IBA circular to Banks to issue Option for pension.
Rajagopal Shankaranarayana
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Joint Memo dt. 27.04.2010 - para no. 2 reads as below
2. The representatives of the Officers’ Associations, a part of United Forum of Bank Unions (UFBU) and IBA entered into a Memorandum of Understanding on 25th February 2008 on various issues. Extending another option for pension to those who did not opt for pension when Bank Employees’ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 were implemented was one of the issues to be considered. After several rounds of discussions and valuing the liability through an actuarial calculation, it is agreed to extend another option to join the pension scheme to those who did not opt for pension when Bank Employees’ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 were implemented, on the terms and conditions agreed and incorporated in the Joint Note dated 27th April 2010 signed between the parties.
Terms of settlement - Para 2 II a reads - Another option for joining the existing pension scheme shall be extended to those employees who:- "were in service of the bank prior to 29th September in 1995 in case of Nationalised Banks/26th March 1996 in case of Associate Banks of State Bank of India and retired after that date and prior to the date of this settlement";
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They have used the word Retired and no where they have used the word Voluntary retirement. Banks may amend the pension regulations to exclude normal VRS optees from opting for pension, even though employees have taken Voluntary Retirement upon completion of 20 years of service and got relieved after serving a notice period of 3 months. So, justice is denied by IBA to normal VRS optees.
R.Shankaranarayana
Manager - Internal Audit
Bank Dhofar
Muscat
00 968 98014252
Be Confident. Try & Try till you succeed in Life.
Padmanabhan R
Dont u think they would have not consulted iba before issuing the notification?
Can the other 4 banks where normal vrs is prevailing, can they deny pension to normal vrs?
Is it the discreation of the individual banks ?
Pl let me know your opinion.
Regards
R.Padmanabhan
Dear All,I am attaching IBA circular issued to banks for implementation of second option for pension. Please go through the same and read how IBA dictates term to the banks to read retired employees as those who ceased to be in service on account of retirement on superannuation, death or SVRS only.Para no. 13 of the IBA circular reads:" In terms of Memorandum of Settlement dated 27th April 2010, in case of workmen employees and Joint Note dated 27th April 2010, in the case of Officer employees, those who ceased to be in service on account of retirement on superannuation, death or on account of VRS under special scheme prior to 27th April 2010 but after 29th September 1995 from Nationalised Banks and after 26th March 1996 from Associated Banks of State Bank of India are eligible to opt for joining the pension scheme now as retired employees subject to the terms and conditions stipulated. Those who were in the service of the Banks as on 27th April 2010 will be eligible to join the pension scheme as serving employees subject to the terms and conditions stipulated".
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Please also go through the contents of Joint Memo dt. 27.04.2010 and also the Final settlement signed by Union representatives and IBA.
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Joint Memo dt. 27.04.2010 - para no. 2 reads as below
2.pected SirThe representatives of the Officers’ Associations, a part of United Forum of Bank Unions (UFBU) and IBA entered into a Memorandum of Understanding on 25th February 2008 on various issues. Extending another option for pension to those who did not opt for pension when Bank Employees’ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 were implemented was one of the issues to be considered. After several rounds of discussions and valuing the liability through an actuarial calculation, it is agreed to extend another option to join the pension scheme to those who did not opt for pension when Bank Employees’ Pension Regulations, 1995 dated 29th September 1995/ 26th March 1996 were implemented, on the terms and conditions agreed and incorporated in the Joint Note dated 27th April 2010 signed between the parties.
------------Memorandum of settlement signed by both the parties dt. 27.04.2010 - para no. 2 reads as below
Terms of settlement - Para 2 II a reads - Another option for joining the existing pension scheme shall be extended to those employees who:- "were in service of the bank prior to 29th September in 1995 in case of Nationalised Banks/26th March 1996 in case of Associate Banks of State Bank of India and retired after that date and prior to the date of this settlement";
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They have used the word Retired and no where they have used the word Voluntary retirement. Banks may amend the pension regulations to exclude normal VRS optees from opting for pension, even though employees have taken Voluntary Retirement upon completion of 20 years of service and got relieved after serving a notice period of 3 months. So, justice is denied by IBA to normal VRS optees.No the doubt arises whether the leaders of unions and associations have agreed to interpret the term Retired as done by IBA.Regards--
R.Shankaranarayana
Manager - Internal Audit
Bank Dhofar
Muscat
00 968 98014252
Be Confident. Try & Try till you succeed in Life.
