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.
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30 comments :
madras high court vacated the 2.88 times recovery stay but what is the latest position of ALLAHABAD HIGH COURT,DELHI HIGH COURT CASES ANYBODY PLEASE
Referring to Sri Ramanathan-August 11, 2010 4:48 AM
Stay for recovery of 2.80 times of November 2007 Basic Pay was only from Chennai High Court where as notices are issued by other courts. Now the hurdle for implementation of pension process is removed.
Employees were tense because of the stay order and not because of writ filed. But that should have been done after implementation of the pension scheme and not before. Before boarding the train fighting for berth by unconfirmed travellers is meaningless.
All the Respected Secretaries,
Kindly approach IBA for immediate implementation now.
THe gate way of pension should be opened simultaneously in all the banks.
All the informations shall be asked by the banks together.
ASHOK GOEL
"IBA HAS ISSUED CIRCULAR TO ALL MEMBER BANKS TO IMPLEMENT PENSION SETTLEMENT"11.8.10
As per AIUBOF Flash News.
The full text of circular issued by IBA advising banks to issue option letter etc can be seen in BEFI site.
Vasudevan
IBA CIRCULAR IN ALLBANKING SOLUTIONS SITE
rajeevji
aap kya kahana chahathe hain?????
krishna
While the sites of almost all the unions were quick to announce the vacation of stay ( in fact the site of Befi was probably the first one to upload the circular issued by IBA)
it is surprising that till now the good news has not been announced in the site of AIBOC . I have observed that they are slow in updating the information always. Correct me if I am wrong. Vasudevan
Ms. Pallaviji, Spouse of a person deceased during the course of service would receive full pension for a period equivalent to the left over service of the demised employee subject, however to a maximum of 7 years (i.e. whichever period is less) after which family pension - i.e. 50% of the full pension would be payable. Unfortunately commutation facility is available only to the pensioner and not to the family pensioner.
Hello Mr. Iyer , you have emerged after a very long time. Do contribute your thoughts. Similarly we are missing Mr. Balasubramanian for hs positive messages
thanx Mr. Iyer 4 ur response....
After more than three months at last
the persons retired are getting the opportunity to get pension at the cost nearly five lakhs. Pensioners will accept it with heavy heart as
no body would be able to tell when he will die. Those surviving long will be benefited. Much discussion has been done in this regard but in vain.
At least banks should device such proforma bu which commutation and arrear pension should be reduced from funding gap. This will save time and pension implementation will be faster.
My dear blog members,
I AM SILENETLY WATCHING ALL THE UNFORTUNATE THINGS HAPPENING IN THE BANKING INDUSTRY SETTLEMENT WHICH MADE BANK EMPLOYEES AS A TOTALLY DEMOTIVATED TEAM. IBA IN COLLUSION WITH THE TRADE UNIONS AND WITH THE BLESSINGS OF NORTH BLOCK CONDUCTED A DAY LIGHT ROBBERY ON BANK EMPLOYEES WAGES IN THE NAME OF SECOND OPTION FOR PENSION. IF THEY WOULD HAVE PROVIDED PROPER FUNDS EVERY YEAR AND COVERED THE DEFICIT AS PER THE PENSION REGULATION ,THEN SUCH TYPE OF CALCULATION WOULD HAVE BEEN AVOIDED.
SBI Q1-2010-11 PROFIT OF 2900 CRORES WILL SPEAK VOLUMES OF THE PROFITABILITY OF THE INDUSTRY. IF THIS IS THE CASE, THEN WHY THERE IS SO HUE AND CRY FOR A PETTY AMOUNT OF 1800 CRORES FOR THE BANKING INDUSTRY AS A WHOLE.
FROM ACTIVE BLOGS WE ARE HEARING UNBELEIVABLE MESSAGES LIKE UNION LEADERS GOT CRORES OF RUPEES AS BRIBE FOR WITHDRAWING STRIKE ETC WHICH IF TRUE IS NOT GOOD FOR THE FUTURE OF THE BANK EMPLOYEES. ANY WAY WHETHER THEY GOT THE MONEY OR NOT IS A DEBATABLE ISSUE , BUT THESE LEADER” S LACK OF VISION AND CASUAL ATTITUDE SINCE VI BIPARTITE SETTLEMENT MADE THE BANK EMPLOYEES WAGES ERODED MUCH FASTER WHEN COMPARED TO SIXTH PAY COMMISSSION.
