Facts that are not easy to stomach

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Manickam Ravindran

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Dec 6, 2022, 11:15:11 PM12/6/22
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Fact no 1:  Pension regulations do not have updation clause.  
Fact no 2: UFBE do not like to support pension updation .         Fact no 3: There is no guarantee that Singla case in Supreme court may be decided in the foreseeable future or decided in pensioners favour.     Fact no 4 : Hike in family pension was possible solely due to FMs instructions and green signal from DFS.No discussion took place between IBA -UFBE on family pension.    Fact no 5: No amount of posts / representations by pensioners or their federations will move UFBE/IBA or for that matter DFS / FM /PMO will eventually lead to positive outcome in pension updation.                   Fact no 6 :    In spite of all the above negatives,every pensioner at the bottom of his heart harbours the feeling that pension  updation will happen. Fact no 7: As we are not prophets , let us accept the reality .
Ravindran

Prasad C N

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Dec 7, 2022, 5:17:35 AM12/7/22
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Dear Shri Ravindran, 

Most of the facts you have stated is wrong.

Fact No.1. : There is no Pension Regulation/Rules have or can have updation clause and there cannot be any clauses in any statute based on conjuctures.  Both CCS (Pension) Rules and RBI Pension Regulations do not have such clause and is not necessary for pension revision.

Fact No.2 :  Only WhatsApp and Social Media intellectuals and Professors speculate and have decided that UFBU does not support Pension Revision.  There cannot be any Pension Revision without their support.  In case a Settlement revising Pension is not signed under Industrial Disputes Act, such clause is not enforceable like a Law, but only as a Contract.  

Fact No.3 :  The timeline for decision in Singla's case cannot be speculated.  In fact, it is only Petitioner Pensioners had sought adjournment and IBA has not asked for adjournment.  Please go through the order

Fact No.4 :   Hike in Family Pension is not on account of orders of Hon'ble Finance Minister.  It is only on account of  whole time directors who are a part of the Management Committee of IBA (whose spouses are the beneficiaries to the maximum extent), the proposal approved and sent to DFS during June 2019, much before any Retirees' Organisation or any individual met Hon'ble Finance Minister and represented.  In fact, even during the meeting everyone talked about Pension Revision, but not revision of Family Pension. No one talked about revision of Family Pension.  In fact, Mr.Rajanish Kumar announced Family Pension revision suo-moto.   Hon'ble Finance Minister has not directed revision in Family Pension.  Therefore, it is not on account of order of the Government.

Fact No.5 :  Representations are required to keep the issue alive and keep reminding them.  Unfortunately, many are finding pleasure in abusing all of them


Fact No.6 &7 :  Pension Revision is certainly happen, but only after disposal of Singla's case.   Questions are : When, to whom and to what extent ?


Thanks, a Million. 

With regards,
Prasad C N


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Suryakumaran Nair

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Dec 7, 2022, 11:07:40 PM12/7/22
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I fully agree with the views of Com. C.N. Prasad.  It appears to me that the majority (Not All) of the people who are airing their views in this forum do not have the basic knowledge in the matter of bipartite/service conditions/trade union/political awareness etc.  During their active  period in the respective banks all such friends were  interested only  to take care of  their personal matters and that too  after taking whatever they get from the Bank in whatever form and least bothered in the affairs of fellow colleagues..  Only after retirement they started "public function";  and that they will only be happy to get their  pension updated and not for others.  Their political vision is based on "religion" and not on the basis of any other facts in which they are least bothered or  interested.

JSOMA SHEKARA

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Dec 8, 2022, 5:09:47 AM12/8/22
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Mr.Surya Kumar
We fully agree with what Mr.C.N.Prasad has explained.
But you are twisting facts to suit your ideology.  Your arguments are false. baseless without substance. Except  worshipping union leaders you have no points to prove.  What was the strength of Unions in 1965-1980 when present retirees joined the Banks. Present retirees fully participated in strikes, lost salaries for many days, gave good response to Unions call and made unions what they are today. You have zero knowledge of  Struggle. Our Problems like 100% DA, Updation, pension to CRS, 5 years benefit are pending since 2001 and many governments have come and gone but you are targeting only the present govt. In fact, the present govt has given much more to pensioners than other governments  like sanctioning Updation to RBI and Nabard and OROP to defense pensioners. Why? Because  there was genuine and consistent demand from employees of these groups. There is zero demand from our Unions. You are bringing religion here. This is totally rubbish.
Basics of Trade unionism is protecting the existing rights of employees and Pensioners{ as Unions have the absolute right to negotiate retirees issues} and to fight for improving benefits.
I do not consider it genuine trade union ethics when Union leaders are behaving unconcerned when IBA is snatching away benefits one by one.
 As trade union leaders it is not enough to come on face book and claim
1. Reg.35/1 does not provide pension updation for all.
2. Funds are insufficient to implement updation.
It is the moral duty of Union leaders to clear confusion when DFS have given them the absolute right to negotiate retirees' issues.
Why have Union leaders not demanded amendment of Reg35/1 to make way for updation?
Why does in every BPS Pensioner's demand appear in COD and in the end, treated as a misc issue?
Why Unions are not coming forward with actual updation cost when the same can be collected from respective pension cells within few days/
As long as IBA and Unions does not come out with clarification and  details of costs, confusion will prevail among retirees.



