Indian Overseas Bank and Dena Bank offered second option for Pension

IOB and Dena Bank has recently offered second option for pension for there staff and retirees.

AIBOC Circular regarding officers who retired under V.R.S. : Pension option regarding.

"We have addressed a letter to the Chairman, Indian Banks’ Association on the captioned issue, urging upon him to accord an option to those officers who retired under Voluntary Retirement Scheme of individual Banks to join the Pension Scheme now settled as per the Joint Note dated 27.04.2010......"
View the full circular and letter sent to IBA

Nagaland Teachers welcome 6th UGC Scheme

The All Nagaland Government College Teachers Association has welcomed the implementation of the 6th UGC scheme by the State Government for teachers and librarians of government colleges in Nagaland.

Canara Bank and Punjab National Bank issued Pension Circular

Canara Bank and P.N.B. issued Pension Option Circular.
Canara Bank Pension Circular
PNB Pension Circular

UGC Regulation : NET hurdle for PhD holders

The University Grants Commission has erected a hurdle to faculty recruitment by rendering thousands of PhD holders ineligible for appointments unless they have cleared a National Eligibility Test, faculty members and scholars say.

A UGC order has indicated that only candidates who obtained their PhDs under new quality standards, made mandatory in July 2009, would be exempt from the test for appointment as assistant professors in varsities and colleges.

Oriental bank of Commerce issued Pension Option Circular

Establishment Circular No. HO/HRD/68/34/2010/344 23/08/2010

View the O.B.C circular and Option Form

The eligible workmen / officers (whether serving or retired) / family of deceased employees shall submit their Option Form to their concerned Regional Office latest by 25.10.2010.

Cabinet nod to Direct Tax Code bill, exemption limit upped to Rs 2 lakh

In a move that could leave more money in the hands of people, the Government today proposed to raise exemption limit on income tax from the present Rs 1.6 lakh to Rs 2 lakh.

VRS OPTEES IN BANKS DENIED PENSION BY IBA

"Once the implementation of one more option was cleared by vacation of stay order of Madras High Court, IBA has circulated the pension scheme to all banks.

 However acting on a reference by one Bank, IBA has advised Banks to withdraw circular issued [by United Bank of India] in respect of pension under VRS.

 These instructions as well as omission of optees under VRS scheme in Banks as per OSR denying pension to such optees is at variance with UFBU discussions on the matter......."

Source : All India Bank Officers Association

Tamil Nadu Govt employees' pay anomaly resolved, set to pay hike.

Over two lakh employees in Tamil Nadu will get a hike in their salaries with the State government accepting the recommendations of the one-man Commission to set right “anomalies” arising out of the implementation of the sixth pay commission recommendations.

RBI alerts finance min of proposed staff pay hike

The autonomy debate between the Reserve Bank of India and the government could turn shriller in the coming days. A recent turn of events indicates that the regulator will need the prior approval of the finance ministry to implement salary revisions for RBI employees.

PSU banks push govt for performance-linked pay

Pushing for greater freedom in deciding pay packages, public sector banks have suggested that they be permitted to offer performance-linked salaries to officers. For starters, the banks have said that such incentives should be given to the higher-level officers to attract talent from outside the industry.

In their recent meeting with finance minister, Pranab Mukherjee, public sector bank chiefs have pointed out that the rising differential between salaries in public sector and private sector banks is resulting in them being unable to higher specialised talent in areas such as risk management and treasury operations.

Punjab CM assure to release pay and pension arrears on priority

he Punjab Chief Minister Parkash Singh Badal assured the delegation of Punjab Subordinate Services Federation (PSSF) that the state government would soon finalize the modalities for the payment of arrears to its employees and pensioners on the recommendations of the Fifth Punjab Pay Commission.

Govt implementing One-Rank One-Pension for ex-servicemen

Appealing to ex-servicemen not to take the extreme step of returning their gallantry awards, government today said it has started implementing recommendations of the high level panel on One-Rank One-Pension.

"One Rank One Pension : Main aspects addressed."

With ex-servicemen protesting over the one-rank one-pension issue, Government today said the main aspects of the demand have already been addressed which are benefiting around 12 lakh personnel.

