pf.
This is i mean to convey.
I have newer misguided nor discouraged anyone. Infact everyone should decide their own future instead of just following others.
I dont think such discussion ever must have given to us buy our unioun Lords even after taking money from us.
Be Intelligent bankers not like dock workers. Listen to everybody but take your decision after doing due deligence
Dont behave like illiterate dock workers and follow anyone ( which includes me to)
learn to do maths and learn to plan your future instead of following others.
If these people say here that i am misguding then i can only say that these Union Lords have so many years made us stop using brains and just blindly follow them like uninformed & illiterate dock workers.
It is your life your family & your future in in your hand so take your own but wise decisions.
Referring to Jay Vijay-May 16, 2010 1:06 PM
Note that for all other banking employees pension option was given in 1995.Again afterwards another option was given to switch over from PF to pension OR from Pension to PF.This is known to every Nationalized bank employee. Several bank employees who opted for pension earlier, switched over to PF at that time.This is history which you may not know.I have been studying banking history from past 33 years and I have worked as Senior Manager dealing HRD matters for few years and studied Industrial relation matters as Vigilance officer.
Is this choice of swtiching avilable Now even to existing pension optees?
The answer should be yes or no
Pf & pension optees want clear answers
I hope you understand this that till this date Union leaders have been giving ambigous replies which was not clear neither they have educated these members.
We should not follow on their steps.
If it is allowed then also give us the details what forms /application to do because there are many pension optees who now wish to switch back to pf and take vr but they dont have this info that one can switch back to pf.
If you are with banks with 33 years and also in Hrd you should guide these members this is my humble request on behalf of pension optees.
But if this option is not avilable you or anybody just cant predict that it would be avilable Because Aiboa 's gs Has clearly said which he also cant delete from its circular that pension gap is because pf optees didnt join pension train. I cant beleive a person of this status cant speak such illogical points.
pension Gap is due to mismangement of funds and not because pf opteees didnt join them like then there were no new recriuts in 1990's 2000 till date and what new recruits we will have would be in Nps. Dont expect these new recruits will share the pension load gap of old pension scheme. Then tell me how Govts or banks will take care of the existing pension and the exisiting pf optees who will join pension scheme
I know it is in pension regulation act then also from back door ultimatly the load has been collected since last 15 years from pf & pension optees from wage arrears. Why dont you understand rationally my this point. If they have not done earlier then do you HOPE it will taken care off. That is why i said this not a pension but a ponzai scheme . The person who is left out has to loose everything.
If my point is baseless then let all existing pf& pension optees first get their hand on the accounts of the pension fund of all banks and let them then take their own decision. Why we are not asking this and blindly want to join that pension fund which is depleting (agreed by Iba & Unions offically) and refunded by staff members as pension load from arrears ( since last 3 settlements(15 years).And why cant Unions ask the copy of pension fund accounts.
Atleast pension fund opttes have full right to know how is their pension fund managed and how & wh the gap is created.
Why Iba /Unions cant share this to staff/members.
They only want fees & levys & all salam asif we are illiterate dock workers or slaves and will accept when & what ever they say and obey all orders on unions?
I hope we are living in a Worlds No2 Democratic Country.
No where in the world pension scheme is funded from back door from wage arrears.This is against the pension regulations act 1995 of banks. There is no such mention of that the load is to be recoverd from staff arrears which is been done since last 15 years(3 settlements). Now what is the viability of this depleting staff funded pension scheme and if one says Govt will take care in future. This day dreaming and we should not banks on these dream merchants
And if my arugument is negative or imaginery whay dont we ask our Beloved Union leaders to give us the Psnion fund accounts of Ourbnaks.
These Union leaders cant give the accounts of the Union funds DO we expect they can give our banks pension fund Accounts so that existing pf optees can take right decisions. They only want us now to join this pension train otherwise we will miss it.
Wow Looks like these Union leaders still feel that we all are living in a fools paradise.
You people will not disagree on this as this is offically said in writing by Iba and Unions in their circular/s.
1.Banks pension Scheme is not comparable with that of Central Govt.
2.Banks Pension fund is depleting faster then expected.( are the pension fund mismanged or they are used in speculative activities By these trustees)if not then why it is not open to all staff mmebers atleast to the pension optees.
3.The Gap in pension Fund is because existing Pf optees didnt join this pension scheme ( what an illogical argument by Aiboa Gs).
4.Family pension is like alms given to begger in banks pension scheme.
5.There is no revision in pension in banks once it is fixed.
6.Banks pension fund is nearly fully funded from back door by employees in the name of pension load gap since last 3 settlememnts since 15 years.
7.There were no new recruits since 1990 till date under old pension scheme.( how the this fund will increase)
8.Iba & Unions talk of xx % pension Load and they want to beleive this infact made us beleive this without giivng the audited accounts of our pension funds account.
9.Why so much secrecy?
10.Most of the bulk recriuts were in 1970 to 1980's
11.They are all about to superannuate by 2012.
12.Most of them are now in higher post above scale 3
13.All those above scale 3 have got good wage revison just 2/3 years before their superannutation
Which will result in higher 50% of its basic pension and higher commutations.
14.How can banks who cant fill the pension load gap insptie given in pension Regulations Act 1995 pay to those about to superanuuate by 2012
15.It is been recoverd from back door from staff wage arrears in the name of pension load since last 15 years.
Can banks lay hands on the mint to take money to pay to retiree's pension which Cental Govt has been doing.
16.Only option now is get the existing pf optees 16000 crs banks pf contribution which is in a seperate accounts other then pension fund accounts.
17.Why good wage increase is given to those above scale 3 which are about to superannuate by 2012.
Infact they are the Npa creators.
18.Unions have newer fought for the Npas creted and neither any serious action initiated on them by Iba/banks Why?
19.Unions want Laal Salam Mnthly fees, levey and want that the menbers should obey them and then there are 1000's of instances that local union leaders are need to be bribed to get favorable transfer.
20.Why Bank Management/Iba are not taking steps against these bribe takers.
21.If everthing is so much tranparent then let all the seniors above scale 3 declare their& their family assestLet all Union leaders also declare their & their family declare ists assest.
22.It is not easy to take vr in pension then pf.
Now decide who wants to join this pension (ponzai) train which no one knows where it will land atleast after 2012.
So with this historic wage settlement all officers of scale 1 to 3 are sqeezed to give higer wgae revsion to those above scale 3 to the top level so that by 2012 they get good 50% of their basic and good amount of commutations.
this i dont think no one will disgaree
Do officers of scale 1 to 3 are not working and only above scale 3 are working hard sitting late hours coming on Sundays.
What a big fraud is being played by these Unions and still people are praising these Union leaders.
Great Indian educated slaves are we
More worst then illiterate dock workers.
Really this a historic settlement.
A small request before the big PAY COMMISSION to refrain few anti-social elements to enter into...
Pension option is the best option at this economic scenerio for those who are with little prudence or due deligence or even docks!
Person giving wrong guidance and doing brain wash will never be allowed in this blog to disclose unwanted negative thoughts and take an illegal opportunity to play with the fate of lacs of bankmen!
Will the Authority of Pay Commission take such decision for the welfare of blog members to take right and justified decision after a period of one to fifteen years of fight with ....
R.rajendharan
Are Your Union leaders social elements to whom you pay monthly fees to whom you pay levey to whom you bow down and do laal salam
So much is downgraded our educated bankers.
That they really dont know when they say anti social elements what it means..
If somebody puts a discussion openely you call it anitisocial elements.
Please read all the circulars of your Aiboa Gs and you will find what he says
I have just tried to bring to gather all these and put in front of you . You call it brain wash . I dont think we are so weak that we get brain washed. Unless we are tamed by these Union leaders and only obey their orders whether it is right or wrong.
There are elements and mouth pieces of Unions who are getting annoyed against my facts & figures and so it is but natural that such comments are given.
Who has forced you to do anything.
I just said think all aspects ask your wife/husband/ well wishers.
Obviously all these your Union leaders who you paid fees and have taken back your banks pf contribution in the name of pension load inspite it is clearly mentioned in pension regulation Act 1995 that it is to be born by respective banks. is this not anti social ?
I again tell everyone Dont take Blind decisions just because somebody says ( including me).
Be an Intelligent Banker dont behave like illiterate dock workers . Ask a copy of pension regulations Act of your Bank to any of your kalick ask them Bank officers rule book if you are an officer. Study it carefully Understand each point . After all we are not uneducated that we cant understand.
If i ask everyone to take intelligent decision consult your family members and take wise decisions then it is anti social element. Do u Know the meaning of anti social element and where it is used?
R Rajendaran I feel pity on your command over English language.
And for Your kind Information It was not these Union leaders who have got you this pension option.
Do you know the name of the person and whose hard work of 8/9 years a single man army who has made this Iba/Govt/ and your beloved Union Leaders bow down and give you this pension Option. Just thank him atleast if you have little Courtsey if you are opting pension.
Be social
Attention Pf opttes
read this article at
http://allbankingsolutions.com/How%20much%20PF%20optees%20have%20lost.htm
Dear sri Rajendran,
thank you for your BOLD comments.Some people like** are confusing the bloggers thus creating kyas.LET PF OPTEES DECIDE THEMSELVES ACCORDING TO THEIR CONCIOUS SAY AFTER OBSERVING THE PROS&CONS.LET WE BE THE J U D G E
ONCE AGAIN THANKS.
WITH WARM REGARDS,
Referring to Jay Vijay-May 16, 2010 4:04 PM
Definitely discussions were going on to allow pension optees to switch over to PF scheme if not satisfied in the scheme,in this settlement also. However, at the last moment as IBA insisted that the 30 % share should be collected from PF optees only,the matter halted there. Where there is no sacrifice, there is no benefit.It is upto pension optees to approach appropriate forum if they are interested to switch over to PF. Bank employees are intelligent enough to assess the performance of unions and decide whether to support them or to reject them. Your assumption that employees are soluting union leaders is assumption only and not fact. That is the reason, members are changing unions some times.When I decide not to seek any obligation either from union or from management, the question of soluting any body does not arise.But as responsible officials of a bank,we respect every individual including union leaders.When they do some good things we appreciate.When they do wrong things, we blast them.We never decide without assessing.
You must know that nearly 40 % of the existing PF optees were pension optees first and switched over to PF subsequently.When the strike clause was removed, they started demanding another option for pension and are getting now.
History of pension in banks reads for more than 3500 pages.
To ShankarBabu,
History is History
We cant bank on history we have to rely on the present facts and unfortunately these facts are kept hidden from us due to vested interst.
Like you there are many educated bankers here but still all these is done by your beloved Union Leaders. Whom you people think you judge them properly.
They have 2 faces
Read this you cant deny this.
Is this is how we judge our Union Leaders.
http://allbankingsolutions.com/Backdoor%20entry%20of%20union%20leaders.htm
For your kind information Many leaks are coming out that our Banks Pension funds are Mismanaged and so there is short fall and all these is known to Ufbu/Iba. Now they have no source of fund and they cant charge Banks Balance sheet because then it will become Public.
So try to understand the seriousness of this matter. A big Fraud is being Coverd up in the name of pension option to recover the losses in pension fund because if it is not filled now definatly it will get exposed by 2012. Understand the matter first. There are many things which are twisted and been shown the opposite to misguide the Bank employees. Infact due to the leaks the worst worried class is the existing working pension optees who now wants to swtich back to cpf option and slowly this class is increasing as the news of this pension fund mismangement is reaching them
So just not give comments without knowing the inside facts.Try to understand our hard earned money is at stake due to these Union leaders & rouge Seniors at Bank.
Let the Individual banks come out and publish their respective Banks Pf and pension fund trusts Accounts This should be the only demand of all pf & pension opttees in the present circumstances.
Till then no Union monthly fees and no levy on arrears.
Union Leaders in connivance with Management has created this fraud. If not then let them come out clean.
Another demand we need to put is declaring assests of all senior leaders of banks above scale 3 and all local and each & every Union leaders. Then we will get the true picture.
If we still follow these Union Leaders blindly then we all will have to repent and Govt is not going to come to save us. Can you understand the seriousness of this matter.You have 33 years of Banking experiance You should now understand the seriousness of this matter.
My figures are not to scare anyone but it is a fact which is kept under cover and is been tried to cover up the loss with pf optees 16000 crs bank contribution.
Much has been debated over pension and P F op tee.It should be left to individual as he may deem fit. My self is P.F op tee and wants to change my side from P F op tee to pension op tee. Of late it is being observed that to get pension one has to wait till Sep. 2010 since the things are not moving fast. First they will issue circular of wage payment and arrear to exiting staff and thereafter pension circular. IT will take four months. Bank should device such way that in a single application form all necessary information including pension and commutation should be filled and balance if any to be refunded by employee should be furnished.
Can any one help me in calculating .
I retired on Jan.2010 as pf op tee having basic pay 22900 and F P A 620/
My LAST Stagnation increment was sanctioned on Aug. 2006. Please calculate my pension and commutation.
I have to refund bank pf Rs 937000/plus 56percent totaling Rs. 1464720/. I Can calculate but if some other person will calculate then it will be double checked. Thanks
Referring to akhilesh-May 17, 2010 3:57 PM
Go to allbankingsolutions.com and you will find the following link and clik there and work out.
"Pension Arrear Calculator Ver.3.0 by Ramachandra shenoi"
Above is the link for all staff(Both award staff and officers retired from 1997 to 27.04.2010
Referring to Jay Vijay-May 17, 2010 1:41 PM
In my 33 years of experience in a Nationalized Bank and working in different positions, I can assess how funds are managed by banks. At each step there will be a check and law will take its own course when needed. Not even a single industry in this world existed in the past and exists at present, which is 100 % foolproof. Once I decide what to do, I shall do it. Likewise all PF optees. Nobody gets scared by reading remarks or views expressed in blogs. My bank has survived from past 75 years and I am confident that it will function as usual in future also. In case something goes wrong employees will not get salary itself let alone pension. If anybody is scared, option is left to individuals. After 3 months from the date of offer of another option of pension, the percentage of fresh pension optees will reveal the facts. Till such time good bye.
Shankar Babu,
My giving you the true facts is scaring you.