NOW THESE LEADERS SHOULD PROVE THAT THEY ARE NOT GUILTY AND HAVING ACHIVED THE PENSION OPTION, THE MOST IMPORTANT COMPONENT OF THE SETTLEMENT , THEY SHOULD CONVINCE IBA FOR PARITY IN WAGES ATLEAST FROM 01.11.2012 IN TOTAL WITH SIXTH PAY COMMISSSION. ALSO THEY SHOULD CONVINCE IBA TO RETAIN ONLY THE PF WITH 8% INTEREST PORTION AND TO REPAY THE REMAINING AMOUNT FROM THE NOTORIOUS 56% TO THE RETIREES. PERSONS RETIRED AFTER THE VRS 2001 SCHEME SHOULD BE CHARGED ONLY 8 % P.A AND THE REMAINING AMOUNT IF ANY SHOULD BE GRACEFULLY REFUNDED, AS THE NEW RETIRED PF OPTEES ARE LOOSING ON ALL FRONTS .
LET THE COURT DECIDE REGARDING 2.8 TIMES CONTRIBUTION. FOR THE SERVING EMPLOYEES WHO ARE JOINING THE PENSION SCHEME.
TO BE CONCLUDED
FIVE YEARS FROM NOW AS MAJORITY OF THE SENIORS LEFT THE SCENARIO , THE INDUSTRY IS GOING TO BE FILLED UP WITH NORMAL IQ LEVEL PEOPLE ONLY AS NEW RECRUITS AS THE COMPETITIVE PEOPLE MAY NOT OPT FOR BANKING CARREER . NO BODY FROM IIMS EVEN THINK OF TAKING A CARREER IN NATIONALISED BANKS.EVEN AT AGM /DGM LEVEL. IF GOVERNMENT IS NOT RAISING THE SALARY LEVEL AND RECTIFY THE MISTAKE THEY COMMITTED THROUGH THEIR AGENT IBA, THEN FINANCIAL SECTOR OFFICES BECOMES MUNICIPAL PUNCHAYAT OR CORPORATION OFFICES.IF ENTRY LEVEL SALARY ON A CTC BASIS IS AROUND 6 TO 7 LAKHS IN ALL PUBLIC SECTOR UNDERTAKINGS AND ALSO THE GOVERNMENT THEN WHY BANK ALONE WAS TARGETED SHAMELESSLY FOR A PATHETICALLY LOW SALARY.
GOVERNMENT WITH LACK OF VISION HAS CHEATED THEMSELVES TECHNICALLY IN THE NAME OF CHEATING THE EMPLOYEES. LET NORTH BLOCK WITNESS THATDEPUTY GENERAL MANAGER OF BANK EQUALS TOP SECTION OFFICER AND BANK SENIOR OFFICERS ARE EQUAL TO THEIR UDCS AND THE CLERKS ARE EQUAL TO THE IR CLASS IV STAFF.COUNTRY WILL PAY HEAVY PRICE FOR THEIR LACK OF VISION AND NOBODY WILL FORGIVE THE TRIOS NORTH BLOCK/IBA/UFBU.
EVEN GENUINE 100% NEUTRALISATION WHICH MAY NOT A COST EVEN 50 TO 100 CRORES WAS SILENTLY DENIED TO PRE 01.11.2002 PENSIONERS.PENSION UPDATION IS A DAYDREAM ONLY FOR THE RETIRED BANK OFFICERS LIKE ME WHO ANTICIPATED THESE GOOD THINGS AND OPTED FOR VRS 2001. NOW WE ARE PAYING THE PRICE FOR THE WRONG DECISION THAT WE MADE BASED ON IMAGINERY CALCULATIONS. AS A SENIOR MANAGER I AM DRAWING A PENSION OF 13000 WHICH IS EQUAL TO THE PENSION OF A LDC OF THE CENTRAL GOVERNMENT.
WILL THE CONCERNED AUTHORITIES LOOK THE GRIEVANCES OF THE BANK EMPLOYEES/PENSIONERS WITH A HUMANITARIAN APPROACH .ONLY TIME / COURT WILL TELL.AT THAT TIME MUCH DAMAGE WOULD HAVE BEEN HAPPENED TO THE QUALITY OF THE PERSONNEL AND ALSO SEVERAL PENSIONERS WOULD HAVE DIED BY DREAMING SUCH HAPPENINGS LIKE 100% DA NEUTRALISAION /PENSION UPDATION ETC.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER PENSION OPTEE VRS 2001
FRIENDS,
ULTIMATELY ON THE PRETEXT OF SHORTAGE OF FUNDS WITH THE PSU BANKS FOR GIVING OPTION TO POST 27/11/2009 RETIREES AND OTHERS WHO ARE WAITING PENSION FOR A LONG LONG PERIOD IBA SUCCEEDED IN VACATING THE INTERIM STAY, YES WE ARE STARVING FOR PENSION AND OUR GOD FATHER IBA USING US AS HAPLESS LOT IN THE COURT , THANKS FOR EXPRESSING SOME PIOUS WORDS IN THEIR WRIT PETITION, BUT FAILS TO FIND EVER INCREASING PROFITS BY PSU BANKS
RETIREES POST 1/11/2007 WILL FIND IT DIFFICULT AND PAINFUL TO SIGN THE PENSION ACCEPTANCE FORM WITH 56% EXTRA, THOUGH THEY WILL ACCEPT, WHICH ITHINK THEY SHOULD.
