CIRCULAR NO: 80 2nd JUNE, 2010
TO ALL AFFILIATES/MEMBERS:
GOVERNMENT’S APPROVAL FOR IMPLEMENTATION
OF 9TH BIPARTITE RECEIVED
IBA TO ISSUE DETAIL GUIDELINES
We are happy to inform all our members that, the Government has since cleared the proposal sent to them for the in principle clearance for the implementation of the 9th Bipartite Settlement reached between the Confederation and the IBA on 27.04.2010 pending amendment to the Service Regulations. We were receiving anxious enquiries from various parts of the country about the approval of the Government in particular when some of the banks have already implemented revised salary and allowances to the Award Staff. With this clearance, we are confident that the payment of the arrears of salary and allowances in respect of the Officers’ fraternity is also ensured at the earliest possible.
2. As regards the various formalities in relation to the 2nd Option on Pension, as well as the Notification etc., our members are requested to await further detailed instructions from the IBA.
3. In the meanwhile, all our affiliates are requested to follow-up with their respective bank’s managements and ensure that the arrears are paid at an early date.
With greetings,
(G.D.NADAF)
GENERAL SECRETARY
28 comments :
I request Mr. to declare whether he is a P F op-tee or he is a pension op-tee. The way he is eager to get arrears at his earliest, it looks like he is a pension optee. He should know that majority of Officers are not very eager to get new pay scales since it will deny them their arrears of pay for about 30months. Now he has tarnished his image of being a tall leader. Now let IBA & bank managements do their job. job
The fact that the terms and conditions applicable to those who took voluntary retirement in 2000 and who decide to opt for pension now has not been mentioned explicitly in the memorandum signed on 27/4/2010 except stating that conditions applicable to retiring employees would be applicable without in any way stating what these conditions are. \This has been highlighted in an article written by Sh.N.Praddep kumar, Advocate practicing in Supreme Court.The said article is published in AllBanking solutions.com. The apprehensions expressed by the learned advocate are as under.
1) Why is it that the terms and conditions are not spelt out and kept delibrately vague whereas for all other categories these have been repeatedly spelt out.
2)What are the conditions applicable to retiring employees ?
Where are they mentioned.
3 Whether this particular category would be eligible for family pension/DA adjustment .
Would enlightened members ponder over these observations and offer their views. Vasudevan
Mr Nadaf,
What you people have done for implementation of effective date of gratuity from 01.01.2006? What is your action plan now when it has been made effective w.e.f. 24.05.2010? As you are aware that for central govt employees effective date is 01.01.2006(retrospectively)...what wrong has been done by poor bankers and psu and pvt sector employees?
Mr Nadaf,
What you people have done for implementation of effective date of gratuity from 01.01.2006? What is your action plan now when it has been made effective w.e.f. 24.05.2010? As you are aware that for central govt employees effective date is 01.01.2006(retrospectively)...what wrong has been done by poor bankers and psu and pvt sector employees?
THE ABOVE POST IS BY MR.MAHESH AGRAWAL.
PLEASE SEND THIS MESSAGE TO ALL BANKERS ALL LEADERS.
SELVAKUMAR
Nadaf Babu,
what a historic 9bps settlement you have done?
and then went to enjoy in advance to shimla Wow.
All retired non pension optees after paying 56% more will get pension wow.Even widows of died ex-bankers would get pension
Raeely but at what price?
How it is possible as per pension regulation act
All retired non pension optees were pf optess and when a pf optee who retired after 20 years under volutary retirement was forced by banks to write word RESIGN IN THEIR APPLICATION AND AS PER PENSION REGULATIONS ACT A RESIGNEE'S PAST SERVICE IS COUNTED AS FORFEITEED HOW CAN THEN THEY WILL GET PENSION OPTION.
AND FOR FAMILY PENSIONER THERE IS NO PROVISION FOR COMMUTATTION
So Nadaf Babu did you not read pension regulation act before this settlement?