Just imagine if all this happens.
Defiantly if more & more people are joining this pension option then 212 super Anuuation festival will easy pass through But the real problem will start thereafter. Because from 1985 till date there were no mass recruitments like it was in 1970 to 1980 and so no new pf contribution is to come and as it is now the fund gap is recovered from us in the name of pension load gap from wage arrears . Once the members from this pension start taking superannuation and as new mass recruits from 01/04/2010 is not in the old pension scheme but in Nps as per the (thBps .
Tell me how if were a trustee of Bank Cmd will generate this money to pay for mass supperauunatioves its coomutations & pension It is only possible if the existing Pf optees give their banks pf cocntribution to pension fund and join this pension ponzai scheme.
If this is not a ponzai sche then why Since last 3 settlelemnts banks have recoerd pension load from wages arrears. Where is the proviosn of the act that it is to be borne by banks only.
Do yu any justifiaction for the pesnion load recovery to the extent of 8.25% in 2000 9.25% in 2005 and 13% in 2009 wage settlement giving us an average 10.17% recoverd from all staff against banks contribution of 10% resulting in banks have never contributed anything inspte it is Act its 10% share.
Is the then not a ponzai scheme funded fully by members.
What audit and check you are talking is all to show the public but we all know that since last 3 settlements ( 15years Banks have recoverd its banks pf share from a back dorr in the name of pension load from wage arrears.
You said that you were in Unions now have retired.
khabhi koi Union membership chod datea hai kya.
Kis satyog ki baat kar rahe ho and you are trying to cover upthe
misdeeds of Unions and you say you are not in Unioun.
sri akilesh, pl go to the following website&you can find the ready
recnor for calcullation of your basic pension,da,commutation very easely
sorry akilesh Ifogot to mention the website name IT IS WWW.crbelsare
blogspot.com
regards
Jay Vijayji,
Here some so called blind believer and follower of Union and Leaders activated for criticizing peoples like you Who told TRUE and EYE OPENER.
Don't stop yourselves, Keep it up.
Who are criticizing you are so called self believed clever persons.
You continue to wake up bankers your way.
I am Thanking you.
So called self clever persons put here non understandable figures and trying to convince other to that leaders are not wrong and trying to hide truth.
ACTUALLY SIGNING OF 9th BPS AND 2nd PENSION OPTION WITH 2.8 SALARY BY UNIONS IS INSULT OF ALL MEMBERS
BSNL Employees has got wage revision in short time with HRA 10% to 30%
ONLY DUE TO INDEFINITE STRIKE.
Sanjay Bhatt, jay Vijay and others are not Wrong.For truth not need of any figures,for Open cheating no need of any proof.
Don't give levy even after anybody try to convince you.Break the root supply of cheater leaders they have done our INSULT by signing the 9th BPS.
Who feel injustice from Union and IBA Please visit this website:
http://www.bankers-sangharsh.com/ ( Akhil Bhartiya Bank Karmi Jagrook Sangharsh Sangh)
I AM READING THE COMMENTS BY MR SHANKAR FOR THE LAST SIX MONTHS.IT APPEARS THAT HE IS THE MOTH PIECE OF IBA AND DACOIT UNION LEADERS.MR SHANKAR CLAIMS THAT HE HAS WORKED IN VARIOUS POSITIONS INCLUDING HR.
HR PEOPLE ARE VERY MUCH CLOSE TO UNION LEADERS AND KNOW EACH OTHER VERY WELL,BUT IT APPEARS THAT MR SHANKAR IS HIDING THE TRUE FACTS AND TRYING TO COVER UFBU LEADERS AND IBA/MANAGEMENT STAND.HE IS CHAMCHA OF UNION LEADERS AND IBA.
FRIENDS NOW COMPELL THE UNION LEADERS TO REFUND THE PENSION LOAD RECOVERED FROM PF OPTEES IN THE LAST TWO SETTLEMENTS AND THEN ONLY ASK FOR CONTRIBUTION OF 2.8 TIMES OF REVISED PAY AS ON 01.11.2007.
UNLESS THIS DEMAND IS MET DONOT PAY ANY SUBSCRIPTION/LEAVY TO UNIONS
Earlier he had justified the low hike of bankers salary by giving an absurd example of private maid and an M P'S maid.
Mr Solmar your apprehensions may be correct.
Refering Jay Vijay
Please tell me the difference between cpf and pension?I think they not comparable therefore pls let the people choose their fate.The triangle is security vs calculation vs ability to invest.Each individual has different skills.Thanx Venu for your write up.
Regards
M M L Gupta
Referring cnvenugopal
Hats off to you for crafting the factual miseries of the Bankmen and bringing it in to focus of highest dignitary of our country, I am sure that you will succeed in your efforts for the noble cause. We are with you.
Regards
M M L Gupta
To,
MML Gupta,
I have not told anyone to not opt pension So dont worry neither i have forced you.
Why worry You may join this pension sorry Ponzai scheme which is actually funded from our wage arrears. Who is stopping You.
But friend you cant stop me or anyone else to speak the thruth
This is an open blog where everyone can give their views.
Views diye hai gaali thodi na di hai
Babuji kahe ko ghabrathe ho lage rohao ponzai trian aaa rahi hai jo 2012 tak tau cchallegi aur agar us ke pahele app ko management is Ponzai train se utarne de apna maal saaman ke saath tau achi baat hai aur agar khalli haat utar de tau ham milege aap ko kashi me saat mileke ganga snan karenge Union ke nam.
Thik hai.
App logo ne apni union leader ka 2 face tau dekh hi liya hai aab
Avo ab humra doosra face bhi dekho
Challo ishi baat pe thodi kavita ho jaye thoda hashi majak ho jaye . Logo ka man bahelega aur thoda dukh bhi kam hoga.
Aur Saridon nahi khane pade gi aur chain se nind aa jayegi.
Aur Union ki levey bhari nahi lagegi.
Pesh hai
-------------------------------
Babu O Babu O Bank walle babu
Kya huva hai tum ko
Kyu latkaye apne moo ko.
kis ne Loot liya hai tumko
Biwi kaheti hai gahene lavo
Beta kaheta hai class ki fee lavo
Beti kaheti hai aaj tau sunday hai
Avo pappa bahet ke khaye ande.
Bank mai meniger kahta hai sunday ko ana hai
Ados pados ke log kahete hai Guptaji
Baink me hai khoob maal kamate hai.
Ek din bhi chuuti pe nahi rahete.
Union kaheta hai yeh saab pension ka load hai
Lage raho phir aaram hi aaram hai
raam raam jai raam raam raam jai raam
bechare Guptaji gujar gaye.
Office ki tabil par kaam karte karte heart attack a gaya
Union wallo ne aur Baink maneger ne chandan ka har bheja hai
( Family pension se kaam nipat gaya)
Babu o Babu O Bank walle Babu.
---------------------------------
Yaha kisi ko sambodh ke nahi lika hai.
Yaha hum sab ki roj baroj ki kahani hai.
Tu koi phi apne sar par na le le aur mujse se jhagdne na nikal pade . Mai tau retirement le ke Kashi ja raha hoo.
Agar milna hai muje tau kashi me Ganga ghat pe mera adda hai. Vahi hum roj bait te hai.
App me se koi avoge tau rabddi khilange aur phir thodi si bhang shang ho jaye gi phir jamegi humari baithak
All are Wellcome.
Humra dil bahoot bada hai.
Referring to solmar-May 17, 2010 9:03 PM
and
Jay Vijay-May 17, 2010 6:05 PM
Truth is always bitter.The correct procedure to know things is to submit an application under RTI act and get the information from any office.This right is given to every citizen.When I do not have any doubt the viability of pension scheme,I am not bothered about the views expressed in this blog.
My comparison with the salary of the maid servent of an MP's house and that of a bank employees still stands hold good.IBA has replied to an RTI application in the same direction.You will never get pay commission for bank employees unless all the banks are merged and controlled by the government.There is no change in my view point whether anybody understands or not.
I have earned the name of not approaching anybody(Either unions or Management)for any favours till date and that is enough for me. Not the openion of blog writers.
hello friends,
Please recollect who is the great personality who fulfilled our dream of this pension option to retirees.
some bloggers are educating the bank men serving to take pension/ pf.
One man organisation who faught alone . who spent his retiral monetary treasure for the cause of bank men.
A keralite from Kochi SHRI C N Venugopalan is the person who alone sailed the ship of pension to retirees , up to the Indian Banks SEA.
He needs our recognition atleast. Pl. opt for pension as a prasadam for your old age security.
friends,
HE can also sail our Big Boat of recovery of
156 % of banks PF/ 2.8 times of illogical recovery up to the door steps of the apex court of the Great India.
JOIN HANDS . JOIN PENSION OPTION.
C N Venugopalan said...
C N Venugopalan said...
Better Late than Never
Pension Option afresh has come after a period of 11 years after it fell due in February, 1999. The right to Pension was lost earlier on account of the silence of every one until latter half of 2006. As the deprived victims were driven out upto Apex Court for Justice and appeals were rejected in 2001, the matter was somewhat closed. The Government was not in favour of granting a fresh option on grounds of financial non-viability. And Unions agreed not to reopen the issue of fresh option in 1995 closing the door for ever.
The worthy leaders may, without prick of conscience, explain the silence observed in reopening Pension up to 2007. When Pension is paid under one and the same Pension Regulations, what is the justification in making fresh entrants make a contribution of 2,8 times their Nov., 2009 Basic.
What is the relevance of the date 27 Nov.2009 for commencing Pension to the retired? Have the Unions any authority to enter into an agreement for surrendering the Pension of the retired from the date of retirement to 26 Nov. 2009 and for agreeing to recover from them 56 percent of the CPF paid?
There was an MOU on 25th Feb, 2008 to settle within three months the issue of Fresh Option. If that time frame was adhered to, the retired would have earned Pension from May, 2008. Who is responsible for the loss occasioned to the retired? Have the retired not subscribed to and supported Unions till their retirement? Are the retired given justice, legal and socio economic?
Who propelled and prodded the Unions to put the issue of Pension , which was already a bygone thing in the charter of demands till Dec. 2006. We, the retired and working, who have all contributed to the growth of Banks and of Unions will together celebrate the Grand Gala Victory of 17.5 percent hike with our eyes shut so that we do not see the 40 percent hike Central Government gave to its five days working employees whose Salary and Pension are partly financed by the Bank Employees too.
ZINDABAD ZINDABAD UNION ZINDABAD
C N Venugopalan ceeyenvee at gmail.com 9484 2447994 09447747994
May 11, 2010 6:39 PM
Yes, let us move with closed eyes, when some one say truth let us close our eyes and ears and use harsh words to desist him.We should be obedient followers of our great union leaders.Because everything is "historical ".Dont compare with other wage settlements, we have no right for that.Because bank employees are not qualified as others.Most of them are back door entrants .So let us chant mantra "Unions Zindabad , Long Live Unions"
AIBOC's " 2ND OPTION ON PENSION – BARE TRUTH"
Who did the foul play? Read here http://www.mediafire.com/download.php?dgwnjzjtg2t
MR SHANKAR
TRUTH IS ALWAYS BITTER BUT YOU ARE UNABLE TO DIGEST IT.THE TRUTH BURRIED IN THE LAST SETTLEMENTS IS COMMING OUT AND THE MISDEEDS BY BANK MANAGEMENTS AND UNION LEADERS AND YOU HR PEOPLE HAVING LONG LONG EXPERIENCE OF HIDING THE TRUTH IS COMMING OUT AND YOU PEOPLE ARE UNABLE ACCEPT THE FACTS AND STILL TRYING TO COVER UP THE MATTER BUT THIS TIME YOU WILL NOT BE SUCCESSFUL.BAR BAR ZUTH KEHNESE WO SUCH NAHI BANTA REMEMBER THIS FOR FUTURE
NOW AT LEAST AFTER RETIREMENT DONT TRY TO BE MOUTH PIECE OF IBA/MANAGEMENT AND CORRUPT UNION LEADERS.BETTER YOU KEEPYOURSELF AWAY FROM THE DEVELOPMENTS.
WHAT A STRAIGHT SIXER BY SOLMAR ?
KEEP IT UP AND OPEN TO ALL UNION LEADERS BLIND SUPPORTERS.
MY THANKS TO YOU.
Referring solmar 18, 2010 9:00 PM:
No one is here a mouth piece of IBA or UFBU. For any valid reason one may deliver his anguish against leaders. But the fact is that, administration on various HR subjects are more or less under the control of unions in PSBs. To get the things in order based on ground reality is a herculean task.
Thanks.
Unions are asking us levy and patting their own selves to give you pension option
But this one man Army Shri C. N. Venugopalan and Shri Krishna Iyer (Former Supreme Court Judge) whose cases are studied by law students
are the lone sterar for the pension option which you all have received.
Esp Shri Venugaplan is the only person a single man army who has lonley fought for all of us. because of him we all have got this pension option
Read the true fact about the real hero of this pension Option.
Shri Venugopalan
Humari Laal Sallam kabul karo.
Kudos to you for your dedication.
A request to you to take active part now and form a Union to actively solve the problems of banksmen.
I would be the first person to join your Union if you intend to start. And also conveying you the Ashirwad given to you from my Guru Babaji( Siddha from Kashi)
http://bankpension.blogspot.com/2008/09/letter-to-shanta-raju.html
All Pf & pension Optees.
Instead of paying levy to these Union leaders who only want 5 star luxuries & laal sallam. Donate that amount to Prime Minister's Relief Fund which will be used for a better cause rather then giving your hard earned money to these union leaders who will waste them on their luxories.
If we can do this then imagine 7 lacs banks employees sending 4 % levy to Pmo's Office instead of Union will definaetly create a talk on Tv & media. And also PM will have to give us his ear to listen our problems.
Acchha Idea hai was given to me by my Guru Babaji ( Siddha at Ganga Ghat metting Kashi)
Another article of which Hindu news paper had published long back but i found it today from google search.
This proves what i am saying since so long and some people didnt like d my speaking the thruth.
I would ask those people to go & write this to that Hindu paper Editor if you have guts.