NOW FOR RETIREES POST 27/11/2009 , THE CASE IS ALREADY WELL DISCUSSED IN THIS BLOG AND AGAIN SHOULD BE PLEADED WITH THE TOO MUCH GENEROUS IBA, FINANCE MINISTERY TOWARDS RETIREES ATLEAST IN THE COURT ROOM, BY THE CONCERNED.
THEY SHOULD ALSO SWALLOW THIS BITTER PILL NAMELY 56%INTT, IF OTHERWISE THEY ARE WELL ……………………….
AK
Mr.Balan thanks for enlighting the struggle of retirees. Pl use small letters while writing and the same will be easily readable by seniors. Further kindly clarify the term Retirees (Retiring). IN IBA settlement point No.4 stats that
"Employees who ceased to be in service on or after 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India on account of voluntary retirement under special scheme after rendering service for a minimum period of 15 years, shall be eligible to exercise an option to join the Pension Scheme subject to the terms and conditions mentioned for retiring employees opting for joining the Scheme."
In IBAs circular for implementation of 2nd option for commutation they have mentioned that next birthday of the pensioner will be taken for factor but where as AIBEA in their circular said that present age will be taken for commutation factor after signing the settlement of pension issue on their website.Now it is confusing to us.So pl any body have gone through the same pl clarify or I request our leaders to go through the same and correct it before final the things of commutation to the retirees because it will reduce the commutation amt of retirees.Pl correct it immediately.
any body clarify that due to shortage of fund only 2.88 times recovered from pf optees for pension,in another 2 years 50% going to retire then the pension fund depleted,what is the posiiton of the fund to pay pension for those going to retire 2019-20
Dear Ramanathan,
For many questions there is no answer from Union leaders or those who are arguing for this 2.8 or 156%.
1.In rules ,it is evident that there is no provision to deduct any amount from employees ,but it happened 8.25 %in 7 th, 9.25% in 8th and 13% in 9th .
2.In writ IBA clearly stated ,enough fund is not there to disburse pension for retirees.If it is so , what will be the position of retirees in the coming years.
3.I have seen many comments/ arguments from people ,here to protect the unions and against the court case.But those people simply forgot the basic thing, all these only beacuse of UFBA.What Balan sir mentioned is 100% true.
Referring to Ramanathan-August 14, 2010 5:49 AM
Pension option is purely voluntary.Unless one go through Pension Regulation Act 1995,word by word,clause by clause,matter will not be clear.It is enacted by Government of India and published in the Gezette and hence there is no need to doubt about the same. One illustration may be helpful.
01.
A Scale III officer who retired in April 2010 got 9 lakhs as PF(Management)Now he has to repy Rs 9+5.04 lakhs(56% of 9 lakhs which is 30 % of the burden) Management will share Rs 11.76 lakhs(70% of the burden). Total fund available in his account is Rs 25.80 lakhs.Interest on this @9% p.a. works out to Rs 19350.00 monthly.
His monthly pension for his present scale may be around Rs 24,000.00 and if he takes commutation it will be around Rs 18,000.00 per month.When he dies,his family will get only 50 % of pension which may be around 6,000.00{[24000/2=12,000-6000)=6000and the entire amount of Rs 25.80 lakhs will remain with the management.
Managements are required to fund the shortfall every year as per the Pension regulation act as worked out by the Auditors.
Thay are bound to earn maximum from pension fund by proper deployment. Workmen/Officer union nominated directors are expected to question the acts of the managements in the board meetings.
The calculation is the illustration varies from scale to scale and employee to employee both retired and existing.If everything as above fails,there is no solution.If an employee decides not to opt for pension, he will loose his share to be received from the management(70%)and not eligible to get commutation.
@Runtrailblog August 14, 2010 8:53 AM:
Dear Sir,
I feel your months long crusade against 2.8 factor has now came to an end.However I think you are not going to be suffer for it as because I predict you a would be employee of SBI in near future in the same line of SBS.
Regards.
@ Chandan,August 14, 2010 8:44 PM
Dear Chandan,
The stay vacated by court doesn't change anything what I mentioned in this blog.They are 100% facts.My stand in this issue is on the basis of Justice only.That is for whole bank employees.It is not for PF optees only as you think.
