updation of bank retirees' pension

[KrishnaSwamy K R]

  My Dear colleagues,

Through this media, I wish to put forth my views on pension updation in the current situation.

1. In 1993, when the pension scheme was originally introduced , it was clearly mentioned in the agreement that the scheme is in the RBI / Central Govt model. Naturally, Updation matter is also to be followed in RBI MODEL - Mar 2019.

2. Pension funds created in PSBs are similar to RBI pension funds. Updation cost in RBI reported a 17% load on pension funds by updation. By applying the same formula in PSBs load on pension fund shall be more or less the same.  There is no impact on the Bank"s yearly P&L or Balance sheet. 

3. RBI has not sanctioned ARREARS of pension upto Feb 2019.  This arrears remains in the pension fund which forms additional corpus to pay future  pension.  PSBs may take note of this important financial position.

4. IBA estimated 95000 crores as updation cost. Approximately 4.5 lakh pensioners are getting pension. By simple division, average updation comes to 21 lakhs per pensioner per annum or 1.75 lakhs monthly pension average. Here 1.5 lakhs family pensioners are also included.   This is a highly impossible figure quoted by IBA to confuse DFS?!?!

5. IBA, established on 26 Sep 1946, is not funded by GOI.  Now,  IBA is funded by 247 banking companies including PSBs in the form of  subscription fees +  bipartite expenses to the tune of several crores of rupees every year to meet establishment expenses of just 31 members of the Managing Committee Executives and staff in IBA. These details are available through RTI  in this blog elsewhere.  Naturally IBA is in favour of PSB management. This may be a reason for postponement of updation. 

6. IBA may invite retiree unions to listen to their legitimate demands and grievances and settle the updation exercise in the RBI model which is mostly agreeable to all.  OROP is also satisfied. 1993 agreement is also fulfilled. The arrears portion till Feb 2019 remains with the pension fund itself which will look after future pension payment.

7.  Family Pension is based on Retiree Pension.  There is no meaning in FP updation - keeping Main Pension unrevised.  Only duplication of work.  It is rational to revise/ update Main Pension and Family Pension together - once for all.  

This act of IBA will further create goodwill about their respective banks, from the perspective of pensioners. 

8. Court judgements clarified - Pension as deferred payment of wages to maintain the same standard of living after retirement of the employee.  EPF deducted in service is funded as Pension Fund. Pension Fund is created by Employees monthly contribution while in service of the employee.  This Pension Fund management lies with PSBs to enable them to pay future Pension.  Court judgement says Pension Basic at any time is not less than 50% of Basic Pay in the time scale. This implies Service basic pay  and pension basic pay are  interrelated and inseparable. To be revised alongwith BPS.  This is OROP.

9. As per Code of Wages Act 2017, standard of living is to be maintained and pension updation is inevitable. CPC, Central Govt., State Govt., Education all are drawing 60K and odd pension every month, see the pitiable condition of so called whitecollared bank employees.  Is this not a shame on the part of IBA ?!?

  Sab Ko Sanmathi De Bhagawan !!!    Sab Ko Sanmathi De Bhagawan !!! 

06/02/2021   

[ganpat dhond]

Dear Shri  KrishnaSwamy

This write up is  100% FACT BASED and need to  bring to the attention of all authorities   like DFS officials. IBA , Banks  MDS  But who will do that?

If you permit  I will forward the same to our 2 Main Retirees Organizations.

Regards

G J Dhond

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[Satyanarayana Rao]

Sri .Krishna swamy. KR.

I completely endorse your views. 

It is impossible to update family pension with out updating original pension .Very perfect presentation. 

With regards. 

.

Sent from Yahoo Mail on Android

[Harish Midha]

Fully agree with your views Sir.

[ganpat dhond]

Your  article is 100% fact based and most realistic. But how  it will reach to  concerned authorities like DFS Officials, IBA, MDs of all Banks is question mark. It is also worth sending the same to  2 Main Retirees Organisations ie AIBPRC and AIBRF.

Regards

G J Dhond

[KrishnaSwamy K R]

Dear Dhonde ji, You may please forward this message to 2 retirees unions, if you feel this works positively. 

ThanQ Sir.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1663731207.596946.1615034609665%40mail.yahoo.com.

[Shrinivas Parkar]

You are right Shri Dhond Sir. I suggest that we can take points from the selective  mails posted in this Blog and forward the same, in the form of Complaint/ Grievances to:-

1. Hon'ble Prime Minister 

2. Hon'ble Finance Minister 

3. DFS

4. IBA

5. Chairmans of individual Banks

We can make use of various Portals provided.

When such mails are sent again and again, some positive result is possible. We have to try hard.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1663731207.596946.1615034609665%40mail.yahoo.com.

[Pratima Ghosh]

The Family pension improvement is intended to come in the form of removing the existing upper ceiling and increasing the present 15% cap to 30%. There's no inter relation between main pension updation and family pension updation. In RBI, FP was revised in 2013, and in pension was revised later in 2019. Please don't jeopardize the least chance of FP improvement with selfish and nonsensical remarks.