Narayanan Venkateshwaran

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Dec 8, 2022, 5:10:06 AM12/8/22
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Sri surya kumar Nair
What has religion to do with updation debate
Regds
Narayanan

Narayanan Kasthurirengan

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Dec 8, 2022, 11:44:11 PM12/8/22
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Probably Mr Suriyakumar  belongs to a group who trade on religion and politics.  That is why he sees this in others without any  basis,   a weakness?

Kalyanasundaram Subramaniam

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Dec 8, 2022, 11:44:12 PM12/8/22
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How you have forgotten that Ambanis and Adanis are responsible for non-updation of pension? Surprising. I expect you to register the theory of conspiracy by industrialists so  that they  can take over the banks. 

Humour is good for health. 

S Kalyanasundaram

Suryakumaran Nair

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Dec 9, 2022, 5:52:20 AM12/9/22
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Thanks a lot. Four friends commented on my views.

Dear Narayanan Venkateshwaran,

What ever you said is correct.  There is no direct connection between religion and pension updation. I also never told anything contrary to it.  I presume, you would have commented on the basis of the opinion made here by our friend Shri. J. Somasekhara without either reading or properly understanding my views.  Please go through my views once more and tell me where I said about the so called connection between “religion and pension updation”.  But, dear friend understand, majority (Not all) of our people now a days are voting and electing their rulers based on their religious based ideology.  For the last three or four decades, the media, controlled and owned by the corporates solely to protect their own financial interest  are deliberately creating a  political climate to suit it and majority of our innocent people become their prey.  The result is that the henchmen of Corporate are at the helm of affairs of our country.

 

Dear J Somasekhara,   

Yes, I do agree. You would have participated in  stay out strikes and would  have lost salary for those days.   I Didn’t dispute it.  But I am also aware that majority of our people like you participate in strike because of the compelling situation and definitely not because of your commitment or properly understanding the crux of the protest for which the strikes were called for.  I know you are a strong supporter of the Corporate controlled Govt.  For you, this Govt gave much more to the pensioners.  But understand it was Vajpayee govt who introduced New pension scheme in the place of statutory pension. (Ref: New Pension Scheme (Contribution based Pension Scheme) now called National Pension System (NPS), was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003- ECB & PR dated 22nd December, 2003. NPS was made mandatory for all new recruits to the Central Government service (except the armed forces) from 1st January, 2004. With the introduction of NPS w.e.f. 01.01.2004, amendments were made on 30.12.2003 to Central Civil Services (Pension) Rules, 1972, Central Civil Service (Commutation of Pension) Rules, Central Civil Services (Extraordinary Pension) Rules, General Provident Fund Rules and Contributory Provident Fund Rules to the effect that the benefits under these rules would not be applicable to the Government employees appointed on or after 1.1.2004 and covered by NPS.  Who demanded  NPS  in the place of statutory pension and why  it was introduced.  All other comments made by you are rubbish and not worthy for any repply.

 

Dear Narayanan Kasturirengan,

Definitely not.  My politics is far far far away from religion, caste, creed, language, gender, petty and narrow nationalism, manmade state boundaries etc. etc.   It is on the basis of  “Vasudaiva kudumbakam” and  “Workers of the World unite”  etc..

 

Dear Kalyanasundaram Subramaniam,

You would have worked hard for this country and its people for three to four decades,  and if you still experience any financial problem you are bound to know its from its grass root level.  Yes, it is the corporate who are eagerly and tactfully waiting to grab the public sector banks  in their hands are the major hurdle in the matter of pension updation in banks.  The people at the helm of affairs of our country are only the puppets in their hands and tuned  to dance to suit their convenience. If people like you are unable to comprehend  it,  how it could be expected from our majority people who are living as migrant workers.