Who and which retirerd employees are going to get benefits only those who took superannuation with pf.
Is this you call a historic settlement
Shame on you for patting your ownself for the blunders you old are doing
ALL EXISTING /RETIRED & WIDOWS OF PF OPTEES THINK 1000 TIMES BEFORE TAKING THIS BAIT OF PENSION OPTION.
This is not a Pension Scheme but a Ponzai Scheme.
ALL PF OPTEES THINK 1000 TIMES BEFORE OPTING PENSION OPTION.
Time & again I have said that this is not a Pension Scheme but a Ponzai Scheme fully contributed by members which is against the Pension Regulations Act.
Our all Union Leaders are dubbing this settlement as Historic 9th Bps for acheiving pension option for all pf optees existing retired or died and even to the widows .
What a blanket benefit is this.
Did the Ufbu leaders didnt read the Pension Regulations Act ?
Did the Ufbu leaders didnt have brains to understand all the aspects of the Pension Regulations Act?
Some blunders did by Ufbu& Iba knowingly or unknowingly in which even the Great IBA is also a party to this 9th Bps
What great people are there at IBA who runs the show and in whose hand is Our Great India's Banking Industry..
Pension option is to be given to all existing /retired/and to widows of dead employees of banks which were and are in CPF.
How it would be given and at what cost?
1. All Voluantary retired pf optees are & were forced to write RESIGN in its application . and as per Pension Regulations Act this means no pension benfit to resignees BECAUSE A RESIGNEES PAST SERVICE IS FORFEITED. IF PAST SERVICE IS FORFEITED HOW WILL THEY GET PENSION?.
2 All widows of dead pf optees have been shown the formula of commutations but as per pension regulations there is no provision for commutations under family pension to widow then how would a widow will pay banks contribution + 56% . It is better she puts that money in an Fd where she can get better return and the capital will still remain in his/her hand.
3. For Vrs 2000 pf optees what they have to pay what they will get is still not clear in 9th Bps.
4. Existing pf optees working with banks will also not allowed Voluantreay Retirement which existing pension optee get not they will be paid commutations when they go for voluntary retirement If this condition is given then which pf optee has gone mad to join the pension option scheme.
All is kept hidden in legal wordings and misleading meanings in this HISTORIC 9TH BPS FOR WHAT THESE UNION LEADERS ARE DUBBING IT AS HISTORIC SETTLEMENT.
Is pension a bait or really a social obligation which Govt is doing towards these bank employees.
Or is it that Iba is more interested in laying its hands on the CPF contribution of Pf optees
so that the great mass superannuation festival where 40 to 60% of high paid bankers are to retire and as the pension fund is depleting faster then only option is to give bait to pf optees and take their money in the name of future pension option. which like above would be wrapped in some misleading meaning and all existing pf optees will loose its right to retire at wish which they now enjoy under Cpf and/or pf optees taking Vr may not get commuatations..
I’m a CPF optee, worked for 32 yrs 6 months 15 days, served 3 months notice on 16th August 2007 for Voluntary Retirement, duly accepted by the bank, got full encashment of leave, gratuity & bank’s contribution to PF, and was relieved on 15th Nov 2007. Now, can anyone analyze & enlighten whether my case would be treated as Resignation (the word, which neither me nor my bank used) or Voluntary Retirement and whether I would be eligible for the 2nd Pension option.
If in your application you have not mentioned the word resign then it is Vr you are lucky your bank has not asked you to write resign.( But again all depends on how banks interpret it now).
Although in the law it makes no difference as it is with 90 days notice but as per pension regulation act it makes difference and this some management take advantage and misguide.
Ufbu now realise all big & small blunders done by them and are trying to repair the damage done.
http://www.allbankingsolutions.com/Resignees%20cause%20taken%20up%20with%20IBA.htm
This 2nd pension option has no meaning if the terms & the pension regulations act is not amended.
