REDUCTION OF COMMUTATION FACTOR FOR CALCULATION OF COMMUTED VALUE

[mohan p]

Commutation factor thus reduced from 9.81 to 8.194 prospectively w.e.f.1.6.2021for bank pensioners.

[Nagaraju Kakani]

Sairam, 

The attachment on communication factor as Quoted by IBA, (which is non coperative to Bank retirees) clearly confirms that the banks are following the BEPR 1995 as CGPS. 

When it comes to with drawing the benefits it follows all rules and regulations of either BEPR, CGPS, DFS instructions, FM S directives/ advices, Court Judgements, Bank Management Amendments with out RBI and Govt prior approval etc. 

But when it has to pay addl benefit as per the above it has no role of talks as association of group of bankers etc.to deny the same.

Senior retirees have take a major role to trap the IBA to book it, to mount pressure to budge to the demands of the retirees. Other wise we all will  be the same starting point of our struggle with out any progress. If need be we have to contact Sri Venkayya Naidu, Vice President of India,  through Sri Devulapally Srinivasa Murthy,  like wise the better half of FM, Sri Parakala Prabhakar through one of the retiree organisations of Andhra Pradesh. We missed our representation to The CJ during his visit to Telangana State recently to submit our request to him through  one our Telangana state units of Reireesand Pensioners. 

If need be we may have to take up Social media route through TV group discussions and Paper Ads by spending at our cost. I am prepared to share the cost with my other friends if some one learned among us takes the lead. 

With regards, 

Nagaraju Kakani 

Hyderabad. 

On Tue, Jun 29, 2021, 19:04 mohan p <moha...@gmail.com> wrote:

Commutation factor thus reduced from 9.81 to 8.194 prospectively w.e.f.1.6.2021for bank pensioners.

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[JSOMA SHEKARA]

Thank you Mohan Sir for information

For reducing commutation Central Govt pension rules are applied. But for revising Pension iBA/Banks has argued that Central Govt pension rules will not apply.

On Tue, Jun 29, 2021 at 7:04 PM mohan p <moha...@gmail.com> wrote:

Commutation factor thus reduced from 9.81 to 8.194 prospectively w.e.f.1.6.2021for bank pensioners.

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[Mohan V.R]

Respected Sir, 

I  doubt the authenticity. There cannot be different factors for officers and clerks ( the subject matter of OM states only for officers) and further commutation is 40% for CG employees and there is no mention about restoration period. 

On Tue, 29 Jun, 2021, 7:04 pm mohan p, <moha...@gmail.com> wrote:

Commutation factor thus reduced from 9.81 to 8.194 prospectively w.e.f.1.6.2021for bank pensioners.

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[Gopalan Janakiraman]

The revised  REDUCED commutation factor  effected   as per 6th Pay Commission because the commutation  INCREASED  to 40% of Basic Pension.  In this communication  the increase in commutation to 40% of Basic Pension is conveniently  ignored

G JANAKIRAMAN.

On Tue, Jun 29, 2021 at 7:04 PM mohan p <moha...@gmail.com> wrote:

Commutation factor thus reduced from 9.81 to 8.194 prospectively w.e.f.1.6.2021for bank pensioners.

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[Nagaraju Kakani]

Sairam, Can some body seniors among us can post the OM copy which is missing as mentioned in the DFS directions to banks as attached,  to know more about the 40% clause for commutation etc. as we are in the dark on all matters related pension of our scheme and that of central Govt due infighting, ego, underhand understanding among the management, IBA, DFS, UFBU and their group members, Various retiree associations etc. 

Now some clarity has come from the above direction that part of  BEPR 1995 and the Central Govt Pension Scheme rules are also applicable to Bank employees. 

In this regard, as I mentioned in mycearlier mail, the same feelings were expressed as mentioned the letter written to DFS, which is in very good spirit in picking up the points comparing the Govt pension rules.I request them to stand by this commitment to fight till the success, even if the Govt Proposes Banking Pay Commission and also the pension revision once in 10 years. But it should not be a drama to prolong the 100% DA and Pension Updation to next BPS on this count as the UFBU is planning since beginning like this. 

With regards 

Nagaraju Kakani 

Hyderabad 

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[LakshmanRao Kantamsetti]

Hi Nagaraju garu 

You may kindly tell me what exactly you want me to spread 

I am in touch with 

Editors of news papers and tv channels . 