Narayanan Venkateshwaran

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Dec 10, 2022, 5:57:20 AM12/10/22
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Dear Surya kumaran Nairji
You have chosen to retort each post separately.Much Ado About Nothing.yes politics in India may be religion centric but not Trade Union movement in Banking industry.
The likes of prasadji,Somasekharaji  and  sankar Subramanianji are RELIGIOUSLY(No religion involved) are pursuing pensioners issue providing valuable inputs/information.
Let us support them in all possible ways
Cheer Up Boss.We are getting updation .Not in distant future.
Manasilayo chetta
Txs
Narayanan


Kalyanasundaram Subramaniam

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Dec 10, 2022, 6:00:27 AM12/10/22
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Mr suryakumaran nair

Yes. You are right. For all our sufferings only corporate are responsible. 

Because of them only, bank retirees are not getting pension updation. Others are falsely citing court cases, absence of clause in the pension regulation, 'banks have no funds' etc. as reasons. Actual reason is the corporates want to take over banks and that is why they are not allowing pension updation. They have already  informed Modiji and  Nirmalaaji. 

I suspect that the corporate may take over RBI also. But the problem is that RBI has allowed updation of pension. Now corporate will force RBI to withdraw updation and then take over. 

We must force for handing over banks to Russian or Chinese governments so that  these corporate cannot dream of taking over  our banks and we can also get pension updation and also hundred per cent DA neutralization.

S Kalyanasundaram 

Narayanan Kasthurirengan

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Dec 11, 2022, 11:25:06 PM12/11/22
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Dear Mr Surya Kumar Nair,
Like what you have declared about yourself,  you should also accept others standing. Your deliberate labelling of others as people with caste/communal  considerations is a weakness prevalent in our system.   In today's geographical,  political, social and economic environment,  the primary identity of any person  is NATION,  which can never be wished away.   Just for the sake of countering others, people use such catchy slogans.  While I was in service in SYNDICATE BANK, I was holding CANARA BANK Credit card  and I was labelled pro capitalism.  But those who were making tall claims like you were having CITIBANK CREDIT CARDS in their pocket and raising slogans against multinational organisations.
My intention is not to score a point over you.  Certainly I would like you to understand the anxiety of those super senior pensioners (which I a  not) to have improved pension benefits in tune with pensioners in other organisations.  I know for sure that updation is of no use to me since as per your knowledge,  ADANIS AND AMBANIS have forced our Union Leaders to exclude most part of the salary revision from the purview of PENSION.  Previous BPS it was 50% and for current BPS it is 75%.  What is in store for next BPS, GOD(I am sorry) communists and corporates alone know.

Stepping out, may I request you to get clarification from our tallest (I don't mean physical height ) union leaders about commutation recovery whether 
(1) it is from date of payment of lump sum
                    OR
(2)  from the date of retirement
Irrespective of the fact that lump sum paid several years after retirement  (due to pay revision, wrong fitment etc.)

Interestingly  various RTI applications raised by me with banks reveal that this is the only issue for which IBA has not issued any guidelines  (!!) and banks also have not sought clarification  

Further my  RTI QUERIES  reveal that for 
(1) most of the banks, the recovery is from date of retirement 
(2) canara  bank, the recovery is from date payment of commutation for lump sum paid at the time of retirement 
and from the date of retirement for subsequent payments
(3) SBI, the recovery is always from the dare of payment of lump sum.

I am sure you, being a universal  and broad minded worker, will really take up this matter with unions and get me an answer since lakhs of workers have lost lakhs of rupees in this process and workers welfare is your concern 
K NARAYANAN 

Suryakumaran Nair

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Dec 11, 2022, 11:25:06 PM12/11/22
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Yes,  you are all right!!!.

