The State Bank of India employees, who had protested the 17.5 per cent pay increase on the grounds that they already had the pension option and would therefore lose out, are in for some bonanza.
The bank management is awaiting approval from the government to provide for an additional 6.4 per cent increase, which will cost the bank around Rs 290 crore. In addition, there is a proposal before the government for raising the pension for senior officers by around 40 per cent and for clerical and junior management grade employees by around 50 per cent.
The bank management is awaiting approval from the government to provide for an additional 6.4 per cent increase, which will cost the bank around Rs 290 crore. In addition, there is a proposal before the government for raising the pension for senior officers by around 40 per cent and for clerical and junior management grade employees by around 50 per cent.
A senior executive said the bank had already provided Rs 290 crore for the expected impact of the salary increase. SBI union representatives had not signed the wage settlement agreement with IBA.
Source : Sify.com
34 comments :
My one friend has died in month of May 2010 after settlement signed on April 2010. He has also deposited 2.8 percent of Nov. 07 money . Now will his family be able to commute the pension?. Please clarify.
A good step forward by SBI management...
Need Expert Opinion from Chandan sir, Shyam sir, Balan Sir and from all our respected members of this blog...
Hello Sir,
I am Punjab & Sind Bank employee. Please tell me whether national bank employees salary will also revise accordingly or not.
October 13, 2010
A MAGIC CAN CHANGE OUR FATES
ONLY THE DECISION ON A SINGLE POINT CAN CHANGE THE SCENE
.
Legal Experts Help is needed
.
TO ALL THE BANKERS AND UNIONS/ASSOCIATIONS OPERATING IN BANKING INDUSTRY,
--ASHOK GOEL
REGULATION 22(4) (b) of the BANK EMPLOYEES’ PENSION REGULATIONS, 1995 WHICH PROVIDED, FORFIETURE OF FULL QUALIFYING SERVICE FOR PENSION- MAKING PENSION TO ZERO- IN CASE ANY OF THE BANKER DARE TO PARTICIPATE IN THE STRIKE. THIS CLAUSE RESTRICTED OUR ENTRY IN TO THE PENSION FOLD.
THE ABOVE CLAUSE WAS AMENDED VIDE FOLLOWING GAZETTE NOTIFICATIN.
THE GAZETTE OF INDIA, FEBRUARY 27, 1999
UNION BANK OF INDIA
CENTRAL OFFICE
Mumbai, the 2nd January 1999
In exercise of the powers conferred by Clause (f) of sub section (2) of Section 19 of the Banking Companies ( Acquisition and Transfer of Undertakings) Act , 1970 ( 5 of 1970), the Board of Directors of Union Bank of India in consultation with the Reserve Bank of India and with the previous sanction of the Central Government hereby makes the following Regulations, viz:-
(1) These regulations may be called Union Bank of India (Employees) Pension (Amendment) Regulations, 1998
(2) They shall come into force on the date of their publication in the official Gazette.
2. In the Union Bank of India ( Employees) Pension Regulations , 1995, for clause (b) of sub regulation 4 of regulation 22, the following clause shall be substituted, namely:-
“(b) Nothing in clause (a) shall apply to interruption caused by resignation, dismissal or removal from service.”
Foot Note: The principle regulations were published in the Gazette of India Extraordinary dated 29th September, 1995
Michael Bastian
General Manager (P)
-True copy -
Numbering in text and contents of foot note reproduced as appearing in the Gazette itself without any variation
WHAT IS THE EFFECT OF THIS AMENDMENT?
WHETHER IT WAS MANDATORY TO INVITE FRESH OPTIONS AFTER THIS CHANGED REGULATIION?
WHETHER THE AMENDMENT HAVE THE EFFECT FROM THE DATE WHEN IT WAS INCORPORATED IN THE PENSION REGULATIONS?
WHETHER IT CAN BE INVOKED FROM THE DATE OF ITS AMENDMENT?
A PIL IS NEEDED ON THIS SOLO POINT
ALL CONCERNED ARE REQUESTED TO APPLY THEIR SOURCES FOR THE SAME.