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Padmanabhan R
Padmanabhan
Bajrang Lal Choudhary
Dear Padmanabhan Sir,
Until a bank denies in writting, how can one say thet the bank has denied.
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S. N. Sharma
This is nothing but , "Andher Nagari Chopat Raja"
Earlier, IBA reached understanding of not paying arrears on a/c of DA merger (difference in 1684-1616) wef from 01-05-2010 and passing on benefit of additional weightage of 5 years in 2009 as per Hon'ble Supreme Court of India's Judgement in 2009, but some bank paid fiull arrears to Reired employees. As far as the Management is concerned, they do not find fault with themselves. They follow the rule of " All is Way"
See , India committed $ 50 Miilion to Pakistan for floods, but they (Govt) can not afford pay Pension wef from the date of Retirement to Retirees. Banks are gewtting hugh profit manifolds this years and Bank charges Cheque returning charges even upto 400/- per case , even then they are short of fund for the Ex-employees.
Aam Aadmi is wandering in the streets singing " Sare Jahan se acha, yeh Hindustan hamara, Hum Bublain hain iski Yeh Gulistan hamara". But tell me. who care for the Bulbuls, everyone is busy is looting a common man, go to any department, Excise, Income Tax, Road Transport, Police, Traffic police. See a group of 2 Chandigarh Policemen standing short of 15 Yard from the State Boarder between Chandigarh & Panchkula issuing challans to the people who are just entering Panchkula from Chandigarh. They are so duty-bound that they will not spare even those people who are leaving Union Territory of Chandigarh after 10-15 yards. I could not understand, whether it is discharge of duties or something else.
There are nuerous examples. We also fails to demand the deputation of Personnel of Chandigarh Police to Chattigarh for 2-3 years giving rest to CRPF Personnel fighting constantly in hard tarrains since long. There must be rotation of duties on this pattern. This country belongs to all including the personnels of Chandigarh Police. They must be sent to Chattisgarh on compulsory deputations of 2-3 years to serve the Country. Its is not reasonable they once recruited in Chandigarh Police, they will retired from Chandigarh after 35-40 Years of service.
Date: Thu, 19 Aug 2010 14:12:37 +0530
Subject: Re: bankpensioner IBA circular to Banks to issue Option for pension.
rajasekar venkatesan
It is already three days since UBI released circular on Pension.
Do anyone know, if there has been an amendment issued by the bank for the VRS clause?
If so, please update.
Did anyone contact Union Leaders on this? What is the feedback from Union Leaders on this?
Regards
From: Padmanabhan R <padm...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Thu, August 19, 2010 4:42:37 PM
Subject: Re: bankpensioner IBA circular to Banks to issue Option for pension.
AMARJIT ARORA
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Eswaran Danappa
Bajrang Lal Choudhary
Dear Sir,
though th salary of an MP has been increased almost three folds yet we are lagging much behind the european countries in respect of the salary of an MP.
The question is still there that a servant(Secretaries) is drawing more than a member of the highest form of the Nation.
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K BALASUBRAMANIAN
INTERPRETATION ON VRS UNDER PENSION REGULATION 1995
In banking industry the concept of voluntary retirement was introduced only under Pension regulation 1995. Hence those persons who has not opted for pension earlier can only resign from their services with less perquisites like 50% accumulation of PL encashment etc. This itself is evident that they are not treated on par with either VRS under pension regulation/ and normal retirement on attaining superannuation. However to shed the work force drastically due to the then prevailing situation in the banking industry IBA has introduced SPECIAL VRS scheme during the year 2000 The PF optee who availed special VRS scheme are now inducted as members of the pension fund under certain terms and conditions and they are also coming under pension regulation .