Corporation Bank issued Pension Circular today (24.08.2010)

HO Circular No. 670/2010 Index No. 19.00/18/2010 24-August-2010

HIGHLIGHTS

BSNL issues clarification on Non-Executive Promotion Policy

Eventhough the order on Non-Executive Promotion Policy was issued on 23.03.2010 itself, the same has not been implemented in most of the circles for the past 5 months. Because almost all the CGMs had sought clarifications from the Corporate Office and the same were not issued.

University teachers protest against UGC regulation

Teachers from a number of universities under the banner of the Federation of Central Universities Teachers' Associations took out a protest march from Mandi House to Jantar Mantar here on Thursday, protesting against the allegedly negative service conditions outlined by the University Grants Commission.

Indian Bank circular on pension with option for continuing CPF.

IBA issued guidelines on Pension to Banks on 1oth Aug 2010 with two Annexures. ie. Anx.1 and  2 for working staff as well as for  retired staff.
Now Indian Bank  issued circular ,of course with all details  on pension,but with one   more annexure for those who are not opting pension !!


Download the circular
Provided by Mr Mohan P.

Bihar employees on strike for pay hike

Bihar Government employees went on an indefinite strike here on Monday over their demand for implementation of Sixth Pay Commission recommendations.

The Bihar State Non-Gazetted Employees Federation called the strike in support of their seven-point charter of demands.

Employees of the State Secretariat did not join the ongoing strike, but issued an ultimatum to the government to have the grievances redressed within a fortnight or else they too would join the strike.

Source : ANI

AIBEA offers tool to calculate pension for retired employees

Following are taken from "AIBEA" site :
"We had earlier issued our circular informing that AIBEA has developed a Software by which the amount payable to the Bank, amount receivable as commutation / Pension arrears, monthly pension payable, etc, can be worked out instantly.

Himachal Pradesh Govt. issued orders to release enhanced DA to employees and pensioners

Himachal Pradesh Government has issued orders to enhance Dearness Allowance from the existing rate of 27% to 35% with effect from 1st January, 2010. This follows the announcement made by the Chief Minister on Independence Day function in his speech at Karsog in Mandi district.

Cabinet approves bill to hike MPs' basic salary to Rs 50,000/-, they want more salary; force adjournments in Lok Sabha

Salaries of MPs will be hiked by more than three times with the Union Cabinet today approving a bill over which differences among ministers had surfaced earlier this week.
A meeting of the Cabinet gave its nod to the bill under which the basic salary of the MPs will be hiked from Rs 16,000 to Rs 50,000 per month.

Update on Writ before Hon'ble Madras High Court : Next hearing on 7th Sep

Writ filed by Canara Bank Workers Union was listed for hearing on 18.08.2010. Unfortunately, it could not be heard yesterday. Today [19/08/10] it came up for hearing at the fag end of the day. The hon'ble judge observed that Government of India & BEFI have neither filed their counters nor made any representation. He has ordered another notice to both of them and adjourned the hearing to Sep. 07, 2010.

UBI issued circular - second option for pension.

Consequent to the bipartite between IBA and employees' union on 27th April 2010 and subsequent legal battle in varios court of laws, IBA has issued circular to member banks to implement the second option for pension for the serving and retired employees of banks subject to different criteria. There were every doubts and confusion about the exact criteria for entitlement of second option for pension and the specific conditions, time frame etc.

Ex-servicemen of Punjab advised to approach banks for details of revised pension

District Sainik Welfare Department Punjab has advised all Ex-servicemen of Punjab to approach concerned banks for details of their revised pension.

Madhya Pradesh employees protest on D.A. statement by F.M.

The Madhya Pradesh Adhikari Karmachari Adhyakshiya Mandal has expressed disapproval over the statement made by Finance Minister, Raghavjee in which he said that it is not necessary that according to the Central date the payment of dearness allowances to state employees would be given.

IBA draws attention of retired employees for another option to join pension scheme

IBA offers another option for retired employees of Banks to join the pension scheme. The notice for all concerned is is published in all leading newspapers yesterday.