SO BANKERS DONT PAY LEVY TO UNIONS CUT THEIR BLOOD SUPPLY AND INSTEAD SEND THAT 4% AMOUNT TO PRIME MINISTER'S RELIEF FUND.
PM SAAB KO HAMARI BAAT SUNNI PADEGI
BADA MAZZA AYEGA PHIR.
Any comments now.
Rajooo maine kaha tha na ki sebi ko Banks ke pension Funds ko investigate karne do
Loo aagayi Sebi Aunty
-----------------------------------
Pension schemes may be next on SEBI radar, say fund managers
-------------------------------
Industry experts feel that SEBI's proactive stance in the case of ULIPs has more to do with regulating the exorbitant distributor commissions than the product.
--------------------------------------------------------------------------------
Our Bureau
Mumbai, April 14
After united-linked insurance policies (ULIPs), will pension funds be next on SEBI's radar?
Pension fund managers fear that pension schemes regulated by the Pension Fund Regulatory and Development Authority (PFRDA) could be a potential target for SEBI to assert its jurisdiction.
While asserting its regulatory authority over unit-linked plans, SEBI had highlighted the investment component in them to justify its stance. Pension fund officials say that SEBI could use the same logic to assert authority over the pension schemes as well.
Pension scheme for the unorganised sector provides the option to investors of investing most of the funds in equity markets.
In the other schemes also, funds are invested in the equity markets.
SEBI's objective according to the SEBI Act is to protect the interests of the investors and maintain the integrity of the securities market. Whatever activity that takes place in the market through the exchange mechanism is directly or indirectly regulated by SEBI. So the buying and selling of equities by the insurance companies comes under SEBI's purview.
That is why legal experts question the need for SEBI to regulate the product, which in the current controversy is a ULIP. “The product (ULIP) does not per se create any market asymmetry or turbulence. Then why should SEBI look to extend its jurisdiction over it?”
Industry experts feel that SEBI's proactive stance in the case of ULIPs had more to do with regulating the exorbitant distributor commissions than the product. Due to this, SEBI may not look to encroach upon the jurisdiction of PFRDA as pension products do not have commission structures. Instead, they are fee-based.
Also, the PFRDA Act has not been passed as yet. PFRDA has only signed investment management agreements with the pension fund managers.
“Till the PFRDA Act is not passed in the Parliament, the conflict will not arise. When the Act does get passed, it will take care of the problem of multiple regulators,” said a PFRDA official.
MR CHANDAN AND MR MMLGUPTA
WHY ARE YOU TRYING TO COVERUP THE BAD DEEDS BY BANK MANAGEMENTS ANF UFBU LEADERS AND GLORIFYING THEM.MR CHANDAN SAYS ALL THE HR MATTERS ARE IN THE HANDS OF UNIONS IF THIS IS SO THEN THERE THERE IS NO NEED TO RECRUIT/APPOINT HR PEOPLE IN THE BANKS.
MR MML GUPTA DISAPPEARED FROM THIS BLOG IN FEB 2010.HE WAS ADVISING THE MEMBERS TO BE COOL AND WAIT FOR THE OUTCOME OF MOU ON 27-02-2010.MR GUPTA WHAT HAPPENED AS USUAL NO SETTLEMENTS WAS SIGNED NOTHING HAPPENED.PLEASE FORGET THE GOLDEN HISTORY AND AT LEAST NOW ACCEPT THE FACT THAT THERE IS NO LEADER IN UFBU HAVING GUTS LIKE OLD LEADERS.THESE NEW GENERATION LEADERS HAVE SOLD COLLECTIVE WISDOM AND COLLECTIVE BARGAINING POWER TO IBA AND GOI FOR HANDSOME CONSIDERATION KNOWN TO THEM,THATS WHY THEY ARE KEEPONG MUM ABOUT THE RESENTMENT OF MEMBERS ABOUT THE SO CALLED HISTORIC SETTLEMENT.IF THEY HAVE GUTS ASK THEM TO CLARIFY THE ISSUES RAISED BY MEMBERS TO THEIR SATISFACTION.
MR SOLMAR,
AGAIN STRAIGHT SIXER ON NO BALL.
I THINK MR. CHANDAN IS TRYING TO FRIGHTEN MEMBERS WITH THEIR STATEMENT.
YOU KEEP IT UP.
" DAR GAYA WOH MAR GAYA"
Jay-Vijay
How are you ?
SHAKUNI AND MANTHARA can't give victory to Duryodhan and Kaikey even after their bad intense and play.
Please continue your good efforts for banking fraternity.
Referring solmar 19, 2010 9:29 PM:
Chandan and MML GUPTA are not one and same person. So please don't my name with any other. Mr solmar, I don't know how old are you in bank service. But from your comments it appears to me that you are quite inexperienced or love to pretend to be inexperienced in the subjects that you have expressed in the blog. I was in central govt prior to my joining here and absolutely there was no need on my part to switch over to this job. But three/four SBI employees misguided me, for which today I am here in this industry. From the very beginning of my joining, I dislike these union leaders for their 420 attitude. Please note my disliking doesn't change their world. It is deep rooted.
Regarding H.R. issue in banks, as on date unions are supreme in these matters. Final decisions, atleast in award staff matters ,comes from them.There are IAS officers, but they are not above Ministers. The same thing between H.R. people and unions prevail in bank. This is India. System can't be changed overnight. This hard reality all have to accept. So please deliver the subjects/opinion that practically can possible right now. Please note I am also shocked with 17.5% hike. These union leaders are generally not good students in education during their academic life and developed a mania to celebrate for nothing. I am not in that group. But I also not like to shout like you people. PAGAL KUTTA NE MUJHE NEHI KATA HAI.
Thanks.
this refers to Mr. Shankar's opinion on MP'S maid servent vs bank empl pay.
I still treat his views as being projected by some one else.
What does he mean by total control of government!
If you mean control through stake holding, all PSBs are fully controlled by govt as govt is holding more than 50% shares in all PSBs without exception.
If you mean control through administration, than PSU Navratnas are more independent than the PSBs but they even better than pay commission rcmndns.
Regarding merger, if govt wants merger no one can stop,however govt is divided on the policy as it is apprehended that monopoly of some banks may create problem after merger.Here again there are many CCLS(BCCL,CCL,-COAL INDIA---),
Govt has yet to merge them but the are covered by pay comsn.
Since u have counted two example as obstacle as above,you should come forward and establish ur position once again if MP's MAID UR OWN IDEA!
Do not tell us what IBA SAYS as they may advise u to accept nil increase in ur pay in nest BPS.
For any other reason if any bankers do not deserve pay comsn parity as you say very boldly then why do not u fire first to the UBFU, which had put 40% salary increase demand in the charter of demands in 9th BPS.They did not consult a person like you or played a foul with members?
Since u work 6 to 7 days a week, earn tons of profits with all ur sincerity ,why do u feel so demoralised and why do not put ur effort to change the rule in place, at least u can raise ur voice for .
Thanks!
Referring Skumar 19, 2010 10:11 PM:
The game is over on signing of BPS. I have already drawn my arrears yesterday around Rs 95000/-. Pension issue will be over within another one month. So what's the use to fire these missiles in air ?
Thanks.
CONGRATS ! -MANJILE AUR BHI HAIN!
Referring rishikesh 19, 2010 10:32 PM:
We are not NABARTNAs in financial sector of our country. RBI, NABARD, SBI can demand it. but not nationalised banks.
PSUs wage revision has some sort comings compare to sixth CPC. You should go through it before commenting. In case of PSUs 50% Dearness Pay is rolled back. In CPC Cabinet restored DP. In sixth CPC there is no stagnation in pay scale. But in PSUs there are stagnation increments like bank.
Thanks.
Instead of paying levy to these Union leaders who only want 5 star luxuries & laal sallam. Donate that amount to Prime Minister's Relief Fund which will be used for a better cause rather then giving your hard earned money to these union leaders who will waste them on their luxories.
If we can do this then imagine 7 lacs banks employees sending 4 % levy to Pmo's Office instead of Union will definaetly create a talk on Tv & media. And also PM will have to give us his ear to listen our problems.
Acchha Idea hai was given to me by my Guru Babaji ( Siddha of Ganga Ghat Kashi)
Mr.Chandan
Its not for arrears or pension option.Its for your covering of unions and leaders and you want to frighten members with topic of HR and Unions relationship.Those days gone.What is reality every member knows,so help for encourage members to fight against failed leadership.you cannot disagree with What is going and developing now days,Its never seen in past against union leaders.And What is the experienced ? You, Me and every banker has seen most experienced leaders collective bargaining power and use for What?
You accept or not but from your every comments smell of union leader is come.Red is Red and Blue is Blue.Whose game is over leaders or members? Smell comes from these words like leaders has play game with us and now their game is successfully over.Without any hesitation you may told to everybody please don't speak against leaders What they do accept and What they tell do with closer eye.I have read in one union circular that UFBU has only 2 options 1. reject and forgot pension and start agitation. 2. accept and sign. Not follow 1st option is a good leadership ? And they have followed 2nd is good, Can you believe this leaders follows 2nd option for welfare of members ? No. In fact they have no courage to fight for justice.For Why all are knows very well.actually leaders has not done proper homework.And What result got every knows.So, don't try to cover them,if you don't able to give moral support to other then don't discourage also.
Caravan gujar gubaar dekte rahe
All time this happens after every settlement.
But this time caravan gujar jaye gaa us ke baad toofan ayega
This is a silence before a big storm
Just keep patience
Everywhere there is dis satisfaction
Aadmi aadmi ke dushman ho gaye hai tau toofan ko tau ana hi hai Yeh tau kudrat ka niyam hai.
Amanat me Khayanatt jaisa kaam kiya hai Union wallo ne
(The real hero to get pension option to all pf optees.)is
Shri C.N VenuGopalan and a letter to Pm From former Judge of Supreme Court Shri Krishna Iyer.
Thanks for all this you both have done long long back before the Unions took this Issue. Infact letters & articles from Shri venuGopan from His Retierd fund to various Govt Offices/Iba/Pm and also to Union Leaders had made Unions understand this otherwise the mantle of Unions would have lost log back.
So the real Hero is Shri C. N. Venugoplan.
Now everybody knows this what Unions have done so many yearsand so people all pension & pf optees are not going to tolerate them hereafter.
Any Comments are wellcome.
Agar koi monthly fees aur levy se jyda paise de tau is kaliyug ka addmi tau party badal lete hai.
Aur sabhi Unions waise tau political party se hi tau affliated hai.
Bat itne sallo se Unions wallo ne hum sab ka brain wash kar diya hai.
Woh bhi highly educated logo ka.
Even dock workers bhi is tarah ki unjustice nahi sahen karta hai.
Look how Bsnl people got Hra as per Central govts formula. because of indefinate strike.
Has any Union leaders till this date given any strike call for the wage settlements.No
Infact they are only interested in their members roll call and that is why they are interfering in banks merger & Govt policies.
Kya is liye hum fees dete hai ki weh log Govt 's ke plan main dakhal andajai kare.
Is tarah tau hum sabhi Govt ki ank main dushman ho jatae hai.
Kaise phir Govt humari baat
ya humari problem sunegi.
Union leaders ko koi mandate nahi hai bank merger aur Govt ke Plan me interfere karne ki hum logo ki taraf se.
Yeh log India & Indian Govt ke dushman hai. Unko saath dene se hum apne futre bigad rahe hai.
Because of this Govts have not listen to our problems.
Tau aaj ke baad agar unions ki man mani nahi challani hai then dont go on any strike calls.
Referring Skumar 20, 2010 1:29 AM:
Tell me, whether you are a pension optee(old) or PF optee(presently bearing 2.8 factor).
Thanks.
refers cot chandan 19.05.10/ 10.32p m .
Dear chandan u hv good knowledge but pl do not rush to respond at random.
I hv not termed banks as NAVRATNAS
anywhere.
Criteria for a PSU to become Minratna :
refers to chandan that RBI,NABARD can demand of navaratna status, here are some paras and u can judge youeself if RBI, NABARD CAN DEMAND?-
Criteria for a PSU to become Minratna :
A profit making company for the last 3 consecutive years
Networth should be positive.
If a company fulfills 1 & 2 above, then it is a Category 2 Miniratna.
If a company fulfills 1 & 2 above and has a Pre-tax profit of 30 crores or more, then it is a Category 1 Miniratna.
RBI is an autonomus body and being NAVARATNA even question does not arises.
dear friends,
we should face the reality now. pension/wage settlement is over. no one ,other than the apex court , change the terms of the settlement. Yes. political pressure from sonia ji can mend the order of recovery of 156%/2.8 times . both can direct the worthy Finance Minister to redress the dispute over date of effect of the pension and over the arbitrary recovery from thr new optees.
klindly think seriously. pl. stop unwarrented discussions.
pl. try to reach with the ruling party. make representations, make appeals to general bankers.
pl. also try to search a person who can lead us in the court of law. make a E trade union through net. select a guide.
accumulate big funds. If we succeede we all will get 10 to 12 lacs arrears on account of pension arrears from the date of actual retirement/vrs anot from an arbitrary / illogical date ie. 27.11.2009.
search for a reliable boat-man who can sail our boat successfully.
From this blog I come across the about one gentleman Sh. C N VENUGOPALAN from KOCHI . HE is the architect of this second option of pension. various posts in this blog tagged HIM as a one man army. they shouted that bank employees owe to Mr. VENUGOPALAN .
HE is from KERALA and I belongs to Uttar pradesh.
Friends.
pl. give him your LETTER OF AUTHORITY TO FIGHT THE CASE FOR THE WELFARE OF THE BANK EMPLOYEES IN THIS PENSION OPTION CASE>
Friends.
I am pasting His post "Better Late Never"
9TH BIPARTITE SETTLEMENT – IMPLEMENTATION and INCOME TAX EXEMPTION ON CONTRIBUTION TOWARDS PENSION FUND"
109 Comments - Show Original Post
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C N Venugopalan said...
