9th Bipartite
Mohan V.R
Dear All, We reproduce herein the text of UFBU Circular No. 3 of date on the details of the discussions held between UFBU and IBA today (13th April, 2010) at Mumbai.
Text of UFBU Circular No.3 dated 13th April, 2010.
Another round of bipartite talks was held
between IBA
and UFBU constituents at Mumbai today. IBA was
represented
by Mr. Ramakrishnan, Chief Executive, Mr.
Unnikrishnan, Dy.
Chief Executive and Mr. M. Venugopalan, Officer on
Special
Duty. From UFBU, representatives of all the 9
Unions were
present.
Regarding existing employees / officers, out of the net gap of Rs. 6000 crores, Banks would contribute 70 % i.e. Rs. 4200 crores. For the balance of Rs. 1800 crores ( 30%) employees / officers would contribute as under: ( This will be a onetime contribution and would be recovered from the arrears.)
For existing employees/officers - 1.6 times of “
Pay ”
payable for the month of November, 2007.
Date of effect of pension option: IBA
reiterated
their stand that pension option would be effective
from
the date of the Settlement while we have explained
our
viewpoint that it should be w.e.f. 1-4-2008.
Difference on
this issue persists. UFBU decided to take steps to
find a
solution to this issue. |
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|
--
Mohan.V.R.
New 29, 6th Cross Street,
Trustpuram, Kodambakkam
Chennai 600024.
Mobile No. 09444625963.
K BALASUBRAMANIAN
RETIRED PF OPTEES They have to pay 56% of additional amount that they
have received for getting pension. .The figure 56 is nothing but
interest for 7 years at the simple rate of 8% aiming the bulk VRS pf
optees of 2001 and assume that the pension pay out date may oscillate
between 01.04.20008 and 01.04.2010 depending on who is going to
convince whom ie UFBU AND IBA .The draft has cleverly avoided the WORD
INTEREST because the moment you say that they have to pay interest on
their accumulation they may be notionally entitled for pension from
the date of their retirement at least for argument sake which nobody
is interested.to give. Since the vrs 2001 scheme was a golden
handshake scheme which union opposed at that time and because of the
pressure only they have taken the pension cause now, no better
package can be expected. They can keep this 56 % figure only for those
retired under vrs 2001 scheme with pf option with exgratia
amount.because at that time amount of pf received also was less
MODIFICATION TO BE DONE
The figure should be reduced proportionately for the normal retired
pf optees after 2001 vrs scheme OR they can arrive the figure with
the base date of effect of pension settlement and the date of
retirement @ 8% p.a by going on the reverse direction subject to a
maximum of seven years without calling it as interest and calling it
as a lump sum amount for filling the gap in pension fund. No
justification for a retired normal pf optee of say 2005 paying a much
higher amount with increased accumulations than a person of 2001
retiree .
For a pf optee retired on or after 01.11.2007 recovery of 56% is
highly inhuman and totally un accepatable .They should be asked to
return the PF received with simple interest of 8% p.a from the date
of retitrement in the same method suggested above.
EXISTING PF OPTEES AND PENSION OPTEES: Since mou itself says that
one more pension option to be given to those who has not opted
earlier , legally the pf optees are getting that chance to become
member of the pension fund. EXCEPT THAT THEY HAVE NOT OPTED PENSION
EARLIER, NO LINE CAN BE DRAWN BETWEEN TWO SERVING EMPLOYEES SAY A AND
B OPTED FOR PENSION EARLIER AND THE OTHER PERSON WANTS TO OPT NOW.
THE OUTFLOW OF FUNDS FROM BOTH CASES TO THE BANK BY WAY OF PF
SUBSCRIPTION IS IDENTICAL.
IN RBI WHERE ONE MORE OPTION WAS GIVEN EVERYBODY WAS TREATED IDENTICAL ONLY.
So to avoid legal complications the UFBU/IBA combine has adopted the
easy method of recovering money from the existing serving employees
whether pf or pension opted to contribute equally to the GAP IN
PENSION FUND. Since our pension regulations provide for arriving the
deficit and to be provided they are adopting it now as per the MOU.
Whether such sharing is correct or not is a different issue. Having
agreed for 1800 crores that has to be done in a less combursome way
by taking into account legal angle also.
SUGGESTUION TO UFBU
The recovery clause should be modified as follows
The amount repayable is to be arrived as the number of completed
years that the PF bank portion is in the hands of the retirees and the
factor is simple rate of 8% p.a. THEY NEED NOT CALL AS INTEREST IF
THEY FEAR LEGAL COMPLICATION . LET THEM CALL IT AS A FACTOR FOR
ARRIVING TO FILL THE GAP IN PENSION FUND.