Thanks
Happy Independance Day to one and all of you(Retirees and Employees) on the occasion of 64th Day of our Nation and 'LONG LIVE RETIREES'
While IBA was really quick in issuing a circular to all banks on 10th of Aug itself,( the day stay was vacated),no bank seems to have initiated the process so far. Could any one explain the reasons for the undue delay. Vasudevan
Referring to Mr.Vasu-Aug.15th,2010,
Second option Pension letter
will be issued only after getting
APPROVAL from the respective individual Bank's Board as per IBA circular dt.10.08.2010.
BANK EMPLOYEES PENSION REGULATIONS
---------------------------------
+++++++++++++++++++++++++++++++++++
SAVE THE SPOKES OF THE ASHOK CHAKRA ON 63rd. INDEPENDENCE DAY
===================== Ashok goel
A case is manifest clear that continuous violations of all the legal as well as moral ethics are going down to some unknown deep depth. No one is ready to listen the voice of the people on the eve of Independence Day. Bankers have written their grievances to various organs of the union of India as a state, but no one is answerable in this state.
Ministry of Finance should invite a tripartite meeting comprising with IBA and representatives of the bankers retirees as well as working. There are so many possible ways to fund the gap in pension funding to extend the already agreed pension policy in the year 1993. IBA and unions should again sit on the negotiating table and start further talks to be substituted in so called pension pact of 27.04.2010. There are other issues are t pending to be settled soon.
a) Full service pension should be calculated on 20 years of service.
b) Commutation should be 50 percent as in defense services.
c) Dearness Relief should be should be given on the same formula as are applicable to retirees after 2002.
d) Immediate updating is required of the pension.
e) Pensioners should be allowed LFC once in 2 years.
f) Bank employees as pensioners should be governed by the state govt. health schemes.
g) Dearness relief should be on Quarterly basis as in case of the working employees.
h) Family Pension @ of full pension should be available for nine years after death or up to the age of 68 years of the deceased.
i) Pensions should be available from the date of actual retirement dates.
j) There should be no penalty of 2.8 times from the working employees if they decide to opt the pension.
k) Retired should not be asked 56% penalty. They should be asked only 6% simple interest.
l) Widows should be allowed right of commutation as a special case.
m) Pensions should be revised automatically at the time of settlement.
n) There should be only one chart of DA on pension in place 4 to 5 at present.
o) Half yearly meetings should be arranged by the banks of the retirees and pensioners. It should be kept in mind that pensioners and retirees are the Ambassadors of the Bank.
Continued……..
Ashok goel
IBA has issued circulars to bankers to implement 2nd option pension on 10th itself the day on which stay was vacated.But till to-day not a single bank has issued circulars now i think all the banks have their own board meetings and will get it approved in meeting and then it will issue circular.Now again one more hurdle when the banks will have their board meeting and get it approved and then will issue circulars.I think again it will take its own time days,months only God knows.Poor retirees are eagerly waiting to get their first pension and retirees are arranging funds 156% which is very very huge amt even some retirees are selling jeweleries of their spouse to contribute to pension even then they have to wait for long.So request to hold board meetings at once and get it approved and issue circulars so that retirees will get some relief and let them enjoy pension for at least for some more years because already they are 70 plus.Thanks
The sentiments expressed by Mr.Shridhar is shared by all who are anxiously waiting.However I feel that now it is a question of only few days more, may be a fortnight, by which time circular would have been issued by Banks. Here is wishing all a Happy ending . vasudevan
PNB and United Bank of India banks have already issued circulars in line with IBA guidelines. Other banks will follow once the respective boards have approved the IBA guidelines.
Dear friends,
Atlast a circular related to the contents (eligibility, date of operation, repayment etc.)
in respect of second option for pension has come out first and fastly from Punjab National Bank,
a No.1 Bank in effecting the Special VRS scheme in Dec. 2000 and issuing of Pension option circular and we are grateful to them in acting fastly like IBA.
Salient Features of the circular:
1.Eligibility is refered only for existing, retirees and VRS(Special) retirees employees.
(No reference is made in respect of retirees of VR on their own and resignees specifically).
2.Date of operation of the scheme is from 28.08.2010 to 26.10.2010 for giving willingness to opt for pension in Annexure-II. (ie.60 days from the effective date of the circular.)
3.Date of returning of 156% of Bank Contribution of PF and interest is from 27.10.2010
to 25.11.2010 (ie.30 days from 27.10.2010)
4.Pension option/willingness letter can be submitted to any nearest branch of the concerned
bank wherein he was an employee.
5.Whereas the Pension proposal is to be submitted to the branch where he got his retirement.
6.Commutation will be arrived at HO after receipt of the Pension proposal and will be intimated
to the concerned branch for appropriation towards recovery of 156% after 27.10.2010 and
balance amount is to be adjusted by the retiree before 25.11.2010.
7.Everything will be finalished before 25.11.2010 and regular pension will be disbursed from 25.11.2010.
' Wishing you all a happy retired life'
r rajendran
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