General Insurance Employees ware badges, to submit mass deputation

It has been decided to Protest the GIPSA attitude on Managerial Agenda from 17^th August 2010.

The Badge wearing should be observed from  17^th to 20^th August 2010 as per the convenient of the unit.

MACPS to the Central Autonomous/Statutory Bodies under various Ministries/Departments : Clarification

A number of proposals/references seeking extension of the Scheme to Central Autonomous/Statutory Bodies under various Ministries/Departments have been received by the Department of Expenditure. The Department ofExpenditure has felt that keeping the large number of Central Autonomous/Statutory Bodies in view, it would be appropriate to delegate the power the approving such proposals to the administrative Ministries/Departments concerned.

Central Govt. employees can study distance education from IGNOU and get fees reimbursed

 Department of Personnel and Training and Indira Gandhi National Open University have come together and signed a MoU for offering Distance & E- Learning Programmes to Government employees. The Government employees can now enrol for a wide spectrum of Distance & E-Learning Programmes offered by IGNOU and get their fees reimbursed on successfully completing the programmes.

MP salary hike : Speaker silent, congress refuses to take a stand

Lok Sabha Speaker Meira Kumar today preferred to remain neutral on the question of salary hike for MPs, an issue which stalled the proceedings of the House for two hours.

Low cost housing for army personnel

Army Welfare Housing Organization (AWHO) has taken up construction of low cost housing for the serving and retired Personnel Below Officer Ranks (PBOR) and widows of deceased PBORs under the Jai Jawan Awas Yojna (JJAY)......

Prime Minister postpones MP pay hike

It is reported that the Cabinet could not take any unanimous decision on the pay hike of the law makers yesterday........

Govt. considering increase of Employees’ Pension Scheme, 1995

 The pension of persons in the organised sector under the Employees’ Pension Scheme, 1995 was last increased with effect from 1^st April, 2000.  Thereafter, there is no revision in pension benefit. After 1^st April, 2000, annual valuations of the Employees’ Pension Fund have not revealed actuarial surplus, therefore no relief could be granted by the Central Government after the year 2000......

All parties unite on huge hike for MPs , Cabinet likely to give nod today.

Do our MPs deserve a pay hike? The people of India may feel strongly on the issue, but the Union Cabinet is likely to clear it on Monday. Not surprisingly, there is an all-party consensus demanding that lawmakers be given a salary on par with secretaries to the government of India......

WB govt announces pension for accredited journalists

The West Bengal government today announced a post-retirement pension scheme for journalists and promised to implement a health insurance scheme for them soon.

"All accredited journalists will be given a monthly pension of Rs 2,000 after retirement....

Himachal Pradesh announces 8% D.A. with other bonanza on I Day celebration

64th Independence Day was celebrated with great enthusiasm throughout Himachal Pradesh today. Functions were organized at State-level, District-level and Sub-Divisional-level to mark the occasion. Unfurling of National Flag, March Past by contingents of Police, Home Guards and NCC and cultural programmes were main attraction of the celebrations.
State-level Independence Day function at Karsog.

Govt.studying Khandelwal Committee report, It will take time to take a view.

The Centre is examining the AK Khandelwal Committee Report, which was submitted to the government recently.

“The Khandelwal Committee Report has been submitted to the government. It is being examined and we are holding consultations. It will take some time to take a view on it,”

Centre to form All India Judicial Service

Dr.M.Veerappa Moily, Minister of Law and Justice informed the Lok Sabha that pursuant to the recommendations of the Law Commission of India in its 1st, 8th and 11th reports, the directions of the Supreme Court of India and the guidelines recommended by the First National Judicial Pay Commission, the Government is seized with the matter of creation of an All India Judicial Service.

Implementation of Pension Option Settlement : AIBEA Version

"Due to the persistent efforts of UFBU and its struggles, a significant breakthrough was achieved when the Government and the IBA relented and agreed to discuss the UFBU’s demand for another option to join the pension scheme. But they were not willing to extend the same pension scheme as was achieved in 1993. They were willing to offer an alternative pension scheme. But due to the efforts of UFBU, the same pension scheme could be achieved. To achieve this, UFBU had to agree for the New Pension Scheme from 1-4-2010 and also agree to contribute 30% of the deficit in the additional fund. It is because of this practical and tactical approach of UFBU that this historic Settlement could be signed on 27-4-2010.