Better Late than Never
Pension Option afresh has come after a period of 11 years after it fell due in February, 1999. The right to Pension was lost earlier on account of the silence of every one until latter half of 2006. As the deprived victims were driven out upto Apex Court for Justice and appeals were rejected in 2001, the matter was somewhat closed. The Government was not in favour of granting a fresh option on grounds of financial non-viability. And Unions agreed not to reopen the issue of fresh option in 1995 closing the door for ever.
The worthy leaders may, without prick of conscience, explain the silence observed in reopening Pension up to 2007. When Pension is paid under one and the same Pension Regulations, what is the justification in making fresh entrants make a contribution of 2,8 times their Nov., 2009 Basic.
What is the relevance of the date 27 Nov.2009 for commencing Pension to the retired? Have the Unions any authority to enter into an agreement for surrendering the Pension of the retired from the date of retirement to 26 Nov. 2009 and for agreeing to recover from them 56 percent of the CPF paid?
There was an MOU on 25th Feb, 2008 to settle within three months the issue of Fresh Option. If that time frame was adhered to, the retired would have earned Pension from May, 2008. Who is responsible for the loss occasioned to the retired? Have the retired not subscribed to and supported Unions till their retirement? Are the retired given justice, legal and socio economic?
Who propelled and prodded the Unions to put the issue of Pension , which was already a bygone thing in the charter of demands till Dec. 2006. We, the retired and working, who have all contributed to the growth of Banks and of Unions will together celebrate the Grand Gala Victory of 17.5 percent hike with our eyes shut so that we do not see the 40 percent hike Central Government gave to its five days working employees whose Salary and Pension are partly financed by the Bank Employees too.
ZINDABAD ZINDABAD UNION ZINDABAD
C N Venugopalan ceeyenvee at gmail.com 9484 2447994 09447747994
May 11, 2010 6:39 PM
Referring rishikesh 20, 2010 7:20 AM:
Navaratna status for banks, here I mentioned as a symbol to compare them. I am much aware of the criteria of those things.
Thanks.
TO
ALL UNION LEADERS
dear friends,
IMPLEMENTATION OF BIPARTITE AGREEMENTS in case of officers
on ADHOK basis pending ammendments in
officers service regulations by respective banks.
our REQUEST for
EARLY
pension option from retirees
should be invited immediately
because they are loosing their commutation factor
minute by minute. retirees already lost their pension arrears for about 10 to 12 years from their actual retirement date.
it is now prayed
before all the unions
to ask for interim applications for pension options
by the retirees/ and widows who intends to opt for pension now
as per settlement dt. 27.04.2010.
unions said...........
IBA has already dispatched the agreements for wage revision and pension option to all the Banks for information which will be circulated and okayed in the respective Bank boards.
Meanwhile IBA informs us that they are awaiting approval of the Govt., for payment of salary and arrears on adhoc basis which is expected within the next one or two days. As soon as Govt., approval is obtained IBA will advise Banks to pay the revised salary and arrears in the respective Banks on dates to be decided by them.
please save the retirees for further erosion of their pension/ commutation etc.
THANKS>
ashok goel
20.05.10
HAD THEY BEEN WORKING AS BANK LEADERS OR DUFFERS. WHY COULDN'T THEY OPT PENSION IN THE FIRST GO. NOW THEY HAVE SURRENDERED EVERYTHING OF EXISTING WORKERS FOR THEIR PENSION THAT IS THEIR LIVELIHOOD AND THEY SAY THAT THE PENSION IS SOMETHING EXTRAORDINARY BENEFIT THAT OTHER INDIANS WORKERS ARE NOT GETTING AND ONLY THEY COULD GARNER THE COURAGE TO ACHIEVE IT AT THE COST OF THEIR FOLLOWERS. I DONT KNOW WHY THEY ARE UNABLE TO RENOUNCE THE LEADERSHIP EVEN AFTER THE PITFALL AND SUCKING THE BLOOD OF MEMBERS.
Referring Rahul Srivastava 21, 2010 9:55 PM:
In 1993 AIBEA & AIBOA advised bank employees/ officers to opt for pension. But BEFI & AIBOC discouraged their members in opting pension only to satisfy their union rivalry, existed during those days. BEFI was the main culprit in this subject and now in 2010 both the unions (BEFI & AIBOC) sing a different tune than that of the tune they sang in 1993 in pension matter, on opting.
Thanks.
Referring chandan
May 19, 2010 10:32 PM
The game is over on signing of BPS. I have already drawn my arrears yesterday around Rs 95000/-
pension optee
Chandan babu zindabad
Looks like Chandan babu have not paid unions 4 % levy but should have paid 10% tds anyway a good lead taken by pension optee chandan babu for not paying 4% levey who have already drawn his arrears of Rs 95000/- as said by him.
All pension Optees & pf optee take a lead from our brave & macho Chandan babu to not to pay levy and take your full withdrawals of arrears.
Chandan babu zindabad.
Thank you Chandan babu to inform this to all of us.
BANKMEN BE AWARE, PICK POCKETERS ARE AROUND YOU!!
NOW, THE ARREARS IS BEING DISBURSED. THE PICK POCKETERS ARE CLOSELY WATCHING YOUR MONEY AND THEY ARE ON THEIR JOB.
DONOT LOSE YOUR HARD EARNED MONEY TO PICK POCKETERS. DONOT PAY A SINGLE PIE. SAVE IT FOR COURT CASE TO BE FILED SHORTLY AFTER AVAILING PENSION BENEFIT. PLEASE KEEP ASIDE AT LEAST RS. 5000/- AS CONTRIBUTION FOR COURT CASE. VICTORY WILL BE OURS.
Please anyone tell here when officers are getting revised salary
Referring Jay Vijay 22, 2010 3:55 AM:
Levy 4% has been paid to AIBEA from my arrears. As I am a pension optee, apart from 17.5% factor, I shouldn't have any other factor to be dissatisfied like PF optees. Rather due to ignorance of these PF optees in 1993/95, in ninth BPS 6.05% had to be earmarked from total load, otherwise I would have been drawn arrears around Rs 125000/-.
Thanks.
NB: Earlier post removed and repost due to a typographical error
Dear Chandan,
Not due to ignorance but due to misguidance of these Union leaders and it is on record everywhere.
that in 1993/95 the existing pf optees didnt opt pension and secondly after these Union leaders struggle to remove the strike clause they/neither Bank Management cared to inform their members about it which is even put on record My former Supreme Court judge Mr Krishna Iyer In his letter to Prime Minister Dr. Manmohan Singh.
And as per the law of Land this is termed as breach of Agreement on part of Iba/Banks and breach of Trust on the part of Union leaders towards their comrades with whose money they enjoy 5 star Luxories of life and this is a big blot in the Indian banking Industry who are having literate well educated people who are under full control of these selfish Union leaders.
This no pension optee or pf optees deny NOW unless they are near & dear to these union leaders.( in short their chamachas)
TO,
Mr.G.C.Kumbhat,
I am a vrs pf optee retired in may 2001.My basic was 13560 and FPA 340
Can youtell me how to calculate my basic pension.I UNDERSTAND BASIC was refixed with effect from 1.5.2005 as per 7th bi settlement for vrs retirees
regards
suchita
TO,
MR.G.C.KUMBHAT
I am a vrs pf optee retired in may 2001.my basic was 13560 and fpa
340.CAN YOU TELL ME HOW TO CALCULATE MY BASIC PENSION .I UNDERSTAND BASIC WAS REFIXED WITH EFFECT FROM 1.5.2005 AS PER 8TH BIPARTITE SETTLMENT FOR VRS PENSION OPTEES.I WAS A SCALE 1 OFFICER AT TIME OF RETIRING.
HELLO JAGDEESH,
You have not mentioned your date of birth, date of appointment, etc,
pl. locate in 2001 FPA was 429 [pm.
of which 380 was ranking for PF (IN delhi).
no. for your pension calculations the revision of 2005 is irrelevent. pension will be fixed on your last 10 months average basic drawn just before your date of retirement.
also mention your date of retirement. pl. mention your mail ID.
ashok goel .
Referring Jay Vijay 22, 2010 1:59 PM:
Disagree to agree with your view. It is sheer ignorance or over-smart on the part of PF optees for not opting pension in 1993/95. Maximum number of members of AIBOC and BEFI didn't opt for pension as per the decision of their unions. AIBEA under the leadership of Tarekeswar Chakrobarty asked all bank employees/ officers to opt for pension unhesitatingly. It was an inter rivalry among unions during those days.
I suggest all PF optees, not to cook much on this issue and must opt for pension. This is not the time for fighting in court etc for this mere 2.8 factor. Mr C N Venugopalan already advised to all PF optees in this matter in the same line.
Look, this is an offer. One may accept it or not according to his/her sweet will. No offer can be challenged at court of law for a victory. So Mr MADAPA's advice on May 22, 2010 6:00 AM to preserve Rs 5000/ for a court case in lieu of union levy is to be ignored.
Thanks.
if pension optees can change the iba stand with a writ petition then pf optess can unearth the truth and can file a case as it is they are going to use 2.8 let them keep aside 5000 more for court cases.It is their money & their will we cannot force anyone.you are sayig asif you are speaking on behalf of unions.
Now all pension optees & pf optess have come to a conclusion that all these years Union leaders have cheated them.
And this you should not forget that even pension optees have also been cheated.
From your talks it looks like you are a pawn of union leaders here.
Then it gives more strength esp to the pf optees because your such advice is working the other way
I am also a pension optee but the thruth is thruth and i dont beleive in partisan among pf & pension optees which is the method used by union leaders 7 that will spoil our Banking Industry.
They are only concerned with the rolls to hell with this unions & their union rivalary We are not illiterate dock workers to be the pawns of these so called retired selfish union leaders.
They are enemy of India & Indian Govts plans they call strikes for stalling bank mergers but they have newer given any strike calls for wage revision.
Is this for we give fees & levy.
They fight with Govt and that too without our mandate.
We have not given mandate to go on strikes for banks mergers.It is because of unions rivalry & rolls they are doing.
Otherwise would have got better pay like the Bsnl employees did recently.
It is foolishness on our side insite of being educated we are obeying orders of these union leaders.
By obey orders of these Union leaders our postion has become critical because they are anti Indian for they are stalling Govts plan.
So Govt is now not interested to solve our problems whereas other psu's get their problem solved by strikes.
Our Unions dont strike for wage they strike for to stop Govt plans.
This all pension optees & pf opttes have now understood when they compare the 17.50% wage revision.
It is a winn win situation for All banks which are good profitable. And the Union leaders act as our agent and get us less wage revision for a good cut too.
Things are unearthing little by little and days are not far when everything would be opened.
If it is not then let us all demand 10 years accounts of our Unions let all india level& local Union leaders declre their & and theire familys assests.
Do they have guts to do this if they call them selves clean.?
but somebody somewhere will pull it then everthing will be open.
Mr. Jagdhees 22.05.2010
I am giving here the formula for calculation of pension.
(1) Total of pay(basic pay +FPA incremental portion + PQA) drawn during the last 10 months of qualifying service including the month in which the employee retired.
Rs………….
(2) Average emoluments for the purpose of pension i.e.
Total as per (1) above divided by 10
Rs…………
(3) Updated basic pension
50 % of (2) above x Number of years of qualifying
Service (Max. 33 years) divided by 33
Rs…………..
(4) Basic Pension (Rounded off to next higher rupee) Rs………….
G.C.Kumbhat
Ret. Manager SBBJ
TO
MR AKGOEL
THANK YOU FOR REPLYING TO MY QUERY.
MY NAME IS SUCHITA I USED MY HUSBAND'S EMAIL AC.EMAIL ID IS TRANSTEK1@GMAIL.COM
MY DATE OF BIRTH IS 17.5.1954
MY DATE OF APPOINTMENT AS CLERK IS1.5.1974.I WAS PROMOTED AS OFFICER IN APRIL 1983.I TOOKVRS (PF OPTEE)
ON 31.5.2001FPA WAS FREEZED AT 340(PF RANKING) WITH RS5 AS DA WITH
EFFECT FROM 1.11.97.
REGARDS
SUCHITA
1.
Referring Jay Vijay 22, 2010 7:16 PM;
It appears that you have a personal grudge against your present or previous union or any particular union leader on any personal matter, like transfer or a domestic enquiry etc. I feel you feelings against union leaders(off course they can't be saints) is a demonstrate effect of that and your grudge is also out of proportion.
Many times you refer BSNL on a comparison of wage revision. Please note, I am an erstwhile employee of Department of Telecommunication in 1992 prior to my joining in bank. I have many friends in BSNL and we are regularly discussing the subjects of this organisation. BSNL salary revision is a revision for ten years. Their next revision is on 2017, if this organisation exists by that time. Ours is in 2012.
On HRA in banks, it is a set back for award staff members. Officers are getting lease accommodation and in SBI in Major A centres for a scale-I today it stands around Rs 11000/- to Rs 12000/-. It is more than 40% of his basic and exempted from income tax. Similarly on conveyance Officers are getting fuel reimbursement. It is a grim picture for award staff members of nationalised banks on this conveyance as on revision it is only Rs 225/275.
You don't have any knowledge on CPC. If you think, you have it, then draw a comparison between Fourth CPC and Sixth CPC. Then only I will acknowledge your knowledge on this subject. Otherwise writing a lot on this blog like a yellow journalist does not boil the rice. I am quite rational and get myself informed on various developments on service conditions time to time. On what logic you are singing the same tune, "LEADERS ARE CHEATERS, LEADERS ARE CHEATERS" I don't know. Are you expecting that saints from the Himalayas will come and be our leaders in this Kaliyug? Please be practical and as you are a pension optee, please don't dig a hole to recover the deficit amount of pension fund from you, me and other pension optees. Don't cut off your nose to spite your face.
Thanks.
refer. post of Mr. Jagdees
attention of Mrs. Suchita.
for your information.
I am pasting the information.
Suchita ji,
your service in bank arrives 27 years and 1 month. You will receive grace for 4 years 11 months . thus your service will be treated as 33 years .