[KUNAL SINGH KHARAYAT]

No such move

 

Sent from Mail for Windows 10

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[kushal mukhoti]

The calculation of a family pension has nothing to do with the retiree's pension. The basic pension for a pensioner is calculated at a flat rate of 50% (without any ceiling) of the retirees' last ten month's average basic salary, whereas the family pension is calculated at different slab rates of 15% to 30% (with a ceiling) of the last basic salary drawn. For example: Under 7th BPS, a pensioner whose last drawn basic salary is more than Rs. 8420, his basic family pension will be 15% of his basic salary subjected to a minimum of Rs.1687 - and a maximum of Rs.3521. The proposal to revise the family pension is to remove the different slab rates substituted by a flat rate of  30% of the last drawn basic salary without any ceiling. 

[kgach...@gmail.com]

There is relation of family pension updation to updation in PSB pensioners upto the level of pre 2002 pensioners.In RBI pre 2002 retirees are already getting 100%DR from 2006 onwards.At present all  PSBfamily pensioners are getting 100% DR .This is because of ceiling of basic pension.The proposed family pension,nosuch ceiling will be there.Inview of this,pre2002 family pensioners will have to get tapering DR unless Updation of pension is introduced. One is related to other.This may also one of the reasons for the delay for the updation proposal.  

[Debasish Mukherjee]

I can't agree with Mr.K.G.Acharya that because of adjustment factors of pre Nov.2002 family pensioners 100% D.R. pension updation for PSBs getting delayed.

This is just a non acceptable excuse since in today's technology advanced era such works could easily be completed within 15days particularly when the Banks are equipped with advanced technologies.

Debasish Mukherjee,

mumb...@rediffmail.com

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From: "kgach...@gmail.com" <kgach...@gmail.com>
Sent: Tue, 9 Mar 2021 15:50:34 GMT+0530
To: bankpensioner <bankpe...@googlegroups.com>
Subject: Re: bankpensioner updation of bank retirees' pension

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAEhho+x5+iAW579R88E=bYofFN296anjSrs...@mail.gmail.com.

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[JSOMA SHEKARA]

During X BPS almost 40+ BPS meetings were held. IBA had plenty of time to compile cost data of both 100% DA and updation, But on 25.05.15 along with settlement a Record Note was signed where in it is agreed by both IBA and UFBU that updation cost is high and is to be studied.

After that another 50 BPS meetings were held till 30.11.2020.But IBA had no time to collect cost data.

IBA failed to produce any cost data for 10 years.

During these 10 years Govt sanctioned OROP to defense, Pension revision to RBI and Nabard pensioners.

No demand was made by UFBU for updation and nothing was given.

Fact is updation data can be collected from Banks within 15 days.

If officers in Banks are not capable of calculating such cost data IBA which is receiving crores of Rupees as fees to conduct negotiations can entrust the work to reputed software firms in the country.

At least after FMs clear advise to IBA we expected that IBA will move fast to resolve issue.

After that IBA met Workmen Unions and Officers unions,

Retiree organizations claim they were able to meet IBA 3 times.

But it is evident that IBA has not revealed following 3 major points which would have indicated that IBA is peocessing issue.

1. Cost of updation

2. Formula for updation

3.  date of effect.

IBA has not revealed any information about above points but simply brainwashed whoever met IBA by saying positive, collecting data, cost is high(a 20 year old story) will be looked in to etc.

It is  a mystery whether Banks have given blanket mandate to IBA to decide terms and conditions for updation without fixing time frame.

BPS is big mystery and mystery leads to lack of accountability, manipulation and unlimited delay.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1615314586.S.76910.autosave.drafts.1615315226.26849%40webmail.rediffmail.com.

[KUNAL SINGH KHARAYAT]

No updation

 

Sent from Mail for Windows 10

 

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[Daum.net]

FAMILY PENSION AND PENSION UPDATION ARE NOT DIFFERENT AND BOTH ARE INTER RELATED..THIS CANNOT BE DIFFERENTIATED. SO MANY POSTS REGARDING THIS ISSUE. CLEAR SIR. 

PENSION ISSUE RELATED TO POOR RETIREES AND NEGLECTED FOR DECADES BY EVERYONE.

WHY PEOPLE ARE MAKING FUSS OUT IT. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1615314586.S.76910.autosave.drafts.1615315226.26849%40webmail.rediffmail.com.

[Raghavendran Ramakrishnan]

Sri Somasekarji covered all points and explained the present position of updation very clearly. Thanking him for the same

R. Raghavendra Rau

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW2bcgV5seinA1BWH%3D2Gh4f7aQMU%3Dp97JUb7aWN_fDueUA%40mail.gmail.com.

[saradindu basu]

 Our pension/family pension  are not confined to PSB pensioners only. There are gross differences between pension in RBI and ours.

 Those who joined  service in RBI after November 1, 1990 the pension scheme was made compulsory. Updation of family pension is being dealt separately without linking it to updation of our pension.

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From: bankpe...@googlegroups.com <bankpe...@googlegroups.com> on behalf of kgach...@gmail.com <kgach...@gmail.com>
Sent: Tuesday, March 9, 2021 3:04 PM

To: bankpensioner <bankpe...@googlegroups.com>
Subject: Re: bankpensioner updation of bank retirees' pension

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/066884f0-e205-4e92-903e-6135a10b3e3cn%40googlegroups.com.

[Sambhunath Dey]

animeshmistri16gmail.com

শুক্র, ১২ মার্চ, ২০২১ তারিখে ৯:৫৭ AM টায় এ saradindu basu <saradin...@hotmail.com> লিখেছেন:

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Mr. Sambhu Nath Dey

Ex: Senior Branch Manager,

INDIAN BANK

Ph -       (Res)03323350471

Mobile - 09748549905 , 08334052450