Till it is not done now existing pf optees are not going to join this pension train because that will land them no where.
friends,
retirees as well as existing p f optees should opt for pension with out fail.
ashok goel
Pesnsion Regulations Act has many provisions which banks have on their part flouted and at their will has used manay provisons against Bank employees leaving a job after 20 years of continous service esp for pf optee.
A stuff putting 20 years of continous service if he leaves his job with 90 days notice cannot be treated as resignation because he was a cpf optee.
But for cpf optee there is no provision as vr. This The Union leaders didnt ponder before making this historic settlement
In pension regulation act all the pension cost is to be born by banks but that is recoverd from back door from pf & pension optee staff every 5 years from arrears in the form of pension Load/gap.
So this 2nd pension option is just a brain wash no one excepot who left job in as superannuation with cpf is going to benefit.
No widows of dead employees can benefit and neither employees who have left job before his age of 60in cpf will benefit.
All this was done so hurriedly and as always Union leaders have never discussed with their members neither had received mandate from mambers neither it was put to discussion openly.
All these murky deals are now back to bite all.
It is thanks to paycommission blos and allbanking solutions.com that people have interacted otherwise all these would have not been highligted before everyone gets a offer letter.
Also the time of 60 days after the offer letter date is too small a period to understand all the nitty gritty. It should be minimum 120 days
So all existing pf optees/ Vrs 2000pf optees and widows of dead employees Please understand the misleading words before opting pension otherwise you will loose all.
Iba was in a hurry to implement NPs from 01/04/2010 for new recruits and they got it done. and also they wanted to fill the pension gap which they got it by giving pf optee by laying its hand on pf optee's cpf contribution.
Conclusion is
Understand the offer letter word by word before opting this pension bait.
refferring akgoel said...
friends,
retirees as well as existing pf optees should opt for pension with out fail.
So Ak goel
On what ground you justyify this stand even when Ufbu has now realized its blunders made in this 9th Bps.
Looks like akgoel is a pension optee and is worried about whether he will ever get pension because Iba & union leaders have opnely said in its circular that pension fund is depleting faster then and banks are not going and have not funded this pension fund gap though there is a provision in pension regulation act.
So Ak goel is telling all pf optees retireed & existing to opt for pension so that the gap would be filled with pf optees cpf share which would be transferred in pension fund when a cpf optee would opt for pension bait.
This pension option is a BAIT laid by Iba in connivance with Union leaders so the pension fund remains fully funded before the 2012 super annuation festival when nearly 40% of highly paid bankers would be going in superannuation.
Pension is nice to hear but this time pension will come with Tension
so think 1000 times before opting this pension bait.
referring S.Patnaik said...
I’m a CPF optee, worked for 32 yrs 6 months 15 days, served 3 months notice on 16th August 2007 for Voluntary Retirement, duly accepted by the bank, got full encashment of leave, gratuity & bank’s contribution to PF, and was relieved on 15th Nov 2007.
What was your age at the time you putting your application?
59 years.
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.
If a barber makes a mistake,
It's a new style
If a driver makes a mistake,
It is a new path
If an engineer makes a mistake,
It is a new venture
If parents makes a mistake,
It is a new generation
If a politician makes a mistake,
It is a new law
If a scientist makes a mistake,
It is a new invention
If a tailor makes a mistake,
It is a new fashion
If a teacher makes a mistake ,
It is a new theory
If our boss makes a mistake,
It is a new idea
If a bank employee makes a mistake,
It is a mistake only
Mistake Only
Let it rain in June,
Let the sun burn in April,
Let the rich enjoy life
Let the doctor treat the patient
Let PF optees opt for Pension.