This Settlement has been widely acclaimed as a unique achievement because this will enable more than 3 lacs employees, officers and retirees to get the benefit of the pension scheme. While everyone was eagerly looking forward to the implementation of the pension option settlement by the IBA and Banks, an exparte interim stay order as under was obtained on 23-6-2010 in the High Court of Madras in a writ petition filed by Canara Bank Workers Union.

“ Mr K N Ramesh, learned counsel for the petitioner submitted that Andhra Pradesh High Court as well as the Allahabad High Court granted interim stay similar to the one which has sought for by the petitioner. Hence there shall be an order of interim stay.”

Since there was no interim stay order in Andhra Pradesh or Allahabad High Court, the order was modified by the Judge but the interim stay was however continued. Hence the issue was taken up in Writ Appeal before the Bench. Yesterday, (10.08.2010) the Appeal was heard by the Chief Justice and we are happy to inform our units and members that the interim stay has been vacated. In the orders passed by the Bench, it is stated that

“ Counsel for the writ petitioners fairly submitted that no interim order as sought for in the writ petition has been granted by either the Allahabad High Court or the Andhra Pradesh High Court. In that view of the matter, the impugned order passed by the learned single Judge granting interim stay is hereby set aside ”.

While AIBEA and NCBE were represented by Mr. Jayesh Dolia of Aiyer & Dolia, the IBA’s Counsel were M/s V Suthakar and K S Viswanathan.

GOVERNMENT CLEARS AND IBA ISSUES CIRCULAR:

Consequent to this, the Government has given its clearance to IBA to go ahead and IBA has issued their Circular dated 10th August, 2010 to all the Banks for implementing the pension option settlement.

It is pertinent to note that Canara Bank Workers Union who had filed the Writ Petition is not affiliated to any of our UFBU constituent units and hence is not a party to the Settlement also. In the entire country, this Union has a membership of 244 employees only. It is also known that this union is a well-known anti-AIBEA outfit right from its inception and they are known for their anti-employee positions. No wonder, this time too they have tried to work against the employees and even the retired employees and to prevent the pension benefit to the PF Optees who have been eagerly waiting for the same for so many years.

It is also evident that the stay order has been obtained based on wrong premises that there are stay orders in Allahabad and Andhra Pradesh High Courts.

With this vacation of stay order and IBA’s instructions to the Banks to proceed with the implementation of the Settlement and extend the pension option to the PF Optee employees/retirees, all the Banks will be issuing their respective Circulars seeking the option.

All our units should ensure that the PF Optees submit the option letter and join the pension scheme as pension is the best social security measure. Pension option has been achieved with great struggles and difficulties and this opportunity should not be missed. Similarly, our units should also try to reach all the eligible retirees so that they may submit the option letter well in time. This is an important organizational task and all our units should ensure the same.
PENSION IS THE BEST SOCIAL SECURITY SCHEME

PENSION BENEFITS ALL

OPT FOR PENSION SCHEME

OPT TODAY

OPT ALL"

Source : AIBEA

View the IBA Circular

Download the Option Form for Serving and Retired Employee

IBA issues circular for implementation of pension option. Download the option form for serving and retired employees.

On 10th August, 2010, we have reported that the interim stay granted by Madras High Court has been vacated as the Writ Appeal of IBA has been accepted.

On the expected lines, IBA hurriedly, we mean  immediately (i.e. on 10th August, 2010 itself),  issued the necessary circular to the Banks for implementation of the second option of pension

Now we again expect that banks will also take action fast contemplating that some body else may not go for stay on some other grounds at some other High Court. 

View the IBA Circular


Download the Option Form

By Courtsey : BEFI and All Banking Solution.
Special Gratitude : Mr Mohan P.

BSNL signed agreement with Union Bank of India for staff loans

BSNL has recentlt signed an agreement with Union Bank of India for various loans for BSNL employees valid upto 03.08.2011.

Different rates of interests are described in a nutshell.

H.B.A                    @8.50% p.a.

