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