Bank Resignees option for pension

[ramakoteswara rao kothamasu]

https://acrobat.adobe.com/id/urn:aaid:sc:AP:3312f9f7-8cee-4d64-a228-8315c1c63d16

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Kothamasu Ramakoteswara Rao
203 Satyahyma Residency
1/18 Brodipet
Near Mineral Water Plant
GUNTUR 522002

9848132667

[Acharya k gopala]

I have gone through the pension regulation of Canara Bank and few other banks.The 

minimum service for joining the pension as per chapter IV (14) is 10 years.

[Kalyanasundaram Subramaniam]

It is strange that AIBEA has mentioned 20 years service as eligibility when there is no such provision on the MOU or the Government clearance. 

Affected persons must take up with AIBEA/IBA

S Kalyanasundaram 

On Saturday, March 16, 2024 at 6:45:48 PM UTC+5:30 ramakoteswara rao kothamasu wrote:

[Ramani Konnayar]

The minimum service of 10 years is applicable to the following cases too. 

Specialists and ex-servicemen who are recruited relaxing the maximum age restrictions (which applicable to those who are recruited thru normal mode) and who, therefore, may not be able to put in 20 years of service even on attaining the age of superannuation. 

K N Ramani

On Mon, 18 Mar, 2024, 12:57 pm Ramani Konnayar, <knra...@gmail.com> wrote:

Dear Shri. Kalyanasundaram Sir, 

I think, this topic has already been discussed extensively in this group, 

soon after the relevant MOU was signed. 

In my opinion, the minimum qualifying service of 10 years mentioned in Regulation 14 only applies to those retiring due to physical or mental infirmity, incapacitating them to work and those who are prematurely/compulsorily retired as stated in Regulations 30 and 32.

In other words, Regulation 14 should not be read in isolation but in combination with the above two regulations. 

If, as you say, minimum of 10 years is applicable to all across the board, why is a minimum period of 20 years prescribed for those  quitting under the Voluntary Retirement Scheme. Can resignees be extended preferential treatment compared to VRS retirees? 

I don't think, such a seasoned and reputed trade union like AIBEA will  misinterpret Pension Regulations to the detriment of its members. Anyway, let IBA clarify. 

To conclude, let me make it clear that being a VRS retiree will not make me envy the past resignees if the minimum qualifying service for them is reduced to 10 years. 

K N Ramani

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[Ramani Konnayar]

Dear Shri. Kalyanasundaram Sir, 

I think, this topic has already been discussed extensively in this group, 

soon after the relevant MOU was signed. 

In my opinion, the minimum qualifying service of 10 years mentioned in Regulation 14 only applies to those retiring due to physical or mental infirmity, incapacitating them to work and those who are prematurely/compulsorily retired as stated in Regulations 30 and 32.

In other words, Regulation 14 should not be read in isolation but in combination with the above two regulations. 

If, as you say, minimum of 10 years is applicable to all across the board, why is a minimum period of 20 years prescribed for those  quitting under the Voluntary Retirement Scheme. Can resignees be extended preferential treatment compared to VRS retirees? 

I don't think, such a seasoned and reputed trade union like AIBEA will  misinterpret Pension Regulations to the detriment of its members. Anyway, let IBA clarify. 

To conclude, let me make it clear that being a VRS retiree will not make me envy the past resignees if the minimum qualifying service for them is reduced to 10 years. 

K N Ramani

On Mon, 18 Mar, 2024, 9:47 am Kalyanasundaram Subramaniam, <1952...@gmail.com> wrote:

--

[Kalyanasundaram Subramaniam]

Mr K N Ramani

Regulation 30 and 32 use the word ‘retires from the service’. It does not distinguish how one retires.

 

Before the Pension scheme has come into force, we could only resign. When pension scheme has come into operation, pension optees could only Voluntarily retire.

 

By the present MOU/Joint Note/IBA proposal/Government clearance, the ‘resignee status’ is not changed. They cannot be treated to have gone on VR. Hence Regulation 29 is not applicable to them.

 

When Regulation 14 is very clear about qualifying service, it will be great injustice, if 20 years is stipulated. It may be even contested legally. Even the heading of Chapter IV is Qualifying Service. The MOU only mentions the eligibility as "who were otherwise eligible to join the pension scheme". 

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Yes, AIBEA is a great trade union. But it does not mean that they are not infallible. How they have entered into an MOU which gives scope for different interpretation? What prevented them to say in the MOU itself the eligible number of years of service? There is confusion even in the ex-gratia payable to pre-2002 retirees. Above all, when there is scope for different interpretations, it should be interpreted in a way that it is favourable to the maximum number of employees. That is what has been advocated even by the Supreme Court.

S Kalyanasundaram 

[Ramani Konnayar]

Thanks. Let us wait and see if any clarification is issued by IBA. 

K N Ramani

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/de54f82d-1438-4edf-940f-301b5f0f5254n%40googlegroups.com.