AIBEA DELIBERATELY CIRCULATED WITH FAKE R.B.I. PENSION UPDATION FORMULAE

[Debasish Mukherjee]

PENSION UPDATION - ACTUAL RBI FORMULAE -- WHICH HAS BEEN PURPOSELY MOCKED & A FAKE FORMULAE CIRCULATED
PER AIBEA CIRCULAR NO.28/126/2019/10 DT.18.4.2019.

Pension is revised or updated taking into account present eligible pension and hence Govt. of India
while communicating their approval to RBI PENSIONERS, INDICATED A NOTIONAL INCREAE OF 10% ON BASIC
PENSION + DEARNESS RELIEF. According to RBI Formulae Pensioners are categorised into 3 broad categories
and assigned factors for arriving at the enhanced updated revised pension, viz factor 3.63 for
pensioners retired between Nov 1997 and Oct 2002, factor 2.44 for pensioners retired between Nov2002
and Oct 2007 and factor 1.76 for pensioners retired between Nov 2007 and Oct 2012 and No updation for
Retirees retired after Nov 2012 in this formulae.

For arriving at the updated pension, the present pension has to be multiplied by respective factors for
the corresponding period. For example, to arrive at the updated pension for Retirees retired up to Oct
2002, their present pension for example Rs 100/- per month has to be multiplied by factor 3.63 arriving
at an amount of Rs 363/- per month, from the month of March 2019. along with DA calculated @ .10% per
slab for 611 slabs resulting at 61.10% beyond Index level of 4440.

Likewise corresponding factors have to be multiplied with corresponding pension being drawn by Retirees
falling under three categories as mentioned in the first para.

In the AIBIEA CIRCULAR signed by COM CHV, PENSION amount has been taken as 67 (being pension less
commuted value of 33) instead of 100. Revision or updation is only for the Basic pension and not on
the reduced pension after 33% commutation. DA is also payable on the full amount of Basic pension which
has been arrived at correctly. Moreover for Retirees retired up to Oct 2002, the Original Basic Pension
might have been restored after the period of 15 years. I wonder how the mistake has crept in, resulting
in a paltry increase of 3% for Retirees between Nov 2007 to Oct 2012 , while the Govt. itself has
assured a Notional increase of 10% on Basic Pension + Dearness Relief.

If the calculation is done correctly, the three categories of Retirees viz ., Retirees between Nov 1997
and Oct 2002, Retirees between Nov 2002 and Oct 2007 and Retirees between Nov2007 and Oct 2012 will
stand to benefit @ 42%,28% and 13% respectively, Pre Nov 2002 Retirees stand to gain more (42%) because
of the anomaly of 100% DA Neutralisation issue gets resolved though belatedly wit out the benefit of
arrears, and fulfilling the Govt. indication of minimum 10% Notional increase on Basic Pension + DA,

I want to alert the AIBEA leaders particularly its General Secretary that don't try to fool the
retirees by circulating a fake Formulae instead of actual Formulae implemented in R.B.I. as was
proposed by the Govt. The AIBEA in connivance with a section of IBA Officials have already done immense
of harms to the Bank retirees particularly to the Pre Nov.2002 retirees who were only deprived from the
benefit of 100% D.A.neutralisation amongst the retirees due to AIBEA's irresponsible demand to deny
only to this segment of the retirees from this benefit.

It is surprising what the AIBEA,the largest and a militant trade Union in the Banking Industry will
gain by circulating such fake circular not in conformity with the actual Formulae implemented in
Pension Updation in R.B.I. It is possible that the present AIBEA leaders particularly its G.S. are in
Hand & Gloves with the Officials of the IBA and have planned a sinister move to fool the retirees with
their retrograde Formulae of Updation of Pension for the PSU Banks retirees that are detrimental to the
interest of the retirees.
WE THE DEPRIVED RETIREES FIRMLY RESOLVE THAT WE WILL EXPOSE THE LEADERS OF THE AIBEA & THE UNSCRUPULOUS
IBA OFFICIALS.

Debasish Mukherjee,
Member- Bank Pensioners Google Groups,
E.mail-...@rediffmail.com
Mob.9433016229.