THIS ONLY WILL GIVE JUSTIFICATION.
LET THEM IMPLEMENT THE PENSION AGREEMENT WEF THE RESPECTIVE RETIREMENT
DATE WITH MONETARY BENEFIT FROM 01.04.2008 OR 01.04.2009 ETC. THIS
WILL MAKE THE PF OPTEES TO GET IN TO THE PENSION FOLD FROM THEIR
RETIREMENT DATE. SINCE THEY ARE CHARGING EXORBITANT AMOUNT LIKE
CAPITATION FEE FOR GIVING PENSION, THE COMMUTATION CAN BE FROM THE
NOTIONAL DATE OF RETIREMENT WITH 15 YEARS PERIOD ALSO DETERMINED FROM
THAT DATE AND THE RECOVERIES FROM THE DATE OF RETIREMENT TO THE DATE
OF EFEFCT CAN ALSO WE WAIVED. THIS PACKAGE ONLY WILL HAVE SOME MEANING
FOR THE RETIRED PF OPTEES.
FUTURE PENSION DETERMINATION. : ANY OTHER PENSION IMPROVEMENT OTHER
THAN 100% DA NEUTRASLISATION TO PRE 01.11.2002 RETIREES AND ROUTINE
DA INCREASE ,SHOULD IN FUTURE COVER THESE RETIRED PENSION OPTEES ALSO
FOR THE PURPOSE OF EQUITABLE RECOVERY AS THEIR NUMBER BECOME SLOWLY
MOVING UP IN THE YEARS TO COME.BECAUSE OUR FUNDS ARE COMING FROM BANK
PROFITABILITY AND NOT CONSOLIDATED FUND OF INDIA. HENCE IT IS BETTER
TO REQUEST IBA TO RELEASE 100% DA TO PRE 01.11.2002 RETIREES. NOW
ITSELF.
NOW THAT ALL EMPLOYEES BEARING A FEW HUNDREDS WHO MAY CONTINUE WITH
PF OPTION IF AT ALL,MAY BECOME MEMBER OF THE PENSION FUND, THE
REPRESENTATIVES OF THE RETIREES ASSOCIATION SHOULD ALSO BE CALLED FOR
FUTURE DISCUSSION AND SERVING EMPLOYEES ALONE CAN NOT BE ASKED TOBEAR
THE LOAD OF FUTURE ACTUARY AMOUNT ARRIVED.IF UPDATION OR INDEXATION
TOOK PLACE.
EFFORTS SHOLD BE MADE TO IMPROVE HRA TO 30% / INTRODUCTION OF GRADE
PAY AND OTHE R ALLOWANCES TO THE EXISTING SERVING STAFF AT LEAST FROM
01.11.2012 WITHOUT GOING FOR MERGER OF BASIC EXCEPT RECTIFYING THE
ANOMALIES ARISING NOW BY RESTRUCTURING THE PAY SCALES AT THE \SAME
INDEX LEVEL. LET THE SERVING EMPLOYEES DRAW INCREASED WAGES TO THE
TUNE OF 30 TO 40% IN NON PENSIONABLE AREAS LIKE HRA, EDUCATION
ALLOWANCE. TRANSPORT ALLOWANCE ETC. WHICH WILL ACT AS A DISINCENTIVE
TO TAKE VRS UNLESS AND OTHERWISE THEY ARE IN APOSITION TO MANAGE
FAMILY ON THEIR OWN WITHOUT MUCH SALARY.
ACCEPT NOW IBA S TERMS AND SIGN THE SETTLEMENT AS THIS NINETH
BIPARTITE THE MAIN FOCUS IS SECOND PENSION OPTION SAVING 2.6 LAHS
EMPLOYEES.
