IBA has already told in clear terms that any proposal for improvements in the benefits for Pensioners would be considered, only if it is COST NEUTRAL
UFBU has also revealed its mind when a senior leader of a major constituent of UFBU, in the course of his speech at a recent conference, mentioned about the plight of their majority members under NPS who are deprived of the benefits of
pension under BEPR.
A study of the rules and procedures relating to the working of the pension fund under BEPR will make any pensioner understand that updation will definitely result in additional costs for banks.
In my opinion, there is no need at all to convince UFBU in the matter as they have accepted the need for updation but are pleading inability for its immediate
implementation, citing cost factor, thereby indicating tacitly that presently the banks surplus is sufficient to meet the needs of serving employees alone.
So, unless IBA and UFBU are ready to share the paying capacity of banks for the purpose of updation, the only hope left for the pensioners is an unchallengeable verdict from the Supreme Court to update the pension forthwith.
K N RAMANI