BBC

Etv

My columns in brief are regularly published in different news papers .

Orissa a post 

Telanganatoday  hyderabad 

Deccan chronicle vizag 

Afternoonvoice mumbai

Goaneveryday goa 

Etc 

Venkaia Naidu is my Bachmate at AU ( he did law and I did Engg. We meet Alumni Meet at university at vizag ) 

I shall be glad if you kindly tell me your point of view.

( appointment of Ombudsman exclusively for exbankmen is the solution - he will settle all the issue listening to us individually - no need of any association - he can be given time frame of 2 months -none of you are understanding my point ) 

Hope you are doing well. Please get me your number I will speak to you .

Best wishes. 

KLRao

Gurgaon

8179731467 mobile 

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[JSOMA SHEKARA]

Pension scheme is falling apart bit by bit. Now only the skeleton remains.

1. First 50% Basic rejected 2. 5 years benefit rejected 3. 100% DA rejected

Now the commutation factor has reduced.

All sacrifices of Com.Prabhat kar, Com.Tarakeshwara Chakraborthy have gone in vain.

Levy, Subscription has taken control of Trade Union ethics.

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[Sureshbhat M]

Sir 

WHAT A SURPRISE !!!!

For Commutation rates and other pension matters CENTRAL PAY COMMISSION  and Other Govt rules will apply.

BUT FOR UPDATION AND DA NEUTRALISATION they do not apply. 

Does Bank pensioners' Pension Rules are at the fancy of few Govt and union leaders' fancy ?

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[RAM LAKSHMAN Gupta]

Is there any one who can verify the authenticity of this order MOF for reduction of commutation factor?

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[JSOMA SHEKARA]

Out of operating profits 50% is provided for NPAs of large borrowers. Another 30% will be provided for loan waivers of  Farmers and others. Another 5% will be utilized by online fraudsters. ATM looters. 15% will go for administrative expenses/dividends. Balance will be utilized for wage revision.

If shortfall any will be recovered from retirees/pensioners by snatching/reducing existing benefits.

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[Gopalakrishnan Ramachandran]

If it is so,  a fit case to be taken to the court seeking parity in all issues,  including DA and updation. 

G Ramachandran 

CB-SVRS 

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[JSOMA SHEKARA]

ALL ARE FOOLING PENSIONERS

All along for the past 20 years AIBRF has refused to take legal action at appropriate time regarding retirees  including updation, maintaining that retirees issues should be resolved through negotiations only.

While it is so as  Hon.head of 20 years old AIBRF Mr.S.C.Jain know very well that unless UFBU takes up issue of Updation with IBA and IBA sends proposals to DFS updation issue will not move further.

Same procedure was followed in the improvement of Family Pension.

AIBRF should meet all constituents of UFBU and ensure that  they have discussed the issue with IBA and a proposal for updation has been sent to DFS for approval.

In the absence of proposal DFS will not take any unilateral decision and as on date there are only oral assurances and no written record from DFS indicating  updation is in progress.

FM during Nov 2020 took positive attitude towards updation and it is for UFBU to grab this opportunity to speed up discussing issue with IBA.  But AIBEA is taking up many issues like NPAs. Foreign exchange utilization and other national issues by collecting data and posting it on websites.

But AIBEA and AIBOC are expressing inability to collect data of  cost of updation which is availble within industry.

IBA negotiating consists of MDs of Banks only and not outsiders. They also fool retirees by claiming cost data is not ready.   Thet can easily instruct their own pension cells to submit data within  one week or so.

AIBRF and AIBPARC should meet UFBU leaders and find out truth behind the delay in updation process.

AIBRF and AIBPARC should also clarify can FM take unilateral decision on Updation without proposal from IBA?                                                                                                 

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[Prasad C N]

Dear friends,

Hon'ble High Court of Karnataka has stayed obtaining of Letters of Undertaking by State Bank of India  from pensioners till 12.07.2021, next date of hearing.  Notice is to be handed over to the Bank Advocate today.   Today's arguments proved the need to obtain stay order on obtaining Letters of Undertaking for disbursal of arrears

Thanks, a Million. 

With regards,

Prasad C N

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