Pension Updation

[Anantharaman Tg]

In today's news, I have come across the following

observation of Supreme Court,

"State and public employers have an obligation to

address as a measure of public interest, the ill

effects of rise in the cost of living on account of price

rise, which results in fall in real wages.This obligation

should be discharged on a periodic basis". 

The Court also said what should be the extent of 

pay revision are undoubtedly a matter falling within

the domain of policy making.

Can we expect the Court to make a similar statement

at the time of hearing our pending case in SC?  

After all,, pension is deferred wages.

[vrsivaram...@yahoo.in]

UNIONS say there is no funds to revise pension but banks never opened their mouth. Banks are mainly interested in making provision for NPA's than contributing funds to pension fund. Bank UNIONS are WASTE 

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[kds nair]

You say unions are waste.IBA and dfs say retirees are waste.Which one is correct.Members form unions.You are not a member.

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[JSOMA SHEKARA]

Mr.Nair

IBA and DFS never said retirees are a waste. DFS has given everything to retirees of Defense, Armed forces, RBI and Nabard by sanctioning OROP/Pension revision. Since defense forces, RBI and Nabard employees/pensioners struggled genuinely and consistently they achieved their goals. IBA is representing Banks and negotiating on behalf of them. As management representative IBA may give hundred reasons to reject a demand. But Unions have to do homework, collect documents and statistics,  counter IBA arguments and achieve the goal. Unions are negotiators and not act as consultants to IBA. UFBU should negotiate and not suggest appointing actuaries like consultants. The very act of Unions suggesting in every meeting to appoint actuaries  since the record note of 2015. without following up is very disgusting and not a way of negotiating. IBA is giving the same replies in every meeting without coming out with cost data and unions are also not putting any pressure.

It is surprising that out of nine union leaders not even one questioned IBA why it takes 10 years to get an actuary report and get cost details of updation when it is available to IBA within 48 hours. The moment IBA expresses concern about cost UFBU leaders for 20th time suggest appointing actuaries and come out of the meeting.

Earlier DFS was worried that if Updation is sanctioned to RBI , similar demand may come from so-called militant unions.  Now 4 years have lapsed since RBI got updation. Not even murmur from unions. DFS may be laughing at waste bodies.

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[JSOMA SHEKARA]

It is natural for opposition parties to exploit every crisis situation for their political goals.But our unions are also supporting and participating in such agitations which are totally irrelevant to Bank employees.

Recently every youtuber who does not know ABC of stock market is spreading false news that LIC suffered heavy loss because of investment and is going to be shut down. These youtubers who could not understand merger of Banks earlier spread news that 12 Banks are being closed.

Now Political parties are out to exploit fear of Investors and   planning gherao of LIC offices and creating fear in the minds of  policyholders and investors that LIC is being closed.

In a welcome development all LIC Unions irrespective of political affiliations have rejected interference of Political parties and clarified that LIC has not suffered any financial losses and there is only change in notional value of shares.

LIC unions have acted wisely and taken a mature decision.

[vrsivaram...@yahoo.in]

Don't believe IBA. It gives only wrong information to courts. To our PENSION updation case in Madras High Court the IBA through its member bank  said that similar updation case was dismissed in Supreme Court by mentioning the number of 100%DA case of Canara Bank. IBA is nothing but broker. Brokers speak only lies. Our case is pending in Madras High Court. Why banks, IBA and Unions are lying for the past three decades. They can tell straight away that there is no updation clause in pension settlement. And there is no clause that PENSION will not be revised at the time of wage revision UNIONS will function sincerely  only when checkoff system of subscription is abolished 

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[vrsivaram...@yahoo.in]

Public must demand for 6 days banking which was in practice for the past several decades and it is public service and it is neither for unions nor employees. So public must raise their voice against 5day banking. RAISE YOUR VOICE