[Parvatam Veera Bhadra Swamy]

Hi

I fully agree with the views expressed by Shri Debashish Mukharjee and AIBEA should submit  proposals similar to the formulae approved by finance ministry to RBI retirees.

PVB Swamy

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[Narayana Murthy Kaipa]

from the above text those retired in 1996 are not included ?

Sent from my iPhone

[Nagaraju Kakani]

	RBI UPDATION FORMULA:	EXAMPLE	K.NAGARAJU
	A) FOR THOSE WHO RETIRED BETWEEN 1-11-1997 AND  30-10-2002 ( OUR 7TH BPS PERIOD)		2000 SVRS/ 2009 Pensioner
1	BASIC PAY ON RETIREMENT	200	17266
2	BASIC PENSION AT 50%	100	08633
3	COMMUATION OF 1/3	033	02878
4	BALANCE PENSION PER MONTH	067	05755
5	DA ON PENSION (on Rs. 100) IN MARCH 2019 312 %	312	26935 (19145)
6	PENSION + DA AT PRESENT	379	32690 (24900)
7	AS PER FORMULA 100 WILL BECOME ( AT 3.63 %)	363	31338
8	67 will become 67 X 3.63	243	20890
9	UPDATED BALANCE 2/3 PENSION FOR MARCH 2019	243	20890
10	DA AT 4440 POINTS ON 363 AT 61.1%	222	19304
11	REVISED UPDATED PENSION	465	40194
12	INCREASE ( 465 – 379 )	086	07504 (15294)
13	INCREASE IN %	22 %	22%  (61.42%)

 

Sairam,

From the above example,based on the RBI Updation Formula,in my case (Pre 2002 retiree),

As per col 5 and 6,I am getting at present in March 2019,Rs.19145 DA and Rs.24900 as Pension

+DA,instead of Rs.26935 and Rs.32690 respectively.It shows a difference of Rs.7790 in the DA

due to Non implementation of 100% DA Neutralisation, as implemented and existing in RBI.If so,

How the authorities and the organizations are going to work out,negotiate and compensate the

same.If not taken care of this aspect, the pre 2002 retirees will be the worest sufferers. So the AIBRF/AIBEA/AIBOC/UFBU have to come out and clarify the retirees on the above disparity.

With regards,

Kakani Nagaraju,

BOI 2000 SVRS Retiree-2009 Pension Optee

Malkajgiri,Hyderabad – 500047

9177538847, rajag...@yahoo.com

 

[Asok Bhaumik]

Strange thing so far neither any reaction from AIBRF/AIBPARC on Mr. CHV's  innovative pension updation formula nor any corrigendum from AIBEA on the same is found in the social media. 

[Venkata S.Akella CFE]

Can somebody favour me with a  response to my query about the probably applicable revision formula

for officers who retired prior to November, 1997.

Thanks and regards.

[Srinivasa Murti Devulapalli]

There seems to be lot of variations in the multiplying factors as communicated by AIBEA in its letter ref.No. No. 28/126/2019/10    18-4-2019 

AS PER THE RBI COMMUNICATION THE ENHANCEMENT IN BASIC FOR ALL THE  RETIREES WOULD BE  FAR MORE THAN THE CALCULATIONS AS WORKED OUT BY AIBEA..... 

Click the following link for the details:

https://drive.google.com/file/d/1HPXitZoxUWT3XRBPY9u_uTQfAwjt0GPR/view?usp=sharing

The above details are as communicated by Reserve Bank of India, vide their letter ref.No.CO.HRMD No.G.84/18491/21.01.00/2018-2019 dated March 07,  2019. 

In terms of the above, there are lot of variations in the  multiplying factors as per the AIBEA COMMUNICATION WHICH IS TOTALLY  MISLEADING AND CONFUSING.....AND IS VERY MUCH  AGAINST THE GOVERNMENT GUIDELINES.

