REVISION OF PENSION - WHERE IBA STAND NOW
mohan p
Dear Friends,
Since, IBA is not found to be transparant in its affairs especially related to retirees issues,usually we may not aware latest factual position.
So only from Notes and Minutes from IBA or from Circulars of unions we may have some information on status on our issues.
From the latest message from Convenor, UFBU after their meet on 12th Jan'23, it is learnt that they may go for strike in January end, to resolve residual/other issues pending.It is certain that they may not give a call for strike to resolve retirees issues.
Since there is no time bound schedule as of now, we do not know when and how retirees issues are resolved.
From the following factual formation we can gather that how IBA has moved little forward from negative notes to positive indication within last seven years on our issues.
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Record Note of Discussions between Indian Banks' Association and United Forum of Bank Unions on the issues and demands relating to retirees of the Banks held on 25th May, 2015 at Mumbai.
Updation of pension for all existing pensioners and family pensioners.
“In view of the huge additional cost involved in funding the Pension Fund as per requirements of AS-15-R. it would be impossible to consider this demand.”
“Unions suggested for collecting the details of the pensioners and ascertaining the actual cost, so that a solution may be worked out.”
Periodical updation/ improvement in pension along with occasions of wage revision of in-service employees on the lines of the Central Government.
“This being a funded scheme in lieu of contributory PF. As it is, banks are contributing several times the statutory PF contribution towards funding pension scheme every year. Hence providing for periodic updation is not possible as this will have serious impact on the working of banks.”
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Supplementary Minutes of Discussions on certain issues between Indian Banks’ Association and Workmen Unions dated 10th December ,2020.
Provision for periodical updation of pension on the occasions of wage revision and updation of pension for existing pensioners.
“It is appreciated that updation of pension and periodical revision in pension is a genuine aspiration of the retired employees. IBA is quite sympathetic to the issue, especially revision in pension for those who have retired under earlier Settlement periods when the emoluments were relatively lesser than at present.”
“As Unions are aware, IBA has agreed, subject to Government approval, for revision in Family Pension. Banks will have to make additional provisions towards this. Updation also involves additional cost and additional funding. During the negotiations on wage revision, IBA has already indicated that looking to the cost constraints, the issue would be pursued further for amicable solution subject to Government's approval in this regard. The current details of the Pension Fund in various Banks are being collected and based on these details, actuarial working also needs to be done. These processes would be expedited to take the issue further forward and IBA/Banks would take decisions subject to Government's approval.”
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Refer:Circular No. UFBU/2022/ dated:02-07-2022 to all constituent unions, on Discussions dated 01.07.22, with IBA on Residual Issues.
Updation of Pension:
“IBA explained that updation of pension involves additional cost of funding and pay out and hence the cost aspect needs to be kept in mind while discussing the issue. IBA also pointed out that already, every year, all the Banks are making additional provisions to meet the shortfall in the pension fund I each Bank.
After a lot of discussions, it has been suggested that to begin with the Ex-Gratia Pension to pre-1986 retirees/spouses can be addressed on a priority and improvement in the pension of retirees between 1-1-1986 and 31-10-2002 to be taken up.
Thereafter the improvement in pension for retirees after 1- 11-2022 may be taken up so that the additional cost can be spread out. The issue of updating the pension at the uniform index of 6352 point was also discussed in the matter and IBA wanted some more working to be done before any decision can be taken in this regard. Discussions on these issues will be further continued.”
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Let us hope that, IBA may convene the meet with UFBU soon, to discuss on our issues and resolve the same as they have indicated.
mohan p
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