Narayanan Kasthurirengan

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Dec 12, 2022, 5:22:34 AM12/12/22
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Dear  Mr Suryakumar Nair,
I am disappointed by your reply excluding my request for seeking clarification from unions regarding commutation recovery.  Still I earnestly look forward to your help in getting clarification from unions about recovery of commuted portion from pensioners.  Many of my communications to unions could not evoke any response.
I hope you understand our predicament.
IBA decides what you should get and should not  get.  But you cannot seek any information from them.
Next avenue available to you is individual banks.  They can seek  clarification from IBA but will not do. 
Final recourse available to us is the unions.  Unions are well aware of the illegal recoveries effected by banks  (this illegality shines brightly  in SBI Vs ERSTWHILE SBM PENSIONERS case judgement implemented by various banks)Even Shylock would have felt shy about how the banks have notoriously interpreted both the judgement and our settlement thereby causing  immeasurable loss to the pensioners.  Even then the innocent unions which are afraid of Adhanis and Ambanis are obediently maintaining  silence.  I feel you are the right person to rekindle their thought process so that they can take pity on the super senior pensioners and intervene in the matter only to ensure what is legally correct as per the settlement signed by them.
Will you, being a worker with concern for workers interest worldwide, help us with proper clarification from unions?

Narayanan Kasthurirengan

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Jan 10, 2023, 6:09:11 AMJan 10
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Dear Mr Suryakumar, 
May I  have the privilege of gently reminding you that your reply is long overdue for my above mails.  I infer you are otherwise busy.  But I am sure a staunch unionist like you will not want to ignore my request.
Earnestly look forward to your kind attention 
Greetings and regards 
K NARAYANAN 

krishna mohan nidumolu

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Jan 10, 2023, 10:58:28 PMJan 10
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Yes Brother. Most of the Pensioners who are articulating their views in this forum are just pass time arm chair critics. What happened to their wisdom when they are in service. Ever award was circulated by AIBEA and AIBOC and we all paid levy for these beautiful awards or Joint Notes. We have presented Crores of Rupees purse Godbole or Laxmi Narasaiah for their achievements of these lop sided awards. I hope and think there are no innocent NRI in our Pensioners community..

Niranjan Cn

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Jan 11, 2023, 5:09:07 AMJan 11
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Very well clarified - with specific replies near to the reality

Niranjan

On Wed, Dec 7, 2022 at 3:47 PM 'Prasad C N' via bankpensioner <bankpe...@googlegroups.com> wrote:

JSOMA SHEKARA

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Jan 11, 2023, 5:09:07 AMJan 11
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Mr.Krishna Mohan
While in service could we have survived by questioning the powerful AIBEA and AIBOC? In early 70s there were few persons who did that and later on were suspended by framing various charges and their voices disappeared. Padmanabh Bhat, Rajgopal etc. There were some small unions who acted as whistleblowers but they were all taken into confidence by two powerful unions and a cartel called UFBU was formed.
You are agreeing that agreements are lopsided.
What pensioners could not dare question these Unions as employees, are doing it now by approaching courts and getting injustices rectified.
There is clear difference between criticism and seeking clarification and answers.
Asking these questions and seeking answers cannot be considered as criticism.
1. Why 50% Basic pension was denied from date of retirement even while several cases were pending during signing of such agreement.
2. Why are Cost details of 100% DA and the Updation not being demanded by Unions?
3. SC has given clear verdict in favour of pensioners in the 5 years case, 1616-1684 issue, Pension to CRS etc. Why did Unions not insist IBA to direct Banks to implement the verdict properly and uniformly for all eligible pensioners?
4. In 2015 record note IBA has advised Unions to approach Individual Banks to get Medical reimbursement for all retirees out of the Staff Welfare Fund. Why aren't unions making efforts to get subsidies for paying Insurance premium out of the Staff welfare Fund?
Is seeking answers for these can be called criticism?
Or is it so difficult for Unions to come out with a circular clarifying these doubts?
As long as there are no personal attacks on Union leaders there should be no problem.


Suryakumaran Nair

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Jan 11, 2023, 11:00:32 PMJan 11
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Dear Narayanan,

 

I am sorry that I didn’t see your mail in time  and  only  now I could read it. 

 

I could fully enjoy the  “sarcasm”  and the sarcastic way  by which you preferred to make the enquiry with regard to the payment of commutation and its recovery thereon.  I reproduce your text as under:-

 

“”

My intention is not to score a point over you.  Certainly I would like you to understand the anxiety of those super senior pensioners (which I a  not) to have improved pension benefits in tune with pensioners in other organisations.  I know for sure that updation is of no use to me since as per your knowledge,  ADANIS AND AMBANIS have forced our Union Leaders to exclude most part of the salary revision from the purview of PENSION.  Previous BPS it was 50% and for current BPS it is 75%.  What is in store for next BPS, GOD(I am sorry) communists and corporates alone know.