Car Loans              @10% upto 3Yrs and 10.5% beyond that.

                           

Two Wheeler Loan       - DO -

Personal Loan        @12% p.a.

Education Loan      @ 10% p.a.

Natural Calamity     @ 12% p.a.

 Loan  

for details of the schemes, eligibility, quantum of loan, repayment schedule etc may be viewed in the MOU.

Click here to view the details of the scheme

MADRAS HIGH COURT STAY VACATED. IBA HAS ISSUED CIRCULAR TO ALL MEMBER BANKS TO IMPLEMENT PENSION SETTLEMENT

UPDATE : IBA HAS ISSUED CIRCULAR TO ALL MEMBER BANKS TO IMPLEMENT PENSION SETTLEMENT
Today, (10-08-2010) in Writ Appeal filed before Chief Justice of Madras High Court, the interim stay granted early by a single Judge has been vacated.

Latest position (09.08.2010) on Bank Pension case in Madras High Court.

Writ Appeal No. WP/12269/2010 filed by Canara Bank Workers' Association was called for hearing yesterday but no advocate was present in the court on behalf of IBA,AIBEA-NCBE or Canara Bank. It is reported that Hon'ble judge remarked that "these are counsels who were urging for an early hearing, and when it is granted they don't show up.
The hearing of the petition has been adjourned upto 18.08.2010.
Writ Petition No. WA/1453/2010 filed by IBA has been listed at First Divn. Bench at Sr. No. 28 for the morning session. It could not come up for hearing as only first twenty cases were heard.

60,000 Haryana youth to avail unemployment allowance

About 60,000 youth of Haryana will avail unemployment allowance from the State Employment Department in the current financial year which has earmarked Rs 51 crore for this purpose.

Unemployment allowance of Rs 500 per month would be given to those male applicants who were 10+2 pass without science stream, Rs 750 per month to male applicants who were 10+2 pass with science subjects, Rs 900 per month to female applicants having passed 10+2 and above, a spokesman of the Department said here today.

He said that male applicants having done graduation and above (without science subject) would get Rs 750 per month, male applicants having done graduation and above with science would be given Rs 1000 per month and female applicants having done graduation and above Rs 1500 per month.

The rates of unemployed allowance have been revised from April 1, 2009.


Source : PTI

BSNL's meeting with management on 9th August 2010 : Details.

"Discussion took place between Leaders of the United Forum and BSNL Management today,, the
09..08..2010 on the Charter of Demands of the Uniited Forum.. The detaiills off discussion are as given below.. 
The United Forum will meet at 11..00 hours tomorrow
the10.08.2010 to discuss the further course off action.


Implementation of Non-Executive Promotion Policy
BSNL CO will iissue the necessary clarification to all the CGMs iin this week itself.. Our demand that officials shoulld be given option for pay fixation on the date of next increment is accepted.
The modifications demanded by the Staff Side will be discussed iin the National Council meetiing to be helld on 27..08..2010..
Anomalies
Management side told that it was still under consideration by the Executiive Director (Finance).Staff Side expressed it’s extreme unhappiness on the delay and demanded that order shoulld be
iissued without further delay..
BSNLMRS
Management side accepted to positively consider our demand for withdrawal off BSNL CO letter dated 16tth Apriill,, 2010, whiich lliimiits BSNLMRS facillity to only two chiilldren.. Management side also accepted the need for further discussion to improve the BSNLMRS.........."


View the full text of the discussion as available from BSNL Union.

Early payment of salary to Central employees in Kerala on account of ONAM festival.*************************Manipur employees will not receive salary until demands met.

Good News for Central Government Employees in Kerala. Salary for the Month of August 2010 will be given in advance on 20th itself. 
The Government have decided that the salary of all the Central Government Employees in the state of Kerala for the month of August , 2010 may be drawn and disbursed by the Central Government Offices (including Defense, Posts, & Telecom) on 20th August, 2010. 

The wages for August, 2010 of the industrial employees of central government serving in the state of kerala may also be disbursed in advance on 20th August, 2010. 

The salary so disbursed are to be treated as advance payements and will be subject to adjustment after the full month's salary of each employee is determined. The adjustment , if any, will be made without exception from the salary as the case may be from the month of September, 2010. 