ASHOK GOEL 09868404020
We feel that everybody in this blog appears to be bothered about Pension and Pension only.That is why our so called leaders have concluded a pension settlement.The Employee in the Insurance Industry got 2nd Option but without this kind of contribution.
In whole excercise the biggest loosers are Scale I,II,III who neither got any salary increase nor any others benefit.
SBI is doing right thing and in tune with modern time.
Let us think of serving employees also so that Banks remain in a position to make pension payment in future.
@Mitul October 14, 2010 9:12 PM:
When I joined in bank in 1992-93 settlement on pension in PSBs was signed on Oct 29th. Being from a govt department I knew the importance of pension scheme in an employee’s career. I straight opted for pension without a second thought and latter on that wise and judicious decision not only saved my Rs 55000/- + from my arrears of ninth BPS, but also has been providing me peace of mind.
At that time SBI had its own pension scheme apart from CPF. So no one from SBI opted for this industrial level pension scheme and that was also obvious. That time also 6% load was estimated for pension introduction in lieu of CPF and SBI Employees/Officers were received that load factor amount in shape of SCA(special compensatory allowance) which was around 10% of actual basic for award staff and around 10% of starting basic for officers. But associate banks were excluded from that facility though they had the same logo.
So it is now nothing to be surprised to know the same repeated development after two decades because of a parallel situation has been taken place. This is happened due to our colleagues in nationalised banks who hadn't opted pension being too calculative and over-smart. Otherwise every bank employee of the industry could have clinched 23% load factor in ninth BPS and that could have lowered the gap between GOI/PSU and PSBs. Shame of my intelligent colleagues and their so called plea on restrictive practice clause for not opting pension.
Thanks.
Thanks a lot Chandan sir for sharing such knowledgeable, experience with us.
Sir how much difference will be there in Their pay as compared to their PSB friends...??
@Mitul October 15, 2010 7:56 PM:
Around 1000/- to 2500/- is expected depending on different scales upto scale-III.
Thanks.
Chandan Sir, what for the officers above scale-III...
@Mitul October 15, 2010 11:26 PM:
May be a bit more. Difficult to say approximate figure. Refer previous two SCA settlement of SBI one for 1993 due to pension settlement and other in 2003 for career path & technology up-gradation, to find the amount in an approximate figure for this time.
Thanks.
WHETHER THE PROPOSED INCREASE O F6.4% IS APPLICABLE TO STATE ANK SPONSORED RRB STAFF
@SNEHA October 17, 2010 11:31 AM:
What's a stupid question? No RRB in India has pension. There is no question of getting this extra for them. They are a subject to 17.5% only. Be technical and learn the service condition of RRBs.
Thanks.
Chandan Sir,
What you think from which date the said 6.4% will be effected?
@sam October 18, 2010 12:52 PM:
As per 1992/93 SCA it should be from the date of recent BPS i.e. from Dt: 01/11/2007.
Thanks.
Dear sir,
I seek views of every participant of this discussion on "obtaining commercial employment by a retired employee without the management permission, by an officer employee under VRS from a nationalized bank"
Please be specific with regard to the rulings for retired employees and not the pensioners. This is important because under the present circumstance a lot of employees has to submit non- employment/re-employment certificates to obtain the pension as a 2 nd option now.
Since the pension rules clearly states a embargo for two years after receipt of pension to seek prior permission of management for getting commercial employment by an officer's employee.
Hence I request to all to put their views with regard to position before getting pension, in case of retired officer's employees.
Thanks.
Dear Sir,
There is a lot of confusion regarding fixation of revised FPP w.e.f. 01.11.2007. I shall be obliged if any one, naturally expert in staff matters can post scale wise/ stage wise revised FPP for information of all officers.
Regards,
mohanlal52
Ref:Mr.Mohanlal,
FPA - Fitment shall be stage-to-stage, i.e. on corresponding stages from 1st stage onwards and
the increments shall fall on the anniversary date as usual.
W.e.f. 1.11.2007 Fixed Personal Pay together with House Rent Allowance shall be at the following rates and shall remain frozen for the entire period of service.
(A).Increment component (B). DA as on 1.11.2007 (C)Total FPP payable where Bank’s accomodation is provided.