 

Stepping out, may I request you to get clarification from our tallest (I don't mean physical height ) union leaders about commutation recovery whether 

(1) it is from date of payment of lump sum

                    OR

(2)  from the date of retirement

Irrespective of the fact that lump sum paid several years after retirement  (due to pay revision, wrong fitment etc.)

 

Interestingly  various RTI applications raised by me with banks reveal that this is the only issue for which IBA has not issued any guidelines  (!!) and banks also have not sought clarification  

 

Further my  RTI QUERIES  reveal that for 

 

(1) most of the banks, the recovery is from date of retirement 

(2) Canara  bank, the recovery is from date payment of commutation for lump sum paid at the time of retirement 

and from the date of retirement for subsequent payments

(3) SBI, the recovery is always from the date of payment of lump sum.””

 

 

At the outset; regarding your comments on the corporate control over the economy all-over the world, I can only say that it is not a “child play” as you think, believe  or  perceive.   Now coming to commutation of pension and recovery thereon.   

 

As you are aware, in the matter of pension commutation and the recovery thereto the Banks/IBA is following the guidelines issued by the Central Govt for its employees and that too sometimes fully and sometimes partially.

 

In SBI, recovery is made from the date of original payment of commutation even for the subsequent commutations made on account of salary revision etc. That is; after a period of three or four years after retirement, for the subsequent commutations they calculate on the basis of the commutation factor applicable at the time of retirement (age on next birthday as 61) and not the age applicable at the time of commutation as being done in Government offices.  But the arrears of recovery for the above three or four years are immediately recovered at the time of payment itself thereby the money for which they are making the recovery is not fully enjoyed by the employee for a period of say 15 years.  It is an incorrect practice.  Thus, to ensure justice the commutation recovery should be made only from the respective date of payment of commutations made.    The commuted value should be with the employee during the entire period of recovery.  Recovery made with retrospective effect is theoretically and logically incorrect and injustice.

 

Now another question on the factor.  In Banks other than SBI the factor for commutation is being done as per 1971 rules as applicable to central government employees where for retirement at the age of 60,  the commutation factor is taken as 9.81 (for 61 as next birthday). This factor was arrived at after taking into consideration the then prevailing various market conditions and investment opportunities including the prevailing rate of interest. In 1981, the central government made some down ward corrections in the matter of commutation factor. But this was not made applicable to Bank employees other than SBI .   Considering the present market conditions the factor should have risen upwardly  to compensate the loss on account of lesser interest rate in the market and other unfavourable investment opportunities.


Narayanan Kasthurirengan

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Jan 12, 2023, 5:18:23 AMJan 12
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Dear Mr. Suryakumar 
Thanks for your kind reply.
Though both of us agree on the point of commutation recovery,  the problem lies with the unions and the banks.  For even  drop of hat, banks insists on iba clarification and even for court judgements.   But for this major issue, which has already been disputed by many individuals and organisations,
Banks refuse to seek clarification from the iba and they proudly declare that there is no clarifications in this regard from iba from the date of Pension settlement to this date.  Incase you want proof for this, I  can send RTI REPLIES of various banks to you.  The most devastating fact is that unions maintain total silence in the matter when they can invoke the CLARIFICATION   CLAUSE of the settlement to simply force the banks to seek Clarification from iba or raise the issue with iba invoking the same clause.  I think indian banking industry is the only platform which has established different interpretations for the same clause of settlement signed under I D ACT and the beneficiaries are helplessly watching the illegality.  My request is not for unions to fight the mighty Adanis and Ambanis (which we have already concluded that they cannot - banking settlements are standing proof as you have repeatedly said).  We only expect them to invoke the legally  available provisions of the settlement and even for this if they are afraid of Ambanis and Adanis  God (I am sorry, Communists) alone can save us.
While what you have expressed is your personal opinion, I will be grateful to you, if you use your liason with the unions to have reply for this issue from the unions.
Regards
K NARAYANAN 


bhaskara sarma

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Jan 12, 2023, 5:18:24 AMJan 12
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Communists were supporting the UPA government during 2004 and then how NPS was introduced in central government?The denial of hundred percent DA neutralisation to pre November 2002 retirees also happened when Communists were giving critical support to UPA Government.
With regards,
P Bhaskara Sarma.