View the Govt. Order


Manipur Govt employees not to collect salary
IMPHAL, Aug 7: An emergency meeting of the JAC of AMTUC and AMGEO held today has decided not collect salaries until in toto implementation of the 6th central pay commission recommendations is made.
The JAC meeting was held to sort out problems being created due to state government’s option given to employees while disbursing salaries.

A JAC release said today’s meeting was attended by employees and officers of various state government departments including the teachers and engineers. It resolved not to collect salaries until government effect an order for rectification of pay structure in line to the 6th Central pay commission recommendations.
The meeting also resolved to extend terms for the current office bearers of the JAC till September 16 this year, the release said adding the JAC would not be responsible for any eventualities for any employee who draws salary against the 6th Central pay commission recommendations.
Source : Kangla Online.

Update on Madras High Court case on 06/08/2010 : Both the case listed on 9th August.

The writ petition of IBA was not taken for hearing even on 6th August. Both the cases, the IBA writ petition and Canara Bank Workers' writ appeal have been listed on 9th August.


Writ Appeal No. WP/12269/2010 filed by Canara Bank Workers' Association has been listed at Court No. 17 at Sr. No. 90 for the afternoon (Session starts with Sr. No. 82)
Writ Petition No. WA/1453/2010 filed by IBA has been listed at First Divn. Bench at Sr. No. 28 for the morning session.

Salient features of LTC 80 scheme and fare

Under this scheme you can travel in Economy Class on all operational domestic sectors.

You can not avail child & Infant Fare or any other discount under this scheme. Tickets booked under LTC Scheme are refundable. However you will have to pay refund Fee of Rs. 100 per ticket, cancelled at least 1hour prior to the departure. But if you get the Ticket cancelled less than 1hour prior to the departure, it will be treated as no-show. You can re-book and change your reservation by paying just Rs.100 per ticket at least 1hour prior to departure. After commencement of the journey you cannot Re-Route your booking. For verification you are required to carry the Employee Identity Card while traveling. You are also required to present your Employee identity card at the time of issuance of the tickets for necessary endorsement on the tickets. Your ticket will be Non-endorsable and valid to travel on Air India only. If you are an Employee of the State, Central Government, Public Sector Undertakings or employee of the educational institutions recognized/aided by Centre, State Government and or affiliated to any of the University/ Educational Boards then you and your family members traveling on leave and availing LTC facility are eligible for availing this scheme. Under this scheme your booking should be on confirmed basis. You can purchase your ticket under this scheme from Air India booking offices and approved travel agents. Source : Air India View the LTC 80 fare (This link is inresponsive most of the times. Please bear with Air India) Fare chart of LTC 80 as on January 2009

Clarification on LTC to Jammu and Kashmir by air

Different doubts have been raised after issue of DOPT O.M. No. 31011/2/2003-estt[a} dated 18/06/2010 regarding relaxation of journey by air to visit Jammu and Kashmir. 

The doubts have been clarified as under

1)  Travel by private airline is permitted to all category of employees including those entitled to travel by air.

2)  LTC 80 fare would apply to all cases including those entitled to travel by air irrespective of the airlines.

View the Office Memorandum

IDBI Bank may do away with variable pay.******* Update on Madras High Court Pension case.

Madras Update : IBA's writ appeal against stay order could not be taken up for admission even on 5th August.
It is listed at Sr No. 28 on 5th August in the morning session of Madras High Court. The case filed by Canara Bank Workers' Association was last listed on 31st July 2010. It is not sure whether it will be heard before the writ filed by IBA or not.


IDBI
Within months of implementing variable pay, IDBI Bank has decided to review the system, which has faced flak from its employees and the government. It is the only public sector lender to have this system,

Top executives of the Mumbai-headquartered entity told Business Standard that R M Malla, IDBI Bank’s new chairman and managing director, had set up a committee comprising executive directors to review the structure, besides the new service rules that reduced the number of holidays each employee was entitled to and increased the working hours.

