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Thanks a lot. Four friends commented on my views.
Dear Narayanan Venkateshwaran,
What ever you said is correct. There is no direct connection between religion and pension updation. I also never told anything contrary to it. I presume, you would have commented on the basis of the opinion made here by our friend Shri. J. Somasekhara without either reading or properly understanding my views. Please go through my views once more and tell me where I said about the so called connection between “religion and pension updation”. But, dear friend understand, majority (Not all) of our people now a days are voting and electing their rulers based on their religious based ideology. For the last three or four decades, the media, controlled and owned by the corporates solely to protect their own financial interest are deliberately creating a political climate to suit it and majority of our innocent people become their prey. The result is that the henchmen of Corporate are at the helm of affairs of our country.
Dear J Somasekhara,
Yes, I do agree. You would have participated in stay out strikes and would have lost salary for those days. I Didn’t dispute it. But I am also aware that majority of our people like you participate in strike because of the compelling situation and definitely not because of your commitment or properly understanding the crux of the protest for which the strikes were called for. I know you are a strong supporter of the Corporate controlled Govt. For you, this Govt gave much more to the pensioners. But understand it was Vajpayee govt who introduced New pension scheme in the place of statutory pension. (Ref: New Pension Scheme (Contribution based Pension Scheme) now called National Pension System (NPS), was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003- ECB & PR dated 22nd December, 2003. NPS was made mandatory for all new recruits to the Central Government service (except the armed forces) from 1st January, 2004. With the introduction of NPS w.e.f. 01.01.2004, amendments were made on 30.12.2003 to Central Civil Services (Pension) Rules, 1972, Central Civil Service (Commutation of Pension) Rules, Central Civil Services (Extraordinary Pension) Rules, General Provident Fund Rules and Contributory Provident Fund Rules to the effect that the benefits under these rules would not be applicable to the Government employees appointed on or after 1.1.2004 and covered by NPS. Who demanded NPS in the place of statutory pension and why it was introduced. All other comments made by you are rubbish and not worthy for any repply.
Dear Narayanan Kasturirengan,
Definitely not. My politics is far far far away from religion, caste, creed, language, gender, petty and narrow nationalism, manmade state boundaries etc. etc. It is on the basis of “Vasudaiva kudumbakam” and “Workers of the World unite” etc..
Dear Kalyanasundaram Subramaniam,
You would have worked hard for this country and its people for three to four decades, and if you still experience any financial problem you are bound to know its from its grass root level. Yes, it is the corporate who are eagerly and tactfully waiting to grab the public sector banks in their hands are the major hurdle in the matter of pension updation in banks. The people at the helm of affairs of our country are only the puppets in their hands and tuned to dance to suit their convenience. If people like you are unable to comprehend it, how it could be expected from our majority people who are living as migrant workers.
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Dear Narayanan,
I am sorry that I didn’t see your mail in time and only now I could read it.
I could fully enjoy the “sarcasm” and the sarcastic way by which you preferred to make the enquiry with regard to the payment of commutation and its recovery thereon. I reproduce your text as under:-
“”
My intention is not to score a point over you. Certainly I would like you to understand the anxiety of those super senior pensioners (which I a not) to have improved pension benefits in tune with pensioners in other organisations. I know for sure that updation is of no use to me since as per your knowledge, ADANIS AND AMBANIS have forced our Union Leaders to exclude most part of the salary revision from the purview of PENSION. Previous BPS it was 50% and for current BPS it is 75%. What is in store for next BPS, GOD(I am sorry) communists and corporates alone know.
Stepping out, may I request you to get clarification from our tallest (I don't mean physical height ) union leaders about commutation recovery whether
(1) it is from date of payment of lump sum
OR
(2) from the date of retirement
Irrespective of the fact that lump sum paid several years after retirement (due to pay revision, wrong fitment etc.)
Interestingly various RTI applications raised by me with banks reveal that this is the only issue for which IBA has not issued any guidelines (!!) and banks also have not sought clarification
Further my RTI QUERIES reveal that for
(1) most of the banks, the recovery is from date of retirement
(2) Canara bank, the recovery is from date payment of commutation for lump sum paid at the time of retirement
and from the date of retirement for subsequent payments
(3) SBI, the recovery is always from the date of payment of lump sum.””
At the outset; regarding your comments on the corporate control over the economy all-over the world, I can only say that it is not a “child play” as you think, believe or perceive. Now coming to commutation of pension and recovery thereon.
As you are aware, in the matter of pension commutation and the recovery thereto the Banks/IBA is following the guidelines issued by the Central Govt for its employees and that too sometimes fully and sometimes partially.
In SBI, recovery is made from the date of original payment of commutation even for the subsequent commutations made on account of salary revision etc. That is; after a period of three or four years after retirement, for the subsequent commutations they calculate on the basis of the commutation factor applicable at the time of retirement (age on next birthday as 61) and not the age applicable at the time of commutation as being done in Government offices. But the arrears of recovery for the above three or four years are immediately recovered at the time of payment itself thereby the money for which they are making the recovery is not fully enjoyed by the employee for a period of say 15 years. It is an incorrect practice. Thus, to ensure justice the commutation recovery should be made only from the respective date of payment of commutations made. The commuted value should be with the employee during the entire period of recovery. Recovery made with retrospective effect is theoretically and logically incorrect and injustice.
Now another question on the factor. In Banks other than SBI the factor for commutation is being done as per 1971 rules as applicable to central government employees where for retirement at the age of 60, the commutation factor is taken as 9.81 (for 61 as next birthday). This factor was arrived at after taking into consideration the then prevailing various market conditions and investment opportunities including the prevailing rate of interest. In 1981, the central government made some down ward corrections in the matter of commutation factor. But this was not made applicable to Bank employees other than SBI . Considering the present market conditions the factor should have risen upwardly to compensate the loss on account of lesser interest rate in the market and other unfavourable investment opportunities.
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A New Pension Scheme (Contribution based Pension Scheme) now called National Pension System (NPS), was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003- ECB & PR dated 22nd December, 2003. NPS was made mandatory for all new recruits to the Central Government service (except the armed forces) from 1st January, 2004. After the enactment of the PFRDA Act, 2013, as per Section 20 of the Act, the pension scheme notified on 22.12.2003 has become the National Pension System under the Act. NPS is now regulated under PFRDA Act, 2013 and regulation framed thereunder by Department of Financial Services and PFRDA With the introduction of NPS w.e.f. 01.01.2004, amendments were made on 30.12.2003 to Central Civil Services (Pension) Rules, 1972, Central Civil Service (Commutation of Pension) Rules, Central Civil Services (Extraordinary Pension) Rules, General Provident Fund Rules and Contributory Provident Fund Rules to the effect that the benefits under these rules would not be applicable to the Government employees appointed on or after 1.1.2004 and covered by NPS.
Govt. of India, Ministry of Finance, Deptt. Of Expenditure vide their OM No.F.No.1)T)(2)/2003/TA/19 dt.14.1.2004 & 4.2.04 have introduced a New Defined Contribution Pension Scheme replacing the existing System of Defined benefit Pension System. The New Pension Scheme comes into operation w.e.f. 1.1.2004 and is applicable to all new entrants to Central Govt. service except to Armed Forces joining Govt. service on or after 1.1.2004.
It would be better if you could correct your statement properly.
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