PENSION UPDATION IN LIC

[PM]

FOR INFORMATION:

Dear Friends,

                   As per reports,appeared under licpensionerscalicutblogspot.in ,AIRIEF delegation consisting of Sri.K.M.L.Astana and others  had a meeting with Finance Secretary,MOF on 22^nd Aug to appraise him on burning issue of pension updation of LIC retired employees as and when there is grade revision of serving employees.

 Reports add further that :

'After hearing the delegation the secretary spoke to the Director of Insurance Ministry Of Finance and Chairman LIC to get details as to why LIC pensioners pension is not revised when it is done in case of state and central Govt employees The delegation had very effectively appraised the secretary about the favorable verdicts Of the High Courts also but LIC had not honored the same.the Finance Secretary assured the delegation to look into the matter.'

In case of LIC there is a difference in the case of the demand on pension updation compared to bank pensioners.In their case LIC board had approved earlier on granting pension updation and  court verdict( Jaipur HC) is also is in their favour. LIC had gone against the  judgment before Hon supreme Court which may likely to be listed in Sept'14..

 .

[L S RAMAN]

Basicall both PSBs and LIC are public sector organizations established under the act of parliament, and the basic pension guidelines/regulations are formulated as per the GOI rules and regulations,Unfortunately the bureaucracy has discriminated the PSBS and have been avoiding the legitimate Salary/Pension revision even though these institutions have been making adequate profit to these commitments.But they are regularly revising the salary and pension of Govt servants even though the the budjet provisions are not adequate to meet such huge expenditure.Let us be happy that at least the Hon Minister appreciates the need for rendering justice.

Dr.Raman,L,S.

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[er iyer]

DEAR sir  mostly  lic  retirees & rbi  sure  of getting  updation.  what about other bank  retirees.  if  u can give  us  very good news reg updation  i/we all happy in coming days.  at present we want  updation. i am also expecting good news  that all left over employees  must get another option for pension.

E.R.Iyer

[L S RAMAN]

What is required is to provide Uniform pension and D.A to all reitrees irrespective of the date of retirement including updation at par with RBI and LIC.

dr Raman.L.S.

[bhaskara sarma]

Unions must pressurise the govt before September for finalisation of BPS.But no such signs are visible.So they may wait till March 2015, to pressurise the Govt.

P B Sarma.

[Balakrishnan P.P.]

Almost two years is going to be completed for fresh settlement of BPS the present working people may be waiting for ever please just think about the poor pensioners who are waiting for years for 100% DA and pension updation.

Balakrishnan 

[mohan p]

Dear Friends,

                                Why some of us air negative thoughts on ongoing bi partite talks as if nothing will come out?

                                There are certain realities and facts before us which we cannot ignore.

                                    1.We have to understand that no bi partite settlement in the past was signed  within a year or two.Always it has gone beyond 24/30 months to conclude the same.

                                    2. Though IBA and UFBU stated at the  first meet that the 10th BPS  process will be completed within a time frame! ( within six months!!)In a technological 

advanced era collection of data/details and fast mode of  communication in between parties it is possible if there is 

a positive attitude on the side of IBA/MOF/GOI.But no body might have take the statement so seriously.

                                    3.Also we have to see that what ever may be the delay in the process it may not affect the serving employees since the date of effect (ie.1.11.2012)has already been agreed by IBA/UFBU.

                                     4.The impact of delay will be only for retirees/pensioners,since our issues are yet to be finalised and settled.More over it pertains to senior citizens.

                                    5. Retirees Organisations as well as employees unions have already placed the demands/issues before IBA/FM/PM. New PM and FM have already assured to look into the aspects.Despite all these efforts,we have seen now that the response of IBA is adamant towards employees wage hike ,forget about pensioners.

                                    6.It is also a fact that only after settling the employees issues retirees/pensioners issues/demands will be considered.

                                    Even though these are the background under which we move forward, retirees anticipate some positive developments under ongoing 10th BPS.Indication from IBA's side on resolving 100% DA neutralisation issue and Improvements in Family pension is a good gesture.

                                    Let us hope that things will move 

in right direction in coming months with concerted efforts of all to bring some positive developments  to all retirees in

banks.Wait till then.

                                    

                                    

[Gopalakrishnan Ramachandran]

It is a nice letter from Shri Mohan and one has to see the reality. While it is natural to find the new entrants to be impatient, unfortunately seniors are expressing their concern over the 'delay'. In our country everything takes its own time and let us be patient so that things take a shape. Let us be optimistic and hope for the best. Things cannot prolong for indefinite period, and everything has to reach its logical end at some point of time. While the concern of retirees are appreciated, we have not reached a stage where everything has come to a standstill. Let us put our money on UFBU and wait for the ache din!

G.Ramachandran
CB-SVRS.

[bhaskara sarma]

Pensioners are getting negative thoughts since any improvement in family pension,Pension updation,reimbursement of medical expenses etc are not addressed at all for the past 20 years.If this moment is lost they may lose forever.That may be the reason.The pessimism is more in case of those who are aged 70 to 80 and above,who are spending their twilight years.

In case of LIC,believing Board resolution,many pensioners were hopeful of getting arrears but most of them left this world without receiving the arrears during the past 13 years.That is also another factor which may be haunting.

P B Sarma.

[arpanenterprise88]

Dear Sir,

The points mentioned by you are very logical. But one thing is not understandable as to why the issue of 100% DA neutralization pertaining to pre-NOV 2002 retirees is tagged with xth BPS when it is a left out issue of ixth BPS. Further it appears that there is lac of aggressive follow up from UFBU, since the matter is pending with MOF for approval for the last two months.

With regards.

A Bhaumik 

IOB VRS 2001  

P B Sarma.

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[cpvnair]

 

 

Good anlysis.But it is evident that the retirees are perturbed over the outcome of the BPS as there are stumbling blocks in the process.It is natural that a few may come out with negative thoughts.No doubt, it is a matter of concern that the dates are NOT yet fixed for further talks.Though we have faith in OUR UFBU, let us keep our fingers crossed as something in terms of UPDATION materialises.I appreciate PMJi for airing the thoughts in the minds of ordinary bank retirees.

 

 

 Warm reg,  

 

 CPVNAIR

 

 

warm reg

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[L S RAMAN]

Though the Psbs RBI AND L.I.C. are Financial Institutions established under the act of Parliament, the PSBs are discriminated in view of the inability of the Unions and Associations to vehemently take up these issues with the IBA and G.O.I. Either they are against the interest of Pensiners or thr they have sacrificed the interest of pensioners for the benefit of serving employees in collusion with the intermediary I.B.A an organization totally against employees, particularly the pensioners.As an employers organization the  IBA is demotivating the employees , affecting the business prospects of the member Banks.

Dr.Raman.L.S.