I presumed your 10 months salary average of salary = 13900
basic pension comes= 13900 *33*1/33*2= 6950
suppose you apply for commutation it comes= 6950*1/3= 2317
value= 2317*11.10*12= Rs. 308624.00
your total pension comes from 27.11.09 to 31.01.10 per month=
pension basic .=6950
-commuted portion= 2317
nett. 4633.00
DA on 6950 comes 5872.00
total 10505.0-------------
--------------------------
pension payable from 1.2.10 to july 10
nett= 4633
DA on 6950comes = 7080.37
total= 11713.37.
rs. 2317.00 which was commuted by u will berestored to u after 15 years from the date of credit of rs. 308624.00 in to your account.
pl. assess value of Bank's share of PF. add 56% of it . the value amount will have to refund to bank as a entry load for opting pension.
thanks, I try my best pl. excuse if any calculation comes otherwise.
ashok goel
Jagadeesh said...
HELLO MR. VENUGOPALAN
What is going on?
Blooggers are eagerly waiting for your post. Please organise a mighty organisation say E - union and pl. decide the future course of action to redress 156%/ 2.8 times dispute.
Have u receieved any acknowledgement from Prime Minister's office.
kindly guide the bloggers what they should do?
We are ready to send funds.
pl. allow me to paste your earlier comments dated 11.05.10
C N Venugopalan said...
Better Late than Never
Pension Option afresh has come after a period of 11 years after it fell due in February, 1999. The right to Pension was lost earlier on account of the silence of every one until latter half of 2006. As the deprived victims were driven out upto Apex Court for Justice and appeals were rejected in 2001, the matter was somewhat closed. The Government was not in favour of granting a fresh option on grounds of financial non-viability. And Unions agreed not to reopen the issue of fresh option in 1995 closing the door for ever.
The worthy leaders may, without prick of conscience, explain the silence observed in reopening Pension up to 2007. When Pension is paid under one and the same Pension Regulations, what is the justification in making fresh entrants make a contribution of 2,8 times their Nov., 2009 Basic.
What is the relevance of the date 27 Nov.2009 for commencing Pension to the retired? Have the Unions any authority to enter into an agreement for surrendering the Pension of the retired from the date of retirement to 26 Nov. 2009 and for agreeing to recover from them 56 percent of the CPF paid?
There was an MOU on 25th Feb, 2008 to settle within three months the issue of Fresh Option. If that time frame was adhered to, the retired would have earned Pension from May, 2008. Who is responsible for the loss occasioned to the retired? Have the retired not subscribed to and supported Unions till their retirement? Are the retired given justice, legal and socio economic?
Who propelled and prodded the Unions to put the issue of Pension , which was already a bygone thing in the charter of demands till Dec. 2006. We, the retired and working, who have all contributed to the growth of Banks and of Unions will together celebrate the Grand Gala Victory of 17.5 percent hike with our eyes shut so that we do not see the 40 percent hike Central Government gave to its five days working employees whose Salary and Pension are partly financed by the Bank Employees too.
ZINDABAD ZINDABAD UNION ZINDABAD
C N Venugopalan ceeyenvee at gmail.com 9484 2447994 09447747994
May 11, 2010 6:39 PM
My Thanks To Jay Vijay.
For straight sixers for some specials. Due to your hot and true comments some peoples are now underground.If any person speak lie 100 times will not become truth.
Keep it up.
You are right leaders are cheat us and then they are cheaters.There are lacs of members are telling leaders are cheaters then How can one blind supporter not ready to accept it.One man want to prove lacs of members are wrong.We can understand like he has some personal benefits so he is doing like.
No need of Knowledge of 4th CPC and 6th CPC for telling truth.
When leaders has negotiating with IBA then Where is their knowledge,collective bargaining power,experience has gone?
No need of any saint,gundas,neta We need leader Who likes members welfare.
Again Thanks for your right and hot temperament.
Referring Skumar 23, 2010 10:39 PM:
Service condition is not your cricket ground.It's a web. Not in lacs, you people even don't have hundred supporters. Why does it take 24 hours to get a comment on my post? Your group is posting here in this blog only non-issues for last couple of days, which have no impact right this moment. There are many diversity among PSBs and through unions in general and UFBU in particular, there is unity in diversity. I am also not happy with my union. But what to do? In our industry, to survive. an ordinary bank employee as I, certainly is in need of a trade union. Where from do you get a welfare leader? Note, this expectation is just a reflection of your imagination and nothing else. Take experience from post French Revolution scenarios from the leafs of history. So be practical and don't dig your grave with your own knife and fork.Opt pension.
Thanks.
Referring Chandan
May 19, 2010 10:32 PM
But from your comments it appears to me that you are quite inexperienced or love to pretend to be inexperienced in the subjects that you have expressed in the blog...
May 21, 2010 10:46 PM
In 1993 AIBEA & AIBOA advised bank employees/ officers to opt for pension. But BEFI & AIBOC discouraged their members in opting pension only to satisfy their union rivalry, existed during those days. BEFI was the main culprit in this subject and now in 2010 both the unions (BEFI & AIBOC) sing a different tune than that of the tune they sang in 1993 in pension matter, on opting
May 22, 2010 7:48 AM
Rather due to ignorance of these PF optees in 1993/95, in ninth BPS 6.05% had to be earmarked from total load
May 22, 2010 6:38 PM
It is sheer ignorance or over-smart on the part of PF optees for not opting pension in 1993/95.
May 22, 2010 8:13 PM
BSNL salary revision is a revision for ten years. Their next revision is on 2017, if this organisation exists by that time. Ours is in 2012.
May 22, 2010 8:13 PM
I am quite rational and get myself informed on various developments on service conditions time to time. On what logic you are singing the same tune, "LEADERS ARE CHEATERS, LEADERS ARE CHEATERS" I don't know. Are you expecting that saints from the Himalayas will come and be our leaders in this Kaliyug?
May 23, 2010 11:17 PM
Why does it take 24 hours to get a comment on my post? Your group is posting here in this blog only non-issues for last couple of days, which have no impact right this moment...
May 22, 2010 8:13 PM
please don't dig a hole to recover the deficit amount of pension fund from you, me and other pension optees. Don't cut off your nose to spite your face.
So friends, why we are arguing each other? Everyone should follow this AIBEA devotee's advise. .All of us are ignorant, let us follow this knowledgeble , cool headed , experienced person.If any doubts let us clear with him.
I have one doubt
All PF optees are belongs to BEFI/AIBOC only?No one from AIBEA?
Referring runtrial blog 24, 2010 9:26 PM:
During my school days my association was with RSS and today also I am a follower of VHP.In Telecommunication I was a member of BMS. I am no way a communist nor believe in their ideology. As in my bank in award staff AIBEA is a majority one, I was with them since my joining here.
Recall the days of SVRS-2000. Union call was something against this VRS, but how many listened to it. Union is just lead by a group of people. It is not essential that one will follow his/her union in each and every decision in service matter. I feel the cause AIBOC is for Officers, AIBEA for Clerks and BEFI for Sub-staffs.
The percentage PF Optee in AIBEA is more than AIBOC and BEFI. If you want, you can take a stock of the same statistic from IBA through RTI.
Your group here pretend to be intelligent, but I find you group is quite ignorant in many subjects and very stubborn in nature.God bless you.
Thanks.
Thanks.
Referring runtrial blog 24, 2010 9:26 PM:
Question:
All PF optees are belongs to BEFI/AIBOC only?No one from AIBEA?
Answer:
The percentage of non optee is less in AIBEA than BEFI/AIBOC. Maximum POs are non optees in nationalised banks.
Thanks.
Referring Chandan, May 24, 2010 11:52 PM
Your group here pretend to be intelligent, but I find you group is quite ignorant in many subjects and very stubborn in nature
There is no need to reiterate that all others in this blog are pretending and ingnorant .Everyone can understand whose face is reflecting in Mirror.
Thanks
Referring runtrial blog 25, 2010 6:30 AM:
Your group means you two/three blogers. I am not talking about rest.Where is your everyone?No one is with your group except you two/three.This atleast your group must realise.See my number of comments posted in this blog since AUG-2009 and then comment on me.
Thanks.
Ref Chandan:
May 25, 2010 7:02 AM
No group is needed to say "King is naked!"
Opt for pension and remove tenstion
this should be maxim for those who have not opted pension earlier.
The life in banking industry is full of tenstion.
Referring runtrial blog 25, 2010 5:57 PM:
No group is needed to say "King is naked!"
--------------------------------------------------------------------------------
A song for your encouragement from Tagore's English translation.
If they answer not to thy call walk alone,
If they are afraid and cower mutely facing the wall,
O thou of evil luck,
open thy mind and speak out alone.
If they turn away, and desert you when crossing the wilderness,
O thou of evil luck,
trample the thorns under thy tread,
and along the blood-lined track travel alone.
If they do not hold up the light when the night is troubled with storm,
O thou of evil luck,
with the thunder flame of pain ignite thy own heart
and let it burn alone.
Thanks.
ENHANCEMENT OF GRATUITY FROM 3.5 LAKHS TO 10 LAKHS IS TO BE EFFECTIVE FROM 24.05.2010-AS PER AIBOC WEBSITE
R JAYARAM
Kudos to Air India Management for de-recognising 2 unions and terminating the services of 17 office bearers and suspensing 15 engineers..
It is unfortunate that Banking Industry's Unions are all made up of retired leaders.
IBA, Bank Management & GOI should take note of this and hence forth any strikes called by Unions to stall banks mergers should be dealt with high hand if Govt wants Banking Indutry to survive.
Kudos to Praful Patel Civil Aviation Minister.Cgi
If INDIA wants to make a place in the world then All types of Union giri should be stopped and should brig a gag order also in banking Industry.
Crs of Rs will be saved also from staff's pocket for the monthly fees & levys collected by these union leaders who only strikes against Govts plans of megering banks.
Unke logo ke Baap ne Banks establish ki thi kya ?
Referring to jayaram-May 27, 2010 3:10 AM
The Gezette Notification is in the expected lines.
In AIBOC website a latter written by the labour minister(State)Mr Rawath to the General Secretary of AIBOC indicated that the suggession of giving effect of payment of gratuity from 01/01/2006has been kept in mind.
But the lobby of managements of private companies is strong enough to ensure that the labour ministry becomes helpless when the matter is helping poor workers/labourers.
The assurances is only an eyewash.This is clear discrimination between Central Government employees for whom the effective date was from 01/01/2006(Back dated)and employees of banks,wholly owned by Central Government.
Referring Jay Vijay 27, 2010 5:52 PM:
Unke logo ke Baap ne Banks establish ki thi kya ?
---------------------------------------------------------------------------------
Please mind your language.This type of word --Baap ne--- shouldn't be used.
Thanks.
Ref chandan,
Otherthan that word there is no fault in his writings. He is showing the hidden anger of all of us against unions. Do you really think they are really doing justice as union leaders to their members.
it is really injustice that the persons retired w.e.f.01.01.2006 to 25.05.2010 will not get benefit of enhanced gratuity where as central govt employees will get....sheer injustice with psu employees and pvt sector employees...total indiscrimination in democratic country like india...who are the persons responsible for this mischief...
M.C.Agrawal
REFERRING SHANKER SIR, MAY 27,2010
DEAR FRIENDS,
AN EMPLOYEE GOT RETIRED ON SUPERANUATION ON 31/03/2010 WITH BANK'S SHARE IN EPF ABT.1000000/-
LAST HOPE OF BEING COMPENSATED WITH THE ARREARS OF GRATUITY ENHANCEMENT ALSO SHATTERED.
QUITE A BIG AMT HAS ALREADY BEEN DRAWN FROM PF WHEN IN SERVICE.
MAY SOME DEARONE CONFIRM THAT HE WILL GET THE ARREARS OF LEAVE ENCASHMENT AND GRATUITY AS PER THE REVISED PAY AS PER 9TH BPS ( WHICH I THINK HE IS FULLY ENTITLED )
ALSO I WANT THE WORTHY LEADERS TO BE APPRISED THAT TO TAG A ANNEXURE TO 9TH BPS STATING THERIN THAT IF AN EMPLOYEE RETIRED AFTER 27/11/09, DATE OF MOU ( TO BE COMPLETED WITHIN 90 DAYS ) OPTS FOR PENSION THE BALANCE 56% LOAD BE ADJUSTED FROM THE MONTHLY PENSION AFTER COMMUTATION HE WILL GET BY MONTHLY INTEREST FREE INSTALMENTS.
THE PERSONS WHO HAVE TO GET THE MAX. BENEFIT OUT OF THIS 9TH BPS HAVE TO BEAR MAX. LOSS.
THANKS GOD,
SANWALA SALONA TERA NAM RE
MAY GOD GIVE STRENGTH TO THE PEOPLE RETIRED DURING THE PERIOD OF RECONCILIATION OF 9TH BPS, DATE OF MOU 27/11/09 TO 27/02/10, THE DATE THE SETTLEMENT TO BE COMPLETED AND TO 27/04/10 AND NOW TO 23/05/10
C H V = Chandan H Venkatachalam
Am I right ?
How unlucky were those who retired between Nov. 07 to March 2010. They have to pay 156 percent and not getting the benefit of gratuity enhancement which is applicable from May 2010. The last hope of gratuity has also gone. Will union leaders will listen to these employees and do some thing for betterment of these people.
Submissions
AGAINST THE ARBITRARY EFFECTIVE DATE OF PAYMENT OF PENSION I.E 27.11.09
AGREEMENT DATED. 27.04.10.
when the pension scheme was introduced offers were made to opt pension, at that time both the PENSION and CPF was on the same footings, because the scheme was optional.
1. As and when some material changes were made in the pension scheme, on all such occasions IBA/ Bankers were legally bound to open options to all who were in employment when the first offer was made either on such dates they were in employment or retired/resigned/ died/ in other words who ceased their employment by any means including dismissals etc. etc.
2. But knowingly Bankers and their association IBA did not ask/offer options at all times when such MATERIAL CHANGES were done by bankers or by court of laws .
3. By not inviting options for pension on such dates BANKERS did a blunder legal mistakes liable to be quashed and managements are liable to open the option of pension from the dates when such material changes were made by them.
4. By an act of non invitation/offer of pension on these dates Bankers done the legal wrongs between the two similarly Placed Set/Group of Employees who were parties at the time when the first options were invited.