------------------
akgoel
WHY FEEL ASHAMED TO BE A PSU BANKER:
-----------------------------------------------------------------------------------------
The leaders of the officers association and the union should voluntarily resign from their posts. They have collectively brought down the job in PSU banks to below poverty line level. The agreement reached by the leaders make our heads hang in shame. We feel isolated from the overall gambit of people who used to feel proud about working in a PSU bank. Probationary Officers were earlier called as highly paid clerks, now they will be called ‘kolhu ka bail’.
It seemed as if during last 3 ½ years that our association was discussing the Kashmir problem with the bank management. Had Indian and Pakistani officials discussed Kashmir in as many meetings as these bank leaders were discussing with the bank management they could have also found the solution of Kashmir problem but our leaders could bargain only 17.5% hike.
Instead of talking about 5 day a week after setting up of ATM, Online transfer facilities etc, They are talking about setting up a working time. Has any leader negotiated with any AGM or DGM if they force their staff to sit late? These leaders talk about giving Rs.200/- if you sit for more than 2 hours after your office time. Even a railway coolie at New Delhi or any other big station charges Rs.300/- for shifting your two- light luggage from entrance to platform no. 2 or 3 and the job is get done in 5 to 10 minutes.
SHAME WE ARE TOLERATING THEM. Feel ashamed to be a PSU banker today.
It is shameful for so called top leaders of banking industry that at a time when bankers should have been joyful they are deeply frustrated with the absurd wage revision. We can imagine how much money they wasted from the contributions of bankers on visit to here and there in the name of prolonged wage revision talks. It is shame on their part to ask for hefty amount as levy on the occasion of failed wage revision. actually they have sold interest of lakhs of banking fraternity.
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)
can an existing p.f.optee officer opt for voluntary retirement immediately after submitting pension offer irrevocable letter of course with 3 months required notice period
Can anyone clarify / authenticate with relevant source of information that ONLY THOSE CPF Optees who have completed 30 years of service OR have attained the age of 55 years (whichever is earlier),are eligible to opt for Voluntary Retirement,and the rest have to RESIGN,thereby forfeiting their past service / pension claim ? (There's no such pre-condition for Pension Optees.)
(continued from June 6, 2010 2.08 PM)
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)
How much efficient is Indian Banking Industry?
Who says Banks cant afford pension load on its own?
On local front if you talk about city branches then nearly in all banks and all branches daily an amount of Rs 500 to 2000 on daily basis is debited in the name of xerox, staff welfare, customer entertaninment all these money is being pocketed by either the Branch Manager or the second man .
Then there are fake or exaggerated stationery bills which is handled by peons who are mostly in the group of the local union leaders and the second man & branch Manager is heavily dependant on him.
and you know there is no transfer for peopns while clerks are transferred and & harrasses by union leadeers or asked to pay money for favorable transfers.
All this money siphoned by these so called branch managers & second man & peons is public money , Govts money, Indian people's money but no one Union leaders whether local or at National level has guts ti blow the whistle.
So much money is being looted every year that they can double the dividend % to Govt but Neither IBA nor Bank Management is interested to stop the leak but when it comes to give wage arrears to workmen or officers they take 30months to decide upon a % then plan how to take back in the name of pension load/gap.
If Govt/IBA/Bank Management wont to stop the leak then ist and formost has to make transfer of peons cumpolsary like clearks.
The root of corruotion starts from peons who are in the same branch for nearly his full term and clerks & officers are transfereerd asif they are going to do corruption.
But the root cause of corruption is Peons which are never transfered because they all serve the incoming branch managers and incoming seccond man.
These peons know all the whereabouts and have become master in all this activities.
You all are working in various banks you all muct be in different dept.
You all must be knowing all this tamashas.
To make our banking Industry more profitable so we get better wages we all must try to make an issue on a big scale in media and blogs so that an awareness is created and the Big Boss Fm/Iba/Bank Management comes to know what is happening at the ground level.
They are told by the Bank management and they beleive what is told to them.
Unless & until we dont write what all types of corruption is being done at banks at various levels no awareness would be created.