Sridhar Mandyam

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Jan 12, 2023, 11:11:00 PMJan 12
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There is no discrimination in DA payment
for pre and post 2002 retirees. Everyone is paid as per PR 1995. Of course some are getting 100 percent DA, some are not. It may not mean there's is discrimination. PR 1995 is common to all and is strictly followed.

bhaskara sarma

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Jan 13, 2023, 5:23:28 AMJan 13
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If that is the case everything under the Sun is alright . Let us close all unions and association's and  live in a blissful state.Everything happens as per certain  regulation and  procedure only. 
With regards,
P Bhaskara Sarma.

13 జన, 2023, శుక్ర 9:41 AMకి, Sridhar Mandyam <mandy...@gmail.com> ఇలా రాశారు:

Gopalakrishnan Ramachandran

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Jan 13, 2023, 5:23:28 AMJan 13
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If it is not discrimination, that what is it. The DA formula was amended to benefit the after2002 retirees. The result: the pre 2002 retirees are put into disadvantage. Whatever rules one may quote and whatever justification one gives, the loss suffered by these set of retirees is substantial. Perhaps the author is not one among the losers and it hurts where only it pinches.

G Ramachandran
CB-SVRS.

Suryakumaran Nair

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Jan 13, 2023, 5:23:28 AMJan 13
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Dear Bhaskara Sharma,

It is highly unethical to make  derogatory statements and that too without knowing the basic facts .  It was not the UPA govt who introduced New pension scheme in the country.   It was  Mr. Vajppayee's govt who introduced New Pension scheme in the country  while in power during the period from 1998 to 2004 .  I give below the details which you could  confirm from Central govt's portal.

A New Pension Scheme (Contribution based Pension Scheme) now called National Pension System (NPS), was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003- ECB & PR dated 22nd December, 2003. NPS was made mandatory for all new recruits to the Central Government service (except the armed forces) from 1st January, 2004. After the enactment of the PFRDA Act, 2013, as per Section 20 of the Act, the pension scheme notified on 22.12.2003 has become the National Pension System under the Act. NPS is now regulated under PFRDA Act, 2013 and regulation framed thereunder by Department of Financial Services and PFRDA With the introduction of NPS w.e.f. 01.01.2004, amendments were made on 30.12.2003 to Central Civil Services (Pension) Rules, 1972, Central Civil Service (Commutation of Pension) Rules, Central Civil Services (Extraordinary Pension) Rules, General Provident Fund Rules and Contributory Provident Fund Rules to the effect that the benefits under these rules would not be applicable to the Government employees appointed on or after 1.1.2004 and covered by NPS. 

 

Govt. of India, Ministry of Finance, Deptt. Of Expenditure vide their OM No.F.No.1)T)(2)/2003/TA/19 dt.14.1.2004 & 4.2.04 have introduced a New Defined Contribution Pension Scheme replacing the existing System of Defined benefit Pension System.  The New Pension Scheme comes into operation w.e.f. 1.1.2004 and is applicable to all new entrants to Central Govt. service except to Armed Forces joining Govt. service on or after 1.1.2004.


It would be better if you could correct your statement properly.


JSOMA SHEKARA

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Jan 14, 2023, 3:19:21 AMJan 14
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UPI govt continued the scheme as Mamnmohan Singh was in favour of reforms and many opposition governments except WB implemented it. Even in the Banking Industry,  NPS scheme was imposed by the UPA government.
Once again UFBU is misleading employees as happened during the Original Pension option without making detailed study of how the Old pension scheme is beneficial to employees rather than NPS.
Are all NPS subscribers willing to Join the Old Pension Scheme?
Existing benefits in the pension scheme like 50% Basic Pension from DOR, 5 years benefit, recovery of commutation from date of payment, 100% DA are being denied to pre 2002 retirees. Updation issue has not been resolved for the last 20 years. IBA is curtailing benefits of existing pensioners by converting Basic pay into special allowance and denying pension benefits on the same. Unions and IBA are claiming there are no funds to grant 100% DA and Updation. DFS is refusing further pension options claiming a huge financial burden.
Without resolving problems of existing pensioners first is there any saniity in adding another lakh pensioners in the scheme.
Further NPS funds are deposited with the Pension  Fund Regulatory and development authority. Many legal issues are involved in getting back funds deposited with PFRDA.
 It will take another two to three years to settle this issue. NPS subscribers are not retiring any time  soon and this is not an urgent issue.
UFBU should focus on updation issue first instead of clubbing other issues with the Updation issue and making it a miscellaneous issue.


Sridhar Mandyam

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Jan 14, 2023, 3:19:21 AMJan 14
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In Pension Regulation 1995, they created 4 discriminatory catagory. Our leaders accepted it

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