5. The wrongful actions of the management of the banks are not only liable for a Declaration suit “To issue Fresh Options from such Dates” but for handsome compensations over and above the pension/and all the benefits available under the Pension Regulations. To make new offers for opting in pension scheme from such dates as and when such dates were arises, is the legal duty of the bankers /IBA even without the intervention of the Judiciary. Yes, for the part of compensations on such legal wrongs Judicial System will certainly come in to the picture and courts may be pleased to direct certain concessions/compensations/ as the humble courts of the country deem fit and proper for such LEGAL WRONGS.
6. I summaries some such Dates when the BANKERS should have ask for fresh options towards pension.
7. A. Just after the implementation of the Pension settlement of 1993 in 1995 A one Sided Offer was made by IBA “ THAT ANY PENSION OPTEE DESIROUS TO REVERT IN TO CPF SCHEME EVEN NOW IT CAN DO SO BY FILLING UP AN APPLICATION IN A PROFORMA ATTATCHED WITH IT.” Whereas this offers SHOULD BE THE BOTH SIDED “THAT WHO so ever WANT TO OPT PENSION SCHEME NOW CAN DO SO BY giving a written application.
8. The other date was arrived of their legal misdeed was 27.02.1999 when forfeiture clause of past service in certain cases, was quashed by the Apex court of the country.
9. From the year 2000 at the time of settlement when the Gap in pension fund of 8.25 % was shared from the wage bill which comprises also share of the employees CPF opted. BY such funding Bankers made the pension scheme more beneficial than it was at the time of first offer. The funding comes under the ambit of MATERIAL CHANGE and requires new offer before the SIMILARLY PLACED PERSONS/GROUPS./SET OF EMPLOYEES who were on rolls of the bank when the scheme was introduced and offers were made before them.
10. When 5 years benefit was allowed TO VRS OPTEES UNDER GOLDEN HAND SHAKE SCHEME OF 2000-2001. On this too management was under legal obligation to ask fresh options.
11. In 2005 when again at the time of signing of settlement 9.25% pension fund gap was shared by the CPF opted. ON this date too it was mandatory on the IBA/ Bankers to invite fresh options to the pension.
12. Again on 25.02.08 a fresh MOU was signed between IBA and the bank unions. This Date also requires fresh offers for pension option.
13. Again the date when partial updating was made by allowing 100% DA neutralization for retirees after 2002 though effective from 2005 was done. This was a case of SERIOUS MATRERIAL CHANGE which requires fresh offer from the bank employees who were in employment when the pension regulations effected.
ashok goel.
Referring Skumar 28, 2010 7:30 AM:
You are absolute wrong. Please note C.H.Venkatachalam is not a revolutionary leader. The legacy of AIBEA came to him from Tarekeswar Chakroborty.
My ideology is quite different to communist. Why should I step into the shoes of these leaders?
Here everything is in discussion and on debate. Nothing personal is here.
Thanks.
Referring harikrishna 28, 2010 7:30 AM:
I only requested him to maintain decency in expressions and nothing else.
Thanks.
CHV babu
Abhi tau real sangarsh ki survat bhi nahi hui hai.
Aur Chv ko pasina a raha hai.
Age age dekho kya hota hai.
Bhaiye ab tau Income tax walle bhi piche padne walle hai.
Sab kuch bech bach ke swiss bank me jama karva dau aur ek kutiya bandh ke us mai ja ke raho chv babu
Usi mai tumhari bhalai hai. aur haa apne chamcho ko saat le ke jana nahi tau ye ( bankers log) unko nahi bakshenge.
suna hai tum is blog mai cha chan ke naam se likhte hau.
Kya itna dar lagta hai ki apni identity chupa rahe ho.
Lol
Imaginary date of operation of payment ofpension.
------------------------------
Participants are humbly urged to suggest the future action/suggestions to the unions and management of the banks.
Submissions.AGAINST THE ARBITRARY EFFECTIVE DATE OF PAYMENT OF PENSION I.E 27.11.09
AGREEMENT DATED. 27.04.10.
-------------------------------
IN COTINUATION OF PREVIOUS POST.
-----------------------------------
14. On so many other dates when individual banks extended extra benefits to the pensioners which were not included in the original pension scheme. For example some banks were allowed/extended benefit to the pensioners of INTEREST FREE FESTIVAL ADVANCE Like the existing staff. This benefit was not released to retirees who opted for CPF. Legally this action of individual banks comes under the term of MATERIAL CHANGE which requires equal treatment between Pensioners/ CPF opted.
15. The date when Actuaries calculated the gap in funding new pension option.
16. There may be so many examples of the above nature. Which tantamount to MATERIAL CHANGES IN the pension scheme which voids the offer itself and requires a fresh offer to accept/or not to accept to become a valid agreement.
17. When the unions went to the Finance Minister for kind intervention over the difference of opinion about effective date of pension. The Minister concerned at his own dictated that pension can be affected from 27th April, 10. His announcement neither based on the demand of the unions nor based on Pension Regulations. It can be argued by the office of the Finance Minister that 27.11.09 is the date of MOU. It is not correct the date of the First MOU was 25.02.08 as signed by the parties concerned upon the advice of the office of the Finan ce Minister concerned.
18. Above discussion clearly establishes that the effective date i.e. 27.11.09 is an imaginary as well as an arbitrary date.
19. The legally effective date of pension payment comes “From the Date of Retirements and/or cessation of employment by what so ever means”.
20. The Pension Regulations clearly speaks about the “CLASSES OF PENSION” and clear clarification that when pension shall be granted?”
21. Superannuation pension – shall be granted on his attaining the age of superannuation.
22. Premature retirement pension- shall be granted who retires in advance the age of superannuation.
23. Pension on voluntary retirement- shall be granted when his request for such retirement accepted by the bank. Under rule 17 of the regulations.
24. Invalid Pension- will be granted when he followed the requirements under rule 18 of the regulations.
25. Compassionate allowance – shall be granted who is dismissed or terminated from service shall forfeit his pension except as provided for in regulation 19 of the regulations.
26. The pension agreement also stops widows to get their family pension from the date of death of their spouses. It is the law of the land and also a case of clear common sense that family pension shall be granted to the spouses from the date of death of their spouses.
27. How strange, this settlement says that such spouses will not be granted Family pension from the date of death of the employees concerned but from an imaginary date i.e. 27.11.09 dictated by the office of the Finance Minister .
28. By signing pension settlement on 27.04.10 parties of the settlement are not framing any new pension scheme. It is the scheme which came in to effect vides pension settlement dated. 29.10.93 extending one more option to enroll in pension fold. Pension settlement says that actual payment of pension in all cases shall commence from 1.11.93. How office of the Finance minister can direct that effective date of pension will be 27.11.09.?
ashok goel
Referring to ashok-May 28,2010 9:19
AM
Please go to link
http://www.bankflash.blogspot.com/
You will find which are the benefits retirees and serving employees are getting as per 9 th BPS now.
Somebody please answer my basic question credibly,"Why the hell the cost of pension should be shared by the employee when in Central and state service the pension liability is fully borne by the government?". Why not banks include this amount in Staff Cost?.
REPRDUCE BY ASHOK GOEL
---------------------------------------
DELHI HIGH COURT ISSUES SHOW CAUSE NOTICE
Report :
It has been reported (by kamlesh.chaturvedi@yahoo.com) that : "Hon'ble Delhi High Court has issued show cause notice to Union of India and Indian Banks Association over 2.8 times deduction from revised Pay for November 2007 for availing 2nd Option of Pension. Next date fixed is 30th July 2010.W.P. (C) No. 3729/2010 has been filed by our Delhi State Unit Members.
Case filed by All India Punjab National Bank Workers Federation before Division Bench of Hon'ble Allahabad High Court is also pending and would come up for hearing at any time during the next week.
Several Memoranudm signed by thousands of Punjab National Bank Employees have also been sent to Indian Bank's Association against contributory pension scheme and recovery of contribution from arrears of salary revision"
Impact :
We are of the view that it will not have much impact on the already signed settlement, but creates a fear and uncertainty among the bankers. HC has merely issued notice and has not stayed the proceedings of the settlement and thus banks can continue with payment of the arrears and issuing the circulars for the same.
What Should be the Stand of Unions / IBA and Banks:
Most of the bankers are frustrated due to the meager increase in salary and the way the issue has been handled by the union leaders. Frankly speaking no one is against the pension option. Most of the PF optees (at least who are in service) want to exercise the pension option and switch over to the pension mode, but they are agitated due to low increase in salary and sudden payment of 2.8 times of November, 2007 salary instead of 1.6 times for all the employees.
In view of above, we are of the view that none of the participates to this legal battle should seek stay of the settlement, but should pray or agree that let the arrears be paid and PF optees exercise their option for pension, and they will abide by the court ruling and final adjustments will be made as per decision of the court. For the time being, let PF optees pay @ 2.8 times. If court decides that payment has to be @ 1.6 or less, then refund can be given to the PF optees and amount recovered from the pension / salary of the Pension optees. No one will be loser in this case. PF optees will get refund as per court order, Banks will be able to recover the amount from Pension optees, Pension optees will pay as per the decision of the court. This will help in unity among the bankers as they have to pay as per court decision and not as per whims of the union leaders or IBA.
Referring Jay Vijay 29, 2010 5:39 AM:
Mr. Jay Vijay,
Have you heard the name of P.K.Pattnaik, General Secretary of NCBE during last BPS in 2005? If yes, then what do you know about him?
Thanks.
Chandan
Did u read the latest development In Banking Industry esp the new game change happenning New fissures developing on the fabric of Banks Unions giri.
If not then keep yourself abreast with the latest developments.
http://allbankingsolutions.com/Canara%20Bank%20Staff%20Federation%20-%20CBSF1.htm
http://allbankingsolutions.com/Convention%20on%2027th%20May%20of%20Karmi%20Jagrook%20Sangharsh%20Sangh.htm
http://allbankingsolutions.com/Sinister%20role%20of%20bank%20unions%20exposed.htm
Now ur question Who is P. k Patnaik. May i know first how you are related to him. Or Is it you yourself or any relative to him.
What difference did he make in this 9th Bps.
People are not interested in reading history of what they did in the past. Everybody now is slowly realising what they all did to members.
There is a change in the trend towards Unions to against Unions . You or I or anybody cant change it.
If you know anything what is trend. then would not be talking about history but would talk of present tense instead of past tense.
As it is you speak here that all bloggers dont know anything.
Did Union leaders ever revealed anything to members. and this makes a solid case that you are an insider and a part of these leaders. But using a different identity.Because the technical points what you write is the language not of ordinary members but of past or present Union leaders.
Only thing is you have not revealed your true identity and that is expected from unioun leaders.
You are getting exposed slowly
Referring Jay Vijay 30, 2010 12:58 PM:
Don't make me so important. I am an ordinary bank clerk. After this BPS my designation is SWO-B. Joined in bank in 1992 through BSRB. This is my fourth job.Previously I was in state govt and central govt.My present age is 44 and left over service is 16 years. No interest either in union or in bank. Only compulsion for earning bread compels me to stick to this job as because of my age.Other interest to guide aspirants of competitive exams of SSC,BANK,RLY etc.
When you don't know the man I mentioned, it is meaningless to discuss on him.It also proves how ignorant you are on union subjects. Please note no all India leader of bank union is attending this blog. They even don't have time for this purpose.
Thanks.
Earlier comment deleted and reposted due to a typographical mistake.
Mr. Jay Vijay,
You suggest me to read allbankingsolutions.com. Please note I am a regular reader of that and my following article had been published there.
-----------------------------------------------------------------------------------------------
http://www.allbankingsolutions.com/Wage-revision-banks-readers-views-october-2009.htm
CHANDAN DATTA says : Bank employees wage increase 17.5% pushed the attraction of a bank job far behind than that of a central government job, while compairing stress & strain involved between these two. Definitely unemployed will join in bank for employment, but not brains as it used to be happened in the days of Eighties & Nineties.One should observe that the so called wage hike every five years in banks have been quite minimal during the past decade or so whereas in central govt. there has been a quantum jump this time. As matters stand today the pay package in central govt. is quite high when compared with similar posts in banks. So naturally people who have other choices in hand will not join banks any more. And one should know that in banks now a days people have to toil hard even beyond ofice hours, that too being loaded with heavy risks all the time. In such a condition the present pay package wil not attract talents into banks.
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Thanks.
Referring Chandan
I you are in the same boat then what is the controversy you have with nearly everyone.
This is an open blog and people can write their feelings you or i cant stop that. There should a media to to vent the feelings members have and you have always tried to sabotage by showing you have more knowledge of unions maybe you must be privy to these so called union leaders & their workings.but by having more knowledge doesnt put you on upper dias.
Most of the bankers are slogging they cant give time to their family they dont get time for weekends how they can have time to be privy to these union leaders unless he is of a political mind and talk more work less attitude.
So if anyone here is not having knowledge of union leaders and you are having more is not a big deal.
and there is nothing to be boast to be about.
The point is no where in question who knows more or less. The effect of this & last 3 settlements is borne by all pension & pf optees and all this is done by these same union leaders on whom members have blindly put faith and you try to sabotage the rants & feelings as if you are a watchmen or police.
Yes you can do it on blogs but dont expect that people are going to listen you in real world.
Injustice is Injustice whether it is with pf or pension optee.
We dont want divide & rule otherwise this banking Industry would touch its nadir which we all neither you or your BELOVED UNION LEADERS CAN AFFORD IT.
So over to you if you still have anything to say but dont expect that i will repond to your comments henceforth.
yes but do write if you really feel to write and it satisfies your ego of having more knowledge then others and its manifestation here which can boost your ego.
We dont need complex things & political things of Unions leaders to know we only know 1+1=2 and not 11. We are simple and would prefer to remain there.
Dear JayVijay,
You are absolutely correct.Already I pointed out that on May 24 here. Mr Chandan is always pretending himself as a wise man and ridiculing others .
"Experts Dont Advertise themselves! "
runtrial blog,
Here everything is in discussion and on debate. Nothing personal is here.
Thanks.
Mr. Jay-Vijay and Runtrialblog
You both are absolutely right Mr.Chandan believe them like he is only wise and knowledgeable. If any body observed Mr.cchandan put non related and meaningless points like You knows Mr.xyz and tried to change real track of topic from begging of this blog.Their language is totally like union leaders, he accept or not but he is leader or man of leader.