(A)800-(B)58-(C)858
900-65-965
1000-72-1072
1100-79-1179
1200-86-1286
1300-94-1394
-Those officer who are provided with bank’s accommodation will draw total amount as shown above©
-For officers eligible for House Rent Allowance shall be Total © plus House
Rent Allowance payable on the last increment of the relevant scale of pay.
-The increment component of F.P.P. shall rank for superannuation benefits.
Dear Shri PM,
I request you to advise Revised FPP scale wise/ stage wise in view of the clarification issued by IBA regarding increase in FPP after promotion and on reaching the maximum in the promoted scale. I was drawing a BP of Rs.26620 + PQP 1030 + FPA Rs. 645 (620+25) as on 01.11.2007. What should be my revised FPP?
Regards,
mohanlal52
Dear Shri PM,
Error in my message : My PQP Rs. 750 (and not Rs. 1030) in old scales.
Please advise.
Regards,
Mohanlal52
Ref:Mr.Mohanlal
Based on figures submitted by you,it is presumed that you were on 5th stage of previous scale and now moved to on 1st stage of new scale .As such your FPA may come to Rs.1286.
Dear Shri PM,
I am still in Scale V. Kindly advise the revised FPP. Kindly advise in a chart form the scale wise/ stage wise revised FPP, as different interpretations are being made by different Banks and also by different Controlling Offices officials.
Regards,
mohanlal52
sir i want to know the difference between a rural banks employee and a nationalised banks employee in terms of scale and other facilities....
sir i want to know about the difference between rural banks salary structure and nationalised banks salary .....what is difference in allowances....
sir i am selected ina regional rural bank as a probationary officer and as well as in SBI as a clerk....sir which one is better me to join?plzz suggest me....
@girjesh sharma:
Definitely SBI. RRB has no future and no substantial structure.Even no pension or cpf.
NPS IN SBI
NEW PENSION SCHEME (NPS) INTRODUCED IN SBI FOR THOSE WHO JOINED OR ARE TO JOIN ON OR AFTER DT; 01/08/2010
RUMOUR OR FACT ! GOVT. REJECTED PENSION PORTION EARMARKED FOR SBI EMPLOYEES I.E., AROUND 6.4%, SETTLED IN THE LAST 9TH BIPARTITE. GOVT. PLAYS BUROCRATIC TRICK IN APPROVING THE LEGITIMATE CLAIM OF SBI EMPLOYEESBY WHICH IND.RELATION PROBLEM WOULD ARISE. WHAT MADE OUR FINANCE MINISTER TO DEBAR SBI EMPLOYEES FROM THEIR LEGITIMATE RIGHTS.
@ADITYA:
Refer HRMS of SBI and find the effective DT: 01/08/2010 for NPS. 6.4% was an industrial issue and not a bank level issue. However SBI package is coming in lieu of it.
if the government approves does that mean that retirees after 1/11/2007 will also get the benefit of enhanced pension
will the enhanced benefits be applicable to all who retired after 1/11/2007 and will the pension also be revised as per the new formula
@Geeta:
Upto scale-I SBI pension is almost 50%. Now for scale-II it is around 45% and in onward scales gradually it arrives at 40%. So my advice to SBI award staff union is, not to bother for this issue. But we know unions are like political parties. Leaders are in a club for their own interest. So naturally they will be united on this issue. But if pension revised certainly it may not be from Dt;01/11/2007 but on a latter date. Have a look to the cases of seventh BPS retirees in SBI and their miserable condition and amount of pension.
I read Geetas comment govt approves then benefit to retirees after 01-11-2007 but what is that approval we have not seen.So i request Geeta to give correct picture of govt approval for what ect so that we retirees from 01-11-2007 will come to know the facts because i opted pension now and received letter from HO fixation of pension is with new BP as per 9th BP.So what is new pl explain Geeta. Thanks
@Shridhar:
My earlier reply to Geeta is on SBI pension. In industrial level pension 1993/95 IBA already clarified on revised pension as per new BPS adopting the same formula of eighth BPS on this subject.
vide their ciular 21.11.2010 as published on AISBOF website,issues are settled amicably.
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