 

https://www.change.org/p/hon-ble-prime-minister-of-india-sri-narendra-modi-plight-of-the-bank-retirees-urgency-to-constitute-banking-pay-commission/u/24449205?fbclid=IwAR19uP_6nu_OVRmhbwJ9pw788s3uhUuwqXbWTJE5v3tvt9u2OG7P8xvyEPM  

d s murti

[Chandrasekaran Venkataraman]

Sir

First we are calculating hypothetically.

Let us be optimistic

In the case presented by you,all pre 2002 retirees had started receiving full pension as the commutation period is over

So point no.2 only Rs 8633/- is taken

In point no 7, 3.63 is the factor So it becomes. Rs 31338

Point no 8 And 9 are not applicable since there is no commutation existing

Point no 10 is Rs 19304/-

Point no 11 is. Rs 40194/-

Point no 11 minus point no 6

Rs 40195/-  minus. Rs 24900/-

Is Rs 15295/-

15295/24900 multiplied by 100 is 61.42%

So the increases in percentage is because of 100%DA neutralisation is taken care of automatically and already commutation portion stood recovered for this clause of pre 2002 pensioners

Again I am remainding that this only hypothetical and being optmistic on life till we breathe the last,let us hope for the best

Regards

V.Chandrsekaran

Retd Manager PNB

An unfortnate pre 2002 retiree

[Satyanarayana Rao]

Why don't you give comparative picture point by point of both AIBEA and RBI version. So that we can understand what exactly is the difference between two calculations.

[Asok Bhaumik]

Can anybody guess the purpose of communicating the distorted pension updation formula done by AIBEA. And strangely till now no retiree's organisation came forward to protest against the distortion of pension updation formula implemented in RBI.

[Vijayaraghavan Parameswara Iyer]

When do they expect final clearance ? 

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[Kishalaya Mukherjee]

As per RBI circular no. CO.HRMD.No. G84/18491/21.01.00/2018_19. Dated March 7, 2019. Existing basic pension of retirees from 1-1-1986 to 31-10-1997 will also be revised by a factor of 3.63, i.e. the existing basic Pension of Rs.100/- will be revised to the basic of RS.363/- from March 2019.

[Kishalaya Mukherjee]

As per RBI circular pre-November 2002 pensioners' basic will go up by 3.63 times.

[Venkata S.Akella CFE]

Thanks for the kind gesture.

May you continue to be blessed.

Akella

[GUNA]

Unfortunately AIBEA Circular is silent about the first category of Pensioners  retired up to Oct 1997 who are Super Seniors. Actually for them the multiplying factor must be more than 3.63 again it's an anomaly which has to be corrected.

[mohan p]

Yes,AIBEA latest circular on illustration on  Updation of pension is silent regarding pre.1.11.1997 retirees.

        I have mentioned the same in my earlier post with illustrations.

 Reason may be the following:

RBI circular CO.HRMD.No.G. 84/18491/21.01.00/2018-19 dated March 7, 2019,  on pension updation in RBI as per formula with multiplying factor of 3.63 % to pre 1.11.1997  pensioners along with other categories it is  stated that the above factor is applicable to pensioners prior to 1.11.1997 since there is a reason specified.

Reason is that,those  who retired prior to 31.10.1997, from RBI
are presently  drawing
updated pension in terms of
interim order passed by
Hon'ble High Court of Bombay
in the W.P No. 2403/2009 filed
Category 
according to 
retirement.
Pensioner Multiplication factor for fixation of revised pension
date of
Existing basic pension will be revised by a factor
of 3.63, i.e., the existing basic pension of Rs.100/-   

      But if factor 3.63 is applied to above category some discrepancy will arise which I have shown in my illustration under the earlier post.

      1.In bank pensioners case they are still drawin g tapered DA for pre 2002 pensioners.Where as in RBI 100% DA neutralisation has been implemented years back.

     2. Pre 1.11.1997 Bank  retirees are not enjoying any benefit of updation of pension,as mentioned in RBI circular.

So applying factor of  3.63 to pre 1.11.1997 retirees in banks may not be correct. When updation formula is arrived for bank pensioners,at a later date hope  this factor of 3.63 would be revised in banks in favour of above segment of retirees.

That may be the reason for not touching the point in AIBEA circular.

[KUNAL SINGH KHARAYAT]

Fake news.

 

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