For injustice We have no need to know Who is xyz? What is real unionism ? We are general members of unions and We knows We suffers due to leaders this time and that is enough.
If Mr.chandan is regular reader of allbankingsolution.com then he should be understand other then him all are not mad or wrong.If he is regular reader of this website then Why trying to convince others like union leaders ? Really I am confused.
Who can understand to Mr.chandan that there are not only pf optees and pension optees reason for disappointment in members but no parity in wages and non logical 2nd pension option drama.
Mr.chandan knows every things but he has compulsion for to do this.
God bless him.
Looks like Chv has gone nuts.
Time and again he has been giving things in his circular which instead of defending Union is reavealing the inside story of the inner workings of these Union leaders and their settings.
Keep it up Chv. Write more circulars we need that
http://allbankingsolutions.com/CHV%20criticises%206th%20Pay%20Commission.htm
Jay Vijay, Skuma & Runtrialblog :- These three are one and same person.One is writting, other one is analysing. No need to reply these IDs.
Thanks.
Last comment of Mr.Chandan prove that He is a leader of one union and he is active here with hidden of identity. Where is Mr.Shankar ?
Those days gone,Every leaders should be understand,they have some time now also to save their and union image. Ok don't answer my comments and I never aspect from anybody..
If I am writing in favor of union then you never told like no need to reply these IDs.It is same like CHV.
-----------------------------------
Blogger chandan said...
runtrial blog,
Here everything is in discussion and on debate. Nothing personal is here.
Thanks.
May 30, 2010 11:18 PM
-----------------------------------
If you left from ground then What is the meaning of your over mentioned comment?
If you want to left the battle then confirm first You are leader or man of leader and covering loose points,mistakes,sin of leaders.I AM OBSERVING FROM BEGGING OF THIS BLOG ONLY MR.CHANDAN IS VERY POSITIVE FOR UNIONS AND LEADERS BUT EVERY TIME HE HAS CHANGE THEMSELVES AS PER CURRENT TOPICS AND TRYING TO ALL ANTI UNION BLOGGERS TO CONVINCE THAT THERE ARE NO FAULT OF LEADERS,LEADERS ARE GREAT,WITHOUT UNION NO FUTURE OF BANKERS,WE SHOULD BE PAY LEVY EVEN AFTER UNION LEADERS NOT DOING WELFARE FOR MEMBERS AND DONE BACK STABBING.
___________________________________
Thanks.
not replying is also one type of welfare for members from you.
But If you are replying then it is not good for your Devotement for union and you will be an Offender of your leader and union.
My way No Welfare No support now.
We don't want leaders like Saint person but Who want to do work for welfare of members.
Leaders has no hobby to sacrifices for members without any profit.If they are getting honor and some hidden profit then they should be work for members.In recent time nothing is FREE.
If no welfare of members, No Levy.That's all.
My request to all don't listen ID=Chandan he is man of leaders.
STOP, THINK AND MOVE:
------------------------------------------------
"Bankers are doing work like donkeys...they have shouldered the responsibilities of other govt departments like collection of telephone bills, electricity bills, water bills, distribution of cash and salary at the door steps of institutions, calculation of arrears of pension, distribution of pension.etc...our executives are exploiting staff at operational level in name of deposits/ business...even a customer of zero balance is exploiting banker in name of customer service..the employee along with branch manager has to touch his feet for bringing a satisfaction letter from him as the complaints are not being closed by the executives without it even though the executive knows that a false complaint has been made by the customer... there are no timings ...no holidays...no family life...no staff...no required infrastructure has been provided to him for the given turn over...he is sitting on the heap of explosive ...he can’t be spared even for the honest mistakes."
Thanks.
Mr.Chandan,
Are you threaten us? or Alert us?
It is your old style to change your track.Why comment in dual style? We are not so fool.
We have seen in last 6 to 10 years What is the status of Unions in banking industries and also seen in 9th bps.Please don't be so blind.Everybody knows What is negative effects and What is positive effects.
You and your Aaka(leaders) has thought that Why so may anger in members? Due to break even point of
one sided unionism.Members are also part of union,and they have their some choice for some important decisions like wages,Union leaders has no mandate to do every thing Which is not good for members.Leaders are crossed their limits.They divided own members like English Rulers.I think you are a great History lover.This time more court cases filed by members then last all settlements.Hyderabad and Delhi High Court cases are pending and it will see What is status of leaders.If settlement has come within 15 to 18 months there are more disappointment created in members for only 17.5% increase.There are some little bit anger due to members getting arrears after 31 months and they got tired for rights and feel some satisfaction due get What ever 17.5%. But they understand everything.
referring Chandan
May 31, 2010 5:45 PM
chandan said...
Jay Vijay, Skuma & Runtrialblog :- These three are one and same person.One is writting, other one is analysing. No need to reply these IDs.
Kuch ilaj karo apna chandan babu.
Na tau ghar ke rahoge na tau ghat ke.
if all 3 are one person how one is writing other is analyzing lagta hai tumhara dimag alag alag ho raha hai yaha.
I hope daru sharu ki tau adadat nahi hai tumhe?
Kyuki Ul's ke saat rahete hau tau muft ki malai me yehi hota hai tabhi tau Ul's apna hisab nahi dete hai.
Ek baar humari ganga ghat ki baitak mai hazri de dau ho jayega tumhara kalyan aur sab mind saaph ho jaye ga sab kachra naikal jaye ga.
Humare Guru Babaji aap ke ilaj kar denge.
Aur upar se rabdi ka prasad bhi milega.
Kab ane ka plan bana rahe ho
GOI cleared Salary Revision MOU.
TMC = TRUNMUL CONGRESS IS WINNING IN KOLKATA CORPORATION ELECTIONS.
WHY TMC IS WINNING AND MORE THEN 30YEARS RULER LEFT PARTY LOSSES ?
SAME FACTOR FOR FAILURE OF OUR UNIONS AND LEFT PARTY IN KOLKATA.
FIRST KERALA AND NOW KOLKATA.
AND OUR UNIONS ARE SUPPORTED BY LEFT FRONT PARTIES.
THINK FOR FUTURE YOURSELVES.
Referring to Skumar-June 1, 2010 9:55 PM
When I have decided not to listen to anybody and take my own decision, there is no point in answerring unwanted questions which are far from truth.Guessing will never become truth.I have better business to do rather than answerring imaginary situations.Likewise Mr Chandan has also answerred in the same lines.No force in this world can change my decision now onwards.
Are Union leaders working for members from whom thay collect monthly fees & levy or for bank managements
This is the question now everyone whether pension optee or pf optee are asking
Even pension optees are asking whether they could be backstabbed in future in one way or the other because Iba and Unions knows all the tricks of the game to how to cheat members/employees.
Banking Industry's future are in the hands of wrong persons. They will not only ruin banking Industry but will also affect India's growth
read below
http://allbankingsolutions.com/Pension%20option%20for%20VRS%202000%20-%20Be%20careful.htm
Union Leaders can still do something if they really want to
After all pension option wage settlement agreement drafting is a complex exercise and anybody can make a mistake.
And that members understand but it is now that these Union leaders have to recognise that they are now too old for all this and so they should give the mantle to younger hands instead of still go on doing all this blunder and still claim to be a historic settlement.
Men makes mistake but the real men are those who agrees a mistake and repairs it.
If these union leaders cant be this much flexible and they would go broke and along with that union giri will also broke.
Now the ball is in their court to repair the damage & blunders done in the 9th bps instead of dubbing this settlement as historic.
They must act fast otherwise time is running out of for them Curtain will fall then they wont be able to do anything.
Union Leaders should take this as a friendly advice not as a warning.
You get what you want
So decide what you want and act accordingly.
That would be deliverd to you from god.
"bankers work like donkeys,-------
bankers are like private maids--------,"
We come through above comments from our some of esteemed bloggers.
Future generations will certainly ask you- that what was your role?
The matter is yet not over,after a certain intervals, we observe that leaders like Nadaf publishing letters to IBA/GOI,which he failed to put in during BPS.Chv is also attempting to convince the masses that bps is better than 6th pay commission.
Damage is already done.The respect and command earned by Mr. Parwana or even Mr. S R Sengupta will be very hard to match with contemporary leaders who are seen fragmanted, divided,greedy and still think to befool the masses in the arena of electronic era.
Marxist never valued Mamta and acted arrogantly when(in power) they could have done welfare to their people.
Present age leadership and their blind followers must mend your mind set if you can not ammend the blunders of bps.
i have completed 20 yrs and have pension option.
can i resign and have pension.
what is the diffrence between resignation and voluntary retirement?
please help..
Dear Ravi,
Likewise it makes no difference in vr and resignation
But Banks have a different meaning
in pension regulations act.
It says resign word means all your servgice of the past years is forfeited.
When your service is taken as forfeited how can you get pension?
This is one of the trick bank management use and tthere have been cases where even a pension optees vr applikcatrion is rejected and has been told to write resignation
SO NEVER EVER WRITE THE WORD RESIGNATION WHOM SO EVER SAYS IT TO YOU.
But a pf optee cannot use the word vr in his application he has to use resignation and all his terminal benefits are normally given that to depends on the banks esp in case of leave encashment they do some tricks they only give 50%
Otherwise there are several tricks used by Banks management thnaks all this to our Union leaders who claim to take care of our rights.
All Knowledgeable Members.
What are the right reasons one can give to get vr easily.
Many people dont know all these and union leaders have never guided this.
If some people know all this then please write here so all pension optees who want to retire can use the right reasons so they can take retirement without hassle.
If possible do give detail guidelines for people like Ravi above.
Salary revision is cleared by Ministry of Finance as per circular 80 dt.2.6.2010 issued by AIBOC. The circular does not explicitly state clearance for 2nd option of pension has been received except to vaguely hint that further instructions in detail from IBA are to be awaited. Where as the site of All India Union Bank Officers Federation states explicitly that salary revision and Pension as per 9th Bipartite settlement has been cleared by Govt. Would some one enlighten ? Also why this abnormal delay in implementation ? Vasudevan
COUNTER IMPRESSION OF GOI EMPLOYEES ON BANKERS:
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chandan said...
Bank employees wage increase 17.5% including pension load for p.f. optees, pushed the attraction of a bank job far behind than that of a central government job, while compairing stress & strain involved between these two. Definitely unemployed will join in bank for employment, but not brains as it used to be happened in the days of Eighties & Nineties.
August 8, 2009 8:05 PM
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SHYAMALI BASU said...
Definitely the wage hike is not satisfactory enough this time in comparison to the central govt. staff. It may also be remembered that in the past the banks enjoyed hefty pay and allowances compared to their central counterparts. The govt employees get rise in pay once in ten years. The hike becomes negligible in five years while the bank employees can get their pays upward every five years.
Regarding brain, it may be mentioned that all Govt and PSU employees are picked up by merit only through tough competitive examinations. So there should not be any complex regarding merit.
August 10, 2009 8:15 AM
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Reproduced from: http://paycommissionnews.blogspot.com/2009/08/strike-ends-banks-to-resume-work-from.html
Thanks.
Mr.Shankar
Thanks for not written here.
Mr.chandan,
What is your meaning ?
What you want to prove?
9th settlement and 2nd pension option is good for members.
Again you have started prayer of leaders and covering of unions with same old style.When you will change? Lefties losses Kolkata.
Sanjay Bhatt said.. on April 25, 2010 9:32 PM
1)OUR FUTURE IN SAFE HANDS OR NOT ?
2)CAN YOU CONSIDERED 9TH BPS AS HISTORICAL?
3)LAST TIME (ON 15/04/2010) BOMB BLAST OF PENSION 1.6 OF NOV'2007 SALARY FOR PENSION IS CONSIDERABLE OR NOT?
4)IN FEB-MARCH'2008 AND MARCH 2009 AND MARCH 2010 NO CALL FOR INDEFINITE STRIKE IS GOOD DECISION OF UNIONS/ASSOCIATIONS ?
5)ACCEPTING OF OUTSOURCING IS GOOD FOR BANK EMPLOYEES AND BANKS?
6)WHY ANY AGITATION ACTIONS OR INDEFINITE STRIKES NOT CALLED FROM UNIONS EVEN AFTER IBA NOT COOPERATE IN GOOD MANNERS?
7)WHAT IS THE MEANING OF NONTRANSPARENT UP TO LAST TIME ON EVERY POINTS?
8)CAN WE BELIEVED IN ANY HIDDEN AGENDA BETWEEN IBA AND UFBU? IF YES THAN WHAT NEED OF UNIONS?
9)30% PENSION GAP RECOVERY - CAN
WE CONSIDER IT AS "CHARITY BEGINS FROM HOME?" IS IT SOCIAL OBLIGATION OF BANK/GOI IN TRUE MANNER ?
10)IS IT A SETTLEMENT OR AUCTION OF BANKERS ?
11)IN WHOLE PROCESS OF 9TH BPS ANYBODY HAS FOUND LITTLE OF COLLECTIVE BARGAINING FROM UNION LEADERS?
12)CAN ANYBODY TELL ME WHAT IS OUR FUTURE? IS IT SAFE OR NOT?
13)CAN WE CONSIDER RECENT UFBU LEADERS AS IMPOTENCE LEADERS?
IF YOU HAVE ANSWERS OF ABOVE ALL QUESTIONS THAN DO WHAT IS THE BEST FOR YOUR FUTURE.
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chandan said on April 26, 2010 12:01 AM
(Referring Sanjay Bhatt 25, 2010 9:32 PM:)
Point wise reply:
---------------------------
1)Definitely not.
2)It is geographical.
3) Beggars(UFBU) are for begging.No power to arrive on consideration from authority.
4)Leaders became old and retired both physically and mentally.No will power for a such strike.
5)May be.
6)Already answered at No:4 above.
7)Old habits die hard.
8)UFBU is a double agent.
9)Paradox, created by double agent UFBU.
10)It is an auction of wife by her own husband.
11Already answered at No:4 above.
