Fw: updation of pension for bank retirees

[vaidyanathan raghavan]

 

V.Raghavan, 1,3rd Cross Street, Gajalakshmi Nagar, Chrompet, Chennai-600044

Ph: 044-45574023/9884065383

 

 

I retired under VRS 2000 from Indian Bank. I was in Scale IV at the time of my retirement. I opted for pension at the very first opportunity.

 

The matters pertaining to wage revision, pension and neutralization etc are quite complex .Only select few from the Banking trade union movement and IBA can speak with authority and knowledge on the subject. This being so, it is quite common that most of the retirees, including this writer, are in dark as to the factual position on various wages/pension related matters.

 

The pension regulations of the respective public sector banks were adopted by the Boards of the respective Banks, after the settlement between IBA and the unions. Thereafter the respective pension regulations of the public sector banks were notified by the Government of India in the Government Gazette. The pension schemes for the Bank employees were modeled on the basis of the Central Government Pension scheme applicable to Government employees. As per the earlier settlement, pension was made mandatory for those employees who joined the service after a cut-of-date. For the employees who joined the service prior to the cut-of-date, an opportunity to exercise their option was given. Those who did not exercise option had to continue with the contributory PF scheme without pension. Due to lack of proper awareness about pension benefits and due to the divisive instructions given by the rival trade unions to their members, one in favour of pension option and the other against, the employees were left in the lurch. Those who opted for pension were less in numbers than those who continued with the contributory PF scheme.

 

The VRS 2000 of the Banks opened a Pandora’s Box. Many employees, both who opted for pension, and those who did not, applied under the VRS scheme. Only after their relief from the services of the Banks under the VRS 2000, the non-pension category of the retirees felt the pinch. The dwindling interest rates on deposits coupled with inflation made it difficult for them to make both the ends meet. Their plight ultimately brought a bipartisan realisation among the Bank trade unions, to fight out the cause for one more option for pension, both to the serving employees as well as to the already retired employees who did not opt for pension. Thanks to the persuasive and prolonged agitation  of the Bank Unions, IBA ultimately relented and one more option was given during the year 2010 to the Bank employees ,both serving and retired, to exercise option for pension or otherwise. There was an element of cost loaded into the offer that had to be borne by the employees/retirees opting for pension. Thus the mission to secure pension to all the employees has been accomplished.

 

Now it is time for the unions to take up the case of updating of pension to the retirees, based on each and every subsequent wage settlement. As and when new pay commission announces its award to the Government employees by way of salary increase, the same is made applicable to all the pensioners also, with the result the pensioners of Government are also getting revised pension after every pay commission award. This is not so in the case of Bank pensioners. The pension scheme for Bank employees was modeled on the lines of the Pension scheme for Government employees and more so the Bank employees’ pension regulations were notified through the Government Gazette. It is quite appropriate that this issue is given serious thought by the Bank Unions to take it to its logical end, so that it brings the benefits of revised wage settlements periodically to the Bank Pensioners also.

 

[RAGHAVAN]

Dear Sir,

Many persons who didn't avail of VRS in 2000  but later took VRS  after more than 35 years...or  more and those who resigned are not covered under the Present settlement I think..As such the intrests of all bank retirees are not yet met.. What happenedn to them and others who are removed from service etc who are not given a chance for opting for pension..

Thank You

Pensioner friend... 

[guru murthy]

When the original pension scheme was introduced in the banking sector during 1995, it was stated by the unions that the scheme for bank staff will be in line with the government of India employees.  So those who opted for the scheme during 1995 itself (including me) are eagerly anticipating for the pension updation in each and every bi partite settlement given to the workintg staff.  But we are totally disappointed that our  basic pension remains the same even after so many bipartism.  So it is high time that all the unions/asociations must take up the matter with IBA/GOI and see that PENSION UPDATION is done atleast in the next bipartite. GURUMURTHY, UCOBANK RETIREE

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[venugopal cheriyachanaseril]

They will also get pension.It is matter of time only

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[Dr.dhananjaya Bhupathi]

It is fine that U r from Indian bank. I hpope U r already a member of Indian bank's Retirees association' If not, kindly join at once and strengthen the hands of all banks retirees associations.

regards,

Dr.Dhananjaya Bhupathi,

S.B.Pensioner.

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From: vaidyanathan raghavan 
To: bankpe...@googlegroups.com
Sent: Tue, 5 July, 2011 1:48:30 PM
Subject: bankpensioner Fw: updation of pension for bank retirees

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[venugopal cheriyachanaseril]

please visit blog "unique...@blogspot.com

On 5 July 2011 13:48, vaidyanathan raghavan <rag...@yahoo.co.uk> wrote:

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[SBMPC Blore]

Dear Mr.V Raghavan,

Your well thought mail is highly appreciated.  The Central Government pensioners got the benefit only on account of Judgement of Hon'ble Supreme Court in Mr.Nakara Vs Govt of India.

With regards,

Prasad C N

On 5 July 2011 13:48, vaidyanathan raghavan <rag...@yahoo.co.uk> wrote:

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[ravichandran ramachandran]

Dear Sir,   In the letter it has been stated pension option is accomplished to all.   How everybody is forgetting the fate of officers retired under ORS of banks who have been denied pension option, so far.   Regards   Ravichandran --- On Tue, 7/5/11, venugopal cheriyachanaseril <ceey...@gmail.com> wrote:

[Perumal Velayudhan]

Dear Mr.Ravichandran,

 

I am a vrs optee of 2001 and has receiving pension under second option.

 

I and many other colleagues, unions are still fighting the case of pension for other retirees. I know personally many cases of officers , in particular, who were forced to resign, take vrs etc and under compulsion so many of our brethern have opted of banks services under coersion.There are many, who had to leave the job various other personal reasons. I am sure, just like svrs optees getting pension after ten years, others too will get pension, of course with little more delay.

we are still with you.

vmperumal

[ashok goel]

Sree CN Venugopalan

 

Thanks for your your confirmed opinion and support. You are the parents of the recent another option for pension in banks.
Ashok goel

[venugopal cheriyachanaseril]

Thank you for the complements

Venugopal

[vaidyanathan raghavan]

Dear sir,

 

I presume the term "ORS" stands for optional retirement scheme. If it is so, it is interpreted as resignation   and hence not eligible for pension option. This interpretation is quite unreasonable and such category of retirees should not be denied an option for pension. This also should be fought for by the Bank Unions.

 

Regards

 

V Raghavan

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From: ravichandran ramachandran <ravi_...@yahoo.com>
To: bankpe...@googlegroups.com
Sent: Tue, 5 July, 2011 23:47:30

[pakshi rajan]

[‪GARIMELLA SESHAGIRIRAO‬]

That is what unions and leaders are doing but IBA and government are adament. What to do. 

Only through courts  this problem can be solved. 

Sent from my Huawei phone

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