Some drastic alternatives for augmenting Pension funds to come out of the clutches of IBA costing hurdles

[krishna mohan nidumolu]

[NSS]

Friends

Banks have undertaken to provide sufficient funds in the Pension Funds to meet all the obligations. Banks are capable of providing the required funds and the pensioners need not sacrifice anything. When Banks are able to write off about ten lac crores of NPA, can't they provide the Rs.94000 crores (Total cost of Pension updation as reported) for updation of pension?  Banks pass on all the cost to borrowers and customers. Pension to employees is also a cost and once updation is implemented, the cost will be passed on to customers. Pension in Banking Industry is very low and asking the Bank Pensioners to sacrifice more is unreasonable .

N.Sankara Subramanian

On Thursday, 5 January 2023 at 09:33:52 UTC+5:30 kmnid...@gmail.com wrote:

[krishna mohan nidumolu]

---------- Forwarded message ---------
From: krishna mohan nidumolu <kmnid...@gmail.com>
Date: Thu, 5 Jan 2023, 09:33
Subject: bankpensioner Some drastic alternatives for augmenting Pension funds to come out of the clutches of IBA costing hurdles
To: <bankpe...@googlegroups.com>

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[mohan p]

Dear Friends,

We have enough and more unresolved  issues of our own  before us right now.

Building up of pension fund is not retirees  issue and it is purely bank managenents issue as a statutory obligation.

Let us desist from bringing unwarranted issues now  further on building up of pension fund by retirees etc.Who has asked individul retirees to do the job?IBA never discuss on retirees issues with retirees and UFBU also never do that.

Bank Employees Pension Regulations 1995 clearly defined on this subject:

QUOTE:

"5. Constitution of the Fund.

(1) The Bank shall constitute a Fund to be called the " ...Bank (Employees') Pension 

Fund" under an irrevocable trust within one hundred twenty days from the notified date.

(2) The Fund shall have for its sole purpose the provision of the payment of pension or 

family pension in accordance with these regulations to the employee or his family.

(3) The Bank shall be a contributor to the Fund and shall ensure that sufficient sums are 

placed in it to enable the trustees to make due payments to beneficiaries under these 

regulation"

Every year banks are providing required funds to pension fund as per actuarial valuations.That may be(will) continued in future too.

Let us focus on our  major issues like Revision of Pension and DA related issues etc rather going behind Pension Fund!

We are inventing new theories/solutions  of our own!

We have recent example of enhancement of Family Pension before us.We also know how banks have brought additional fund around ₹21000 crores with concurrence of RBI for amortisation of amount for five years.

We need not worry on building up of pension fund of banks.While revision of pension is allowed for early pensioners or others bank may find out ways by themselves.

Pertinent issue here is revision of pension and long pending demands.Let it happen first.

[cpv nair]

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[bhaskara sarma]

That Rs 94000 crores amount is also just peanuts when it is deferred for next five to ten years.

Moreover there may be some exaggeration in actuarial reports.These reports can be easily manipulated .

Where there is a will,there is a way.

Now Banks are earning profits and this is the best time for the Banks and the Government to grant Updation of Pension to Bank Pensioners.There are no obstacles practically on the way of Updation of Bank Pensions except some arrogance,sadism and pessimism in certain quarters.

With regards,

P Bhaskara Sarma.

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[Niranjan Cn]

Sir,

Bank is scrupulously following the above regulations...  you have an example of the Bank which is not following please share....   It is better pensioners community understand the Pension Revision related issues. 

Niranjan

On Thu, Jan 5, 2023 at 8:31 PM mohan p <moha...@gmail.com> wrote:

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[krishna mohan nidumolu]

Then speak on the affidavit of IBA in Supreme Court. 

Why Acturial report being asked UFBU

Then why 5 year Amortization was granted to Family Pension improvement recently

Then why cost pension and sharing cost was accepted by UFBU in 9th and 10th BPS

Then why Special allowance was introduced and why it was not being taken into reckoning Pension Basic Pension from 1.11.2012

All these Pension cost cutting measures openly resorted to by IBA

If we close our eyes by harping on Regulations inspite open affidavit saying Fund was not viable for Updation in Supreme Court.

OK I agree with you Comrades 

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