12)Heading for a dooms day.Refer No: 1 above
13) Oh sure. Is there any doubt?Then please take help of the answer at point no 10.
Match fixing needs capacity.UFBU is an empty vessel as on date.No capacity for playing, what's about fixing.
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rishikesh said... on April 26, 2010 8:39 AM
This refers to 13 Questions -answers between Bhatt and chandan as of 25.04.10.
We should take the answers as facts sheet.
Nice questions and equally qualified answers.
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Thanks.
With old comments of sanjaya bhatt and rishikesh you want to prove you are not praying leaders then Why every time smell of prayer of leaders and unions come from your writing?Do openly.
10 Valid Reasons - Why Love to Work in a Bank In spite of Low Wages
I hate to sleep
I can't live without tension
I want social boycott of myself
I've enjoyed my life in childhood
I want to take revenge on myself
I want to have disturbed family life
I love to work on holidays / Sundays
I don't want to spend time with my family members
I desperately need break up from my dearest friends.
I believe in GITA. (Karam karo, phal ki kamna n karo)
Thanks.
If we compare the pay scales of Bank officers with that of Government and PSUs there is great disparity. Bank job is no more attractive. There is flight of talent from PSBs to either PSUs or Private Banks. Hence the ongoing talks on revision should take into account this aspect and the payscales should be made comparable with the counterparts in Governement and PSUs. The likey rise of 24% in the load factor is not going to remove the disparity which has crept in after successive Pay Commissions and revisions taken place in PSUs. The riks involved in Bank jobs is greater than Government and PSU jobs. Since new generation Private Sector banks are compensating adequately for the element of risk and also consider incentive aspect for better performance, Public Sector Banks should consider this competition. Better scales would surely prove to be productive to the Banks as they would be able to retain the talent and groom the talent for the posterity.
Insecurity creeping into deep.quoting old and irrevalent text in self support is nothing but alrming defence.
Time is running fast and and those who are crying on the pity of bankers will shortly cahnge ther gears.
Consolidation and Mergers:
--------------------------------------------
1. Under the agenda of mergers and consolidation in Banking Sector, what the Government wants?
Today we have 26 Government Banks in the Public Sector. The proposal is to merge these 26 Banks into 4 or 5 banks.
2. What is the basis of such proposals?
Narasimham Committee, Verma Committee, Tarapore Committee – all such Government Committees suggest various reforms in Banks including mergers and consolidation as a panacea. Of course these recommendations are tailor-made in tune with what the Government has committed to WTO i.e. to open up our banking sector to global competition (read: global valunerabiility).
3. What is the argument in favour of Bank mergers?
They say many things; it is just calling dog mad before killing it. Some of the ostensible reasons are:
• Capital base of our Banks is not adequate in comparison to international standard
• Size of our Banks is small
• Profit efficiency of our Banks is limited.
• Because of their limited resources they are unable to sanction big loans
• Because of these, our Banks cannot do well in the global competition.
• Government has agreed that banking sector will be opened up to all foreign banks. Before that our Banks should become big in size by such mergers.
4. Do you agree with them?
No. Firstly, capital adequacy norms need not apply to our Government Banks per se. It is actually applicable to private Banks in real measure. Secondly, higher capital adequacy is no guarantee for a safe Bank. In the South-East Asian crisis, many Banks collapsed overnight when the American & other foreign capital withdrew their stakes even though the Capital Adequacy ratio of these Banks were as high as 40%. Thirdly why should we allow foreign banks to operate in India without any restriction and then say that we should compete with them?
5. What is wrong if our Banks become big and strong?
First of all, mergers may increase the size of our Bank but not necessarily their strength. Secondly, the strength of our Banks should be measured in terms of their capacity to serve the common people, in terms of their capacity to cater to the needs of priority segments of the economy, in terms of their ability to financially cover all the people. Today not even 50% of Indian population are covered by banking services. Mergers are not aimed towards financial inclusion of these sections of the people
6. In the emerging scenario, can we avoid global competition?
Basically competition should be amongst those who are somewhat equal. Indian Public Sector Banks are no match to the muscles of the multinational Private Banks
Thus our Banks will be nowhere in terms of business competition with these Banks.
Secondly our Banks need not compete with them either. Our Public Sector Banks have been specially created with defined social objectives and responsibilities. Are we to believe that these multinational Banks will come to India to open rural branches and serve the common masses. We know, they want to come to India to capture our creamy business and make super profits.
7. Then want is the future role of our Public Sector Banks?
Why, they can expand further, open more Branches in the rural areas, and further contribute to our domestic economic development. And admittedly, rural banking is also not a bad business. Loan recovery is far better and hence profit is more. Banks will benefit, country will benefit and nobody will lose. Then why get lost in the whirlpool of global competition. Such business risk may be taken by the so called private banks who actually gamble with public money for private profiteering.
8. Whether any concrete steps have been taken towards merger of Banks?
Yes, recently, State Bank of India management has taken a decision in their Board to take over other Associate Banks.
(continued to next)
(continued from June 6, 2010 9:32 AM)
9. What is wrong in this? After all, they are already part of the State Bank Group
May be. But all Associate Banks are separate legal entites and created under special Acts of Parliament. All these Associate Banks have their historical orgin and geographical flavour. They are not just extension counters of SBI.
10. Why SBI wants to take over these Associate Banks?
Because, the market share of SBI has slided in recent years. To improve their market share in total business, such an attempt is being made. There is nothing wrong in SBI trying to improve their business but it cannot be by merging the Associate Banks.
11. It is said that the Associate Banks are small sized Banks and may not stand on their own legs in the long run. Is it so?
There are Banks which are smaller than the size of the Associate Banks; if they can continue separately why not the Associate Banks.
12. Are the Associate Banks strong enough?
Generally, the strength of a Banks is measured by certain parameters like capital adequate ratio, profit efficiency, return on assets, etc. Let us just see the figures.
13. BANK MERGERS ARE BANK CLOSURES:
Merger of Banks is nothing but closure of the Banks. If Associate Banks have to be merged with SBI, it only means that SBI would continue and other Banks would stand closed.
14. INDIA NEEDS MORE BANKS TO ACHIEVE FINANCIAL INCLUSION:
In our country with more than 100 crores of population and where more than 50 crores of people have still no access to banking services, we need more Banks to achieve the target of financial inclusion and not reduction in number of Banks which will only result in financial exclusion.
15. MERGERS WILL RESULT IN CLOSURE OF BRANCHES:
Merger of Banks would also result in closure of large number of Branches. If Branches are closed down, banking service to the general public will be reduced. We need opening of more and more new branches and not closing down the existing branches.
16. BANK MERGERS ARE MEANT FOR GLOBAL COMPETITION:
Merger of Banks is advocated to make the Banks bigger for the sake of global competition. Our Public Sector Banks are meant for our country’s domestic development and should not be pushed into the vagaries of private and unscrupulous global competition.
(continued to next)
(continued from June 6, 2010 9:37 AM)
17. OUR PUBLIC SECTOR BANKS ARE NOT WEAK:
Merger of our Banks are advocated on the plea that our Banks are not that strong. In fact our Banks are doing very well. Even after meeting with all the international prudential norms, our Public Sector Banks are earning good profit. If only stringent measures are taken by the Government and the managements to recover the huge corporate bad loans and NPAs, profits will be much more. Merger is not a route to make them stronger.
18. ASSOCIATE BANKS TOO ARE NOT WEAK BANKS:
There is also an argument that the Associate Banks are small and weak, cannot stand on their own legs and hence should be merged with SBI. But in various business performance parameters like Capital Adequacy Ratio, Business per Employee, Profit per Employee, Return on Assets, Net NPA Ratio, etc. Associate Banks are better than SBI and some nationalised Banks also. How can anyone say that Associate Banks are weak ?
19. ASSOCIATE BANKS ARE NOT SLAVES OF SBI :
Associate Banks have their own independent existence with geographical importance and historical evolution. They have been immensely contributing for the development of the concerned regions. Only a few months ago, the Parliament has amended the Subsidiaries Bank Act providing for more freedom and autonomy in the functioning of these Associate Banks. It is wrong to treat the Associate Banks as mere Extension Counters of SBI .
20. GIVE THEM FREEDOM AND THEY WILL DO BETTER:
If Associate Banks are given more freedom and autonomy, they will grow far better. Already in some of the States like Kerala, Rajasthan, Andhra Pradesh, Karnataka, etc. the contribution of the Associate Banks in terms of the total business is better than SBI. Despite the step-motherly treatment of SBI, the Associate Banks are doing well.
21. BANK MERGERS MEAN FINANCIAL MONOPOLY:
On the one hand, competition is being advocated as the key to efficiency. But on the other hand, mergers will only result in more of monopoly and less of competition. Monopoly of Banks will reduce efficiency and such very big banks will move away from common people and would cater to big ticket corporates only.
22. BIG DOES NOT MEAN STRONG:
Banks may become big after mergers but not necessarily strong. There is no empirical evidence that bigger the size of the bank, the higher will be the efficiency or profit. Hence merger is not a pre-requisite for more efficiency or to make more profit.
23. MERGER OF BANKS – NOT A SEPARATE AGENDA:
Everyone is aware that merger of Banks is not an isolated agenda. It is a part of the trinity – Consolidation, Privatisation and Foreignisation. By mergers,. Banks will be made bigger. The next argument would be that given the big size, more capital is needed and more private capital will be forced in. Tarapore Committee has already recommended reduction of Government’s capital in Public Sector Banks to 33 % and increase in private capital to 67 %. This will be followed by unrestricted entry of FDI in the Banks’ capital. Already the Bill is pending in the Parliament for deletion Section 12(2) of Banking Regulations Act and to allow 74% FDI in Banks with full voting rights. Our Banks which deal with huge savings of the common people ( Today the total Deposits in the Banks are more than Rs. 30 lacs crores) will be owned by private capital – domestic and foreign. This is the game plan.
24. BANK MERGERS WILL AFFECT OUR JOB SECURITY:
Merger of Banks will also result in huge surplus staff and the attack will be on our jobs and job security. Surplus staff will be the basis for retrenchment and exit of employees. When we are demanding recruitments and more job opportunities in Banks, mergers will lead to job losses and staff reduction.
(continued to next)
(continued from June 6, 2010 9:42 AM)
25. CARROT OF THREE RETIREMENT BENEFITS :
To somehow achieve their objective of merger of Banks, the management is willing to go to any extent. It is learnt that SBI management is willing to extend 3 retirement benefits if employees agreed for merger with SBI. When Government is reducing interest on PF and engaged in pension reforms, why and how SBI management is ready to offer 3 retirement benefits?
26. DISCRIMINATION AGAINST SBI SATFF:
When Government and SBI management are not willing to improve the pension benefits to SBI staff on the ground that they have no money, then, why and how they are now ready to give pension without any ceiling to Associate Bank staff in addition to PF upon their merger with SBI ?
When the Government and the SBI management are not agreeing to remove the ceiling on pension for SBI staff because the pension fund will not permit it, how the SBI management is ready to give pension without ceiling to Associate Bank staff ? From where the money will come? Will it not be at the cost of SBI staff ? Is it not a discrimination against SBI staff ? Will it not affect the future of SBI employees and officers ?
27. DOUBLE STANDARDS OF IBA AND MANAGEMENTS:
When the Government and the IBA including the Associate Bank managements are refusing to agree for pension option even as a second benefit, how and why the SBI management ( which is also a part of IBA) is now willing to agree for pension as a third benefit ? This shows that there is enough money in the Banks to extend pension.
If 70,000 employees and officers of Associate Banks can be given three retirement benefits, why not the remaining staff of other Banks? How can it be denied to them. On the one hand, IBA refuses to agree for pension as a second benefit but one the other hand, the SBI management is ready to agree for pension as a third benefit for the Associate Bank employees and officers. If IBA and Government are ready to give 3 retirement benefits in Associate Banks, how can it be denied to other bank employees ?
(concluded)
Don't Pay Levy.
PLEASE DON'T WASTE TIME AND STRENGTHEN HANDS OF THE PEOPLE WHO HAVE TAKEN UP THE JOB TO REOPEN THE BIPARTITE AND ACHIEVE PARITY WITH VI PAY COMMISSION OF GOVERNMENT.
OUR TIME IS RUNNING SHORT. IF WE LOSE EVEN ONE LAP WE WOULD BE SOMETHING VERY CLOSE TO A BEGGAR AS COMPARED TO OTHER SALARIED CLASS OF INDIA.
YOU PEOPLE ARE VERY INTELLIGENT AND COMPETENT ENOUGH TO UNDERSTAND WHETHER YOUR LEADERS HAVE ACTED AS A PIED PIPER AND DROWNED YOU IN THIS BIPARTITE OR THEY HAVE ACCOMPLISHED A HERCULEAN TASK AND HELP YOU TO GET A WAGE HIGHEST IN THE COUNTRY. PLEASE DON'T WASTE YOUR TIME AND TAKE RIGHT DECISION WHAT YOU FEEL IS CORRECT. DON'T DISCUSS ONLY TWO OR THREE PERSONS ARE ONLY UNDERTAKING THE GREAT TASK. CHOOSE WHETHER YOU WANT TO BE A SHEEP IN A HERD TENDERED BY A SHEPHERD OR YOU ARE AN INTELLIGENT PERSON AND ABLE TO DECIDE WHAT IS RIGHT OR WRONG. DO WHATEVER YOU WANT BUT QUICK.
What would be the fate of 4000employees of Bank of Rajashthan after it is meged with Icicibank.
Icici Bnak is not a part of the Wage setllement.
And management of BOR has done fraud in pension fund & provide3nt fund.
So what would be the fate of the 4000 employees esp those who are in pension option. Will Icici bank pay pension to them when they go on vr or superannuate and will the pf optees will get the cpf & gratuity.
Intersting is Union Leaders are only opossing merger . Infact they should really talk about the retirement benefots & fraud in pension & pf fund at bor by its management.
Now tell me friends Are Unions really working for us or for their membership roll.
Unions are worried about is if bor is merged in icicibnak then they will loose 4000 members at one stroke of pen. They are not asking iba or GOI or Rbi the fate of the retirement benefits or funds of the employees.
See how much Unions are involved in this scam
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