Sunday, September 12, 2010

Bank of Baroda issued Pension Circular

View the long awaited Bank of Baroda Pension Circular


mahesh agrawal said...

pls send e mail to all MPs for discrimination and denial of pension option to voluntary retired by IBA/Banks and the e mail address can be taken from from the following website:
pls send e mail in easily acceptable lots

SHANKAR said...

In my opinion sending e mails to MPs will not be of much use.If MPs were concerned about the welfare of workers, Payment of gratuity Act would not have been passed with prospective effect.Payment of pension to retired bank employees would have been from the date of retirement and not with effect from 27/11/2009 if the same gratuity act was made applicable to MPs it would have been passed with restrospective effect from 1947.
Secondly no bank has denied pension to VRS employees covered under Pension Regulation Act 1995 till date.But it is IBA which is not extending another option to VRS-PF optees who are not covered under the said act.
This matter has to be taken up at the industry level excluding those resigned employees who are drawing 5-6 times more than the salary which they were drawing in banks, before resigning.

Raghav said...

Mr. Shankar is wrong to the extent that VRS optees are not covered by the Pension Regulations of the Banks. Both the Banks' VRS schemes as well as Pension regulations have been approved by Govt of India and they specifically provide for all the benefits including the pensionary benefits to VRS retirees just like those retiring on superannuation. If it is not so, then there is no need for VRS schemes for the Banks. So many people opted for VRS only on this faith and IBA and banks can not give a wrong twist now.
It is IBA now giving a misintepretation of the word "Retirees" ignoring the background for including the Special VRS Retirees, which does not mean excluding the already eligible VRS Retirees.

kamalakannan said...

Originally, BOB did not want to extend Holiday Home facility, Medical reimb. facility, etc., to Special VRS Retirees, as they got heftey amount by way of Golden Handshake.
But, all the facilities, including the above, which have been made available to those retiring on superannuation have been granted to normal VRS Optees.
Most of the Spl.VRS Retirees gone out at the age of 45 or so, got addl. 60 months pay, apart from all the normal retirement benefits and got good jobs outside with hefty salary and enjoyed life for the last 10 years.Now, Bank wants to decorate them further with the second option for pension, while those Normal VRS retirees after serving for more than 30 years and gone out without any addl. benefit are denied the option.
This is the way BOB is honouring the sincere and faithful VRS Retirees, who shed their sweat and blood for the developemnet of the Bank for morethan 30 long years !


SHANKAR said...

Referring to Raghav-September 13, 2010 2:38 PM
I stand by my view.Banks have been paying either pension or PF as the case may be to those who left on VRS either under pension regulation act OR under Officers service regulation as applicable to them at the time of VRS. VRS under pension regulation is different from VRS under officer's service regulation. Nowhere in the officer's service regulation it is mentioned that they are eligible to get pension. But under pension regulation act it is clearly mentioned that VRS optees covered under pension regulation act are eligible to get pension after VRS.

If Mr Raghav can inform the service regulation Number under which the following is available.

"specifically provide for all the benefits including the pensionary benefits to VRS retirees just like those retiring on superannuation"

In 3 to 4 bank's OSR I could not find the above clause anywhere.

simha said...

In my opinion all VRS SVRS and Resignees after completion of statutory service required to become eligible for pension should be given second option.Though SVRS people have got hefty amount may be a few might have got good jobs but not majority people.Some are struggling for survival.The amount they got could not fetch them good interest due to reduction of rate of int on deposits and impact of inflation without pension has affected their living standards.There are SVRS employees who have put up 30 yrs service also.SVRS is an offer made by the industry with the concurrence of the GOVT .It is they who want employees to leave the organization so as to improve quality and profits in banks.It is not correct to criticise SVRS people in this regard.They have also shed their blood and sweat for banks which should not be ignored.At the same time not offering pension option to normal VRS optees and resignees is unjustified.IBA has to rethink on the issue and make favourable decision ,if not conceded by IBA knocking the door of courts for justice is inevitable.

SHANKAR said...

Referring to Simha-September 13, 2010 11:48 PM
There is no dispute that VRS-PF optees are unnecessarily deprived of another option of pension.But we should go as per records, regulations,acts etc and not on assumptions and emotional thinking. If resignees are to be given another option,it should be from 1986 onwards, since they were excluded in 1995.There should be some rationale behind extending another option to all.Moving to courts and loosing cases should not happen to retirees, since they can not afford to it.With strong justification,cases of all VRS-PF optees should be seriously taken up by unions and not as an eye wash.Mere writing letters to IBA will not yield desired result. Strong follow up is required.
Reason stated by VRS-PF optee at the time of VRS for leaving the service plays a major role in deciding this issue.

simha said...

I do agree with Mr Sankar.But normal VRS PF optees does not exist in all banks,since it is the scheme devised by individual banks.The employees of banks where there is no such scheme existing have resigned.In the light of the above how resignees have to be treated?

chandan said...

There is no normal VRS for award staff PF optees in banks.Then how will it be possible for normal VRS PF optee Officers to join in pension if resignees are ignored?

SHANKAR said...

Referring to Simha-September 14, 2010 9:35 PM.
This is where the problem is.
In our bank
Resigned employees, who have resigned after completing more than 20 years of service or crossed 55 years of age and who have not opted for pension, were paid
Members contribution of PF+ Management contribution of PF+ Gratuity+ Leave encashment. Where as those who opted for pension in 1995 were paid
Pension+Gratuity+Members contribution of PF+Leave encashment.
Now as per our bank's circular except persons retired under Superannuation and retired under SVRS
all other category of employees, who have left the bank in any other scheme are NOT eligible to opt for another option for pension now.

SHANKAR said...

All existing pensioners and those who are opting now are required to understand one basic reality.That if pension corpus fund becomes more and more stronger,chances of getting 40 % commutation,DA neutralization to the extent of 100%, full family pension for 7 years etc becomes reality and helpful to every one.Hence every pensioner should try to support any action for inclusion of each category of employees to the pension fold.

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