The executives said the committee had been asked to get feedback from employees and suggestions on how to restructure the pay packages since a 20 per cent hike was also announced along with these measured. “It is difficult to roll back the hike and say that the variable pay regime is off. Once you provide a hike, it’s tough to tell people that we will do away with the 30 per cent variable component as well as the hike,” said a senior executive.

Employees were complaining that the changes introduced by the then Chairman and Managing Director, Yogesh Agarwal, in February, were difficult to implement since there was no performance measurement system.

Besides, the system was seen as unfair to junior employees, who received lower hikes. Bank employee unions had also complained that the lender decided to introduce the scheme despite the Indian Banks’ Association (IBA) dropping a similar plan in the absence of a performance measurement system. IDBI Bank is not covered by IBA’s industry-wide wage settlement that includes public sector and old-generation private banks.

In March, The All India IDBI Officers Association filed a writ petition in the Bombay High Court challenging the bank’s decision to change service conditions and implement variable pay.

The government had also asked the IDBI Bank management to hold back the introduction of variable pay. However, the lender chose to go ahead as the proposal had been cleared by its board. The government has also set up a committee, headed by former Bank of Baroda Chairman and Managing Director A K Khandelwal, to review the human resource policies of public sector banks. Variable pay is one of the issues being discussed. But amidst this, IDBI Bank decided to implement the changes.

Along with the introduction of variable pay, the bank had raised salaries by around 20 per cent. Under the IBA wage pact, salaries had gone up by around 17.5 per cent.

The government managed to convince the management to postpone the introduction of variable pay and the new service conditions in May 2009 saying these required closer scrutiny.

Source : Business Standard.

Bank PF optees : a discussion in favour.

Following article has been sent by Mr. P. KUMAR SALEM TAMILNADU

"From the day Pension settlement signed and announced that PF optees to pay 2.8 times of their basic pay as on 01.11.2007 and retirees to pay 156% of the PF amount they have received  from Bank, Arguments from both Pension optees and PF optees are going around in websites.

After reading all these letters/write-ups the following points emerged in support of PF optees.

1. In the Pension Regulations 1993/1995 there is no provision for collecting money from employees to make up the short-fall in pension fund. If at all any short fall is faced it should be made good by the banks itself. Then on what basis banks are now asking employees to contribute for short fall?   

2. In 7^th, 8th, 9th bi-partite settlements 8.25%, 9.25%, 13% of additional cost of pension was carved out of wage load and given to banks to make-up the shortfall in pension fund. This amount belongs to both Pension Optees and PF optees, but used for paying pension to Pension Optees only. Therefore is there any logic in asking funds now from PF optees only?

3. In the Pension Regulation 1993/1995 there was a clause stating that pension will not be paid to those employees who participates in any strike. In 1999, this clause has been removed, but no fresh option is given to PF optees to join pension scheme then. Why?

4. In Railways and RBI fresh options were given to employees to join Pension Scheme several times without asking single paisa. Then why in Banks Employees are asked to contribute towards Pension Fund?

5. If all the employees have opted for Pension in 1996/1995 itself, how banks would have managed Pension Fund?

6. In State Bank of India three retirement benefits are being given to employees. viz.PF+Pension+Gratuity. In Public Sector Banks only two benefits are available. Even for that second benefit Employees have to pay in every wage revision settlement. Does it mean Bank Employees are not given two retirement benefits, but they are given only 1.5 benefits i.e. half of what SBI employees are getting?

7. When SBI associate banks are merged with SBI, Govt. is ready to extend Pension Benefit to those Employees  of associate banks without asking anything from employees. Where from money comes from to meet the additional expenditure ?

8. Banks are ready to incur expenditure to the extend of 14% (10% of B.P.+D,A) towards PF for new recruits from 01.04.2010,but not ready to pay more than 10% for PF optees. Why?

I wish to appeal to comrades who are in legal battle to concentrate on these points and arrange to submit sufficient material evidence to support the above points.

Further I appeal to all PF optees to print the above points (any valid arguments other than those above also can be added in shorter form) and sent to all bank/branches.  If printed in regional language it is much better. Then only PF optees will understand how they are cheated by the Bank management and UFBU.

In my opinion this is the only way to reach out the ground level  PF optees ."

Contributed by : Mr. P. Kumar