Even though some banks are having the name VRS for the purpose of leaving the service, pension was denied to them simply because that VRS is not under pension regulation 1995 which is the exclusive property of only the earlier pension optees.
Now as per IBA circular only Special VRS pf optees, persons opted for PF retired subsequently on superannuation and serving p f optees alone are eligible. That is why UNITED BANK OF INDIA CIRCULAR was also modified after four days.
Since SUPREME COURT is not distinguishing between normal VRS normal and special VRS , normal VRS retirees can seek only legal remedies to make themselves eligible for pension.
Everything might have been agreed either knowingly or unknowingly by our great UFBU with our cunning IBA.
The need of the hour is to take up the case of retirees under VRS under normal circumstances and or on medical grounds. UFBU /IBA is having a moral responsibility to include them also as those people had not gone for better greener postures for betterment of their earnings.
They should not play with technicalities, as a person who opted for VRS under compulsion is on par in all respects with SVRS 2000 pf optees. In fact IBA /UFBU should be more sympathetic towards them as they left the service WITHOUT ADDITIONAL PACKAGAE IN THE NAME OF GOLDEN HAND SHAKE./WITHOUT 5 YEARS ADDITION ETC .
So IBA should interpret the MOU in such a way that the above class of normal VRS PF optees also should be made eligible. Let the resigned people cases who have gone for better jobs, may be considered after collecting the data from individual banks separately depending on the merits of the case.
LONG LIVE IBA /LONG LIVE UFBU
LET THEM BE REESPONSIBLE FOR BRINGING CHEERS TO FEW THOUSANDS OF PF OPTEES WHO LEFT THEIR SERVICES UNDER NORMAL VRS EITHER FOR PERSONAL REASONS AND OR ON MEDICAL GROUNDS. In the absence of any other scheme they left with no other alternative but to leave the service because of their ill health /compulsion etc. WISER COUNSEL SHOULD PREVAIL ON BOTH UFBU/IBA NOT TO EXCLUDE SUCH PF OPTEES on technicalities. BE SYMAPTHETIC TOWADRS THEM ALSO.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER VRS 2001 PENSION OPTEE
R Balaji
I fully agree with you. I wish to add one more point that now even if they consider normal VRS for 2nd option IBA may not lose anything because it is not simply granting pension free of cost but only after collecting 156% of their hard earned pf contribution. Hence what U said is correct and IBA/UBFU should think in these lines and consider their cases immediately without any further delay/anxiety.
regards,
Balaji
R Balaji
AIBEA launches special software ‘KNOW YOUR PENSION’ for retired employees /officers |
We had earlier issued our circular informing that AIBEA has developed a Software by which the amount payable to the Bank, amount receivable as commutation / Pension arrears, monthly pension payable, etc, can be worked out instantly.
In response to our communication, more than 3000 retirees have submitted their details and already we have dispatched / emailed to more than 2000 retirees about the amount payable / receivable by them on opting for pension.
Click here to download the software
IBA has released advertisement in various newspapers all over the country. |
Pl go through and discuss.
regards
Balaji
jagadheesan m.j
Indian Bank has released an ad today IN TIMES OF INDIA[PAGE #5 top right corner]calling their retired employees[RETIRED ON SUPERANNUATION,RELIEVED UNDER
INDIAN BANK EMPLOYEES VRS 2000",DECEASED EMPLOYEES FAMILY MEMBERS ALL OF THOSE RELIEVED FROM BANK SERVICES ON OR AFTER29/09/1995]to apply for second option to join the pension scheme opened today[23/08/2010]&THE OPTION CLOSES ON 21/10/2010
FOR FULL DETAILS PLEASE contact any of indian bank branches/offices or visit indian bank website www.INDIANBANK.IN OR CONTACT INDIAN BANK HEAD OFFICE HRM DEPT PHONE:044~25272605
with regards
[M.J.JAGADHEESAN]
RETIRED IOBIAN MOBILE 9444642231]
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M.J.JAGADHEESAN
jagadheesan m.j
M.J.JAGADHEESAN