So friends write what wrong is going on write it in a different Id
referring Savita & S. P. Patnaik.
Can anyone clarify / authenticate with relevant source of information that ONLY THOSE CPF Optees who have completed 30 years of service OR have attained the age of 55 years (whichever is earlier),are eligible to opt for Voluntary Retirement,and the rest have to RESIGN,thereby forfeiting their past service / pension claim ? (There's no such pre-condition for Pension Optees.)
Like wise the age of retirment is
60 and service age is 33 ( maybe with 5 years addition no idea because infact everything is given in each banks pension regulations act booklet avilable with eqach bank but many amendements additions/deletions might have been done and we all must have received circulars but due to work load we may not be knowing it.
ESP TO sAVITA . pLEASE WAIT FOR THE OPTION LETTER READ ALL THE MATTER UNDERSTAND ALL THYE MATTER ALSO AS YOU ARE AN OFFICER ALSO REFER OFFICERS SERVICE MANUAL AND LATEST CIRCULARS THEN TAKE ANY STEP.
RESIGNEES ARE NOT ELIGIBLE FOR PENSION AS PER PENSION REGULATIONS ACT AND WHEN YOU ARE A CPF OPTEE MOSTLY THE BANKS DONT ACCEPT THE WORD VR AND THE MEMBERS NOT KNOWING THE DIFFERENCE OF VR AND RESIGN WRITE IT AND NOW AS PER PENSION REGULATIONS ACT A RESIGNEES PAST SERVICE WHETHER IT IS ABOVE 20 YEARS IS TREATED AS CANCLEEED . tHIS IS SILLY BUT THIS WAS iBA/gOVTS HAVE DONE IT .
So this 2nd pension option i dont think would be successfull because:
1.Widows of dead banks emplyees cant get commutations.
2.Those who have resigned ( as forced by banks to write words resign) are not eligible for pension option.
3.Vrs 200 pf optee resignees the Pension joint note has not made any clarification of how much they have to pay back to opt for pension ( maybe they may ask back all the handshake amount + 56% of that above to join pension option.
4. Now the existing pension pf optees who are eagerly waiting for pension option after reading above how the above 3 groups are being taken for a ride or how thw trap has been laid Do you think that the existing pf opteess would be eaisly given pension option without any traps or conditions.
So dont take any action wait for the option letter to reach us. read & understand discus it on blogs upload it at any website the scan copies so all can benefit it & understand. Then decide whether it would be worthwhile to opt pension or not.
BECAUSE iBA WAS TALKING OF EXISTING PF OPTEES WHO JOPIN PENSION OPTION WOULD NOT GET COMMUTATIONS AND OTR VR.
wE DONT KNOW WHAT WILL BE THERE SO WAIT
As such when you are now in Cpf you have a choice to leave the job at your wish and you will get all your terminal ebenfits except pension.
Pension option this time is not easy there are traps which slowly people are now understanding.
It is a trap laid to lay hand on your Cpf fund and then you will loose that as well as pension or your choice to leave the job at your will.
So think 1000 times dont just day dream about pension.
First at Kanpur
then Mumbai
Then at Kerala
north soth west & then east
everywhere there is a new forum or new unions are created every week
on all India Basis to fight for the justice of bankmen past present & future
For all this we are thankfull for the injustice & the 2.8 times arrears to be recoverd and a divide created among bankmen between pf & pension optees by the UFBU, Iboc and Aibea/befi etc etc.
and the great IBA.
Thanks to all the above as i had earlier the trend against the Unions have started slowly it will spread to all Indian level like a fire in a forest.
Again Thanks to all the existing Union leaders if you would have not done this injustice then you all would have not realsed the power of Internet/bloggings and fast coummunications.
more deatils at
http://www.allbankingsolutions.com/Wage-revision.htm
(continued from June 7, 2010 12:07 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 8, 2010 6:53 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)
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