IOB - PENSION FUND - SRI SBC KARUNAKARAN - AIBPARC LEADER

[Niranjan Cn]

Sirs,

PENSION REVISION IS LONG OVERDUE AND HOPE IT WILL MATERIALISE IN 2023 ITSELF.  Just, to momentary  applause from fellow pensioners,  leaders should not indulge in misinformation.  Through this note an effort has been made to make things clear with regard to Pension Funds and the misinformation spread.

During the recent Bangalore Conference of AIBPARC, Sri. SBC Karunakaran, Working President made a thundering speech and the same is mentioned in AIBPARC Cir 7/2023 dated 31/01/2023.  To understand the facts, example of IOB Pension Fund is taken (both Sri. Karunakaran and Acharya are from IOB).  The note is prepared detailing the assumptions made and quoting the relevant portions of Pension Regulations, IOB Annual Reports, etc.  The position of Pension Funds are similar in case of all PSBs. In Canara Bank has accounted entire Family Pension revision load of Rs. `1354.90 crore without opting for RBI permitted amortization for five years.

DETAILED NOTE IS ATTACHED.

Look forward for critical comments (supported by reference) for better understanding.

I am sure Mr. SBC Karunakaran – will explain his logic alongwith workings/funds flow statement,etc.,  at an early date.

 

Niranjan

Bank Retiree

Bangalore

[JSOMA SHEKARA]

Mr.Niranjan

It is a fact that there cannot be excess or shortage in Pension fund and banks will provide funds as per requirements based on actuary report. Finally even funds provided to the Pension fund is from Profit only. If IBA and UFBU arrive at anagreemnet Banks will provide funds  for the same. There are some elements who always make their comments and retiree associations also issue circulars in this regard. Unfortunately those who can give right information are suppressing information hiding behind RTI Act.

But shall we waste our time abusing them as they are not influencers, nobody cares for them, IBA, Banks, UFBU will not respect them and DFS accepts their representations out of courtesy but does not act.  Let us ignore them. We will get nothing out of this futile exercise.

Instead we have to concentrate on UFBU leaders who have authority to negotiate updation issue but dragging the issue without even starting discussions.

Out of 40+ BPS meetings in every settlement only 2-3 meetings were allotted for residual suuses discussions. Even in these meetings only two dialogues are reported. IBA said cost is to be studied and we have suggested appointment of two actuaries. How long can this go on? It is the right time we should forget those spreading false information and  demand UFBU leaders ( who can give correct information) to get cost data in the next meeting and take discussions to the next level as pre 2002 retirees are getting old. Learned persons like you should address  letters to UFBU leaders to expedire discussions and resolve updation before commencement of 12th BPS.

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[kds nair]

Canara Bank is only one of the bank in the industry and so this exercise is futile and worthless.

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[Niranjan Cn]

Mr. SBC Karunakaran Working President of AIBPARC had commented that the existing Pension Funds are sufficient to pay pension for next 45 years.  Is it a fact or misinformation.  Hence, example of IOB was taken and details are worked out.  Hope SBC Karunakaran will come out with clarification.

The NOTE has full details - for better understanding

Niranjan

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[Niranjan Cn]

Please read the note fully and comment sir.

On Mon, Apr 24, 2023 at 3:40 PM kds nair <sasidhar...@gmail.com> wrote:

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