Pension Updation

[Narayanan Venkateshwaran]

In the Lok Sabha proceedings on 31st of last month ,for an unstarred question raised by Hon Member Shri Rajmohan  Unnithan on the subject ,the Hon Minster of State for Finance Dr.Bhagawat Karad has given the usual reply viz

That scheme is fund based and no provision has been incorporated in the regulation for Updation

DA facility is available

The matter is under litigation in SC

Yes the scheme is fund based, fund created out of foregone Employers' contribution to PF of both retired and serving Employees.

All pension scheme work based on some fund creation

Bank Employees pension Fund has become close ended after advent of new pension scheme creating panic about adequacy of fund to serve the last of eligible pensioner/Family pensioner

It should be appreciated that pensioners cannot be made sacrificial goat  for bruise suffered in the fund on account of above development.

In the same vein can pensioners be made punch Bag for banks suffering losses thanks to write off,,thereby crippled to fulfil their obligation under the regulation which religiously lays that all requirements for pension fund has to be met by them.

The argument that regulation carries no provision for updation  does not hold water for, similar was the status of RBI SCHEME .No specific clause exists for central govt Employees pension scheme  too

Central Govt also has a moral responsibility as they had walked away with sizable revenue after divestment which also has a retrogade effect on pension Fund

The negotiating team of Union and Association  supposed to  represent pensioners has done nothing for pensioners so far

In the ongoing bipartite also  they have decorative post of pensioners representatives.

Visualise hungry pensioner standing, with bated breath holding on to the closed gates of negotiation venue where deliberations take place over a sumpuous Lunch but nothing coming in their favour year after year

Will this not catch the eyes of judiciary?

Txs

C V Narayanan