.VIGOROUSLY FIGHT FOR RESIDUAL PENSION ISSUES AFTER IMPLEMENTING THE 9
TH BIPARTITE. STUDY TH E IMPACT OF THE LOAD. THE MOMENET THE BALANCE
SHEET OF 31.03.2011 WAS FINALISED PREPARE A VERY GOOD CHARTER OF
DEMANDS AND FIGHT AND IMPLEMENT WEF 01.11.2012. DON’T BRING MUCH
COMPONENT WHICH WILL HAVE PENSION BEARING EFFECT . LET IT BE TAKEN
CARE OF AFTER 01.11.2017 BY TAKING CLUE FROM THE GOVERNMENT AND THE
FUTURE SCENARIO OF BANKING GROWTH IN THE YEARS TO COME.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER VRS 2001 PENSION OPTEE
On 4/15/10, Mohan V.R <vrmoh...@gmail.com> wrote:
> *Dear All,
> *
>
> *We reproduce herein the text of UFBU Circular No. 3 of date on the details
> of the discussions held between UFBU and IBA today (13th April, 2010) at
> Mumbai.*
>
> *
> Pension related issues: While the draft of the Pension Option Settlement has
> been discussed and finalised, important issues of sharing the deficit / gap
> were discussed today. Various proposals of sharing method were discussed by
> us in the UFBU meeting including differential formula for pension optees and
> PF optees and taken up with the IBA. However, having regard to certain legal
> and other implications, it has been finalised to have a uniform sharing
> formula. The details are given in the UFBU circular herein.*
>
> *
> Improvements in pension scheme: UFBU has also decided to take up various
> issues relating to improvements in the Pension Scheme like periodical
> updation of pension along with wage revision for serving employees, 100 % DA
> to be paid to all pensioners, common indexation of pension, increase in
> commutable portion of pension, increase in Ex Gratia for Pre-1986
> retirees/widows, higher pension for pensioners above the age of 80, etc.*
>
> *
> Final Settlement: Various informations are being floated amongst the
> employees that the 9th Bipartite Settlement would be signed on 15th, 17th,
> 25th, etc. As of now, IBA has proposed that the final settlement can be
> signed on 20th April, 2010 since according to them all the issues stand
> resolved and the draft is also getting finalised. However, from our side,
> there are very important issues like IBA’s proposals on outsourcing and
> increase in duties of Single Window Operators, Head Cashiers and Special
> Assistants without increase in Special Pay on which there are serious
> differences with the IBA. Without resolving these issues it would not be
> possible for AIBEA to sign the Settlement.*
>
> *
> We will keep members informed of all developments. Units and members are
> requested not to be carried away or provoked by attempts from any quarter to
> create confusions and diversions.*
>
>
>
> *Text of UFBU Circular No.3 dated 13th April, 2010.*
>
>
>
> *Another round of bipartite talks was held between IBA and UFBU constituents
> at Mumbai today. IBA was represented by Mr. Ramakrishnan, Chief Executive,
> Mr. Unnikrishnan, Dy. Chief Executive and Mr. M. Venugopalan, Officer on
> Special Duty. From UFBU, representatives of all the 9 Unions were present.
>
> In today’s meeting, issues relating to settlement on pension option were
> taken up. The draft Settlement was discussed in details and finalized.
>
> Regarding retirees, the formula for contribution of Rs. 934 crores ( 30% gap
> ) of the deficit after refund of the PF amount (Bank’s contribution), it has
> been decided that the retirees will contribute as under:*
>
>
>
> Refund of PF amount (Bank’s contribution) *actually received* at the time
> of retirement (no interest is payable on this amount)
>
> Rs. X
>
> *Plus:* 56 % on this amount of Rs. X
>
> Rs. Y
>
> *Less: *Commutation amount Receivable from the Bank
>
> Rs. Z
>
> *Net Amount* refundable to the Bank ( *X + Y – Z )*
>
> Rs ……
>
>
>
> *Regarding existing employees / officers, out of the net gap of Rs. 6000
> crores, Banks would contribute 70 % i.e. Rs. 4200 crores. For the balance of
> Rs. 1800 crores ( 30%) employees / officers would contribute as under: (
> This will be a onetime contribution and would be recovered from the
> arrears.)*
>
>
>
> *For existing employees/officers - 1.6 times of “ Pay ” payable for the
> month of November, 2007.
>
> For employees who have joined the banks after 1st November, 2007 their
> contribution would be proportionately reduced.*
>
>
>
> *Date of effect of pension option: IBA reiterated their stand that pension
> option would be effective from the date of the Settlement while we have
> explained our viewpoint that it should be w.e.f. 1-4-2008. Difference on
> this issue persists. UFBU decided to take steps to find a solution to this
> issue.
>
> Improvements under Pension Scheme: We took up with IBA various improvements
> in the Pension scheme like periodical updation of pension along with wage
> revision for serving employees, 100 % DA to be paid to all pensioners,
> common indexation of pension, increase in commutable portion of pension,
> increase in Ex Gratia for Pre-1986 retirees/widows, higher pension for
> pensioners above the age of 80, etc. After discussion it has been decided to
> submit a memorandum on these issues to the IBA and the Government and to be
> pursued further.*
>
>
>
>
>
>
> --
> Mohan.V.R.
> New 29, 6th Cross Street,
> Trustpuram, Kodambakkam
> Chennai 600024.
> Mobile No. 09444625963.
>
> --
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>
>
S.H.S. Mani
| The only thing which IBA can do immediately to reduce the major anomoly is, empoyees share of Rs. 1800 crores may be reduced and proportionately the sharing % also gets reduced. Further date of effect of pension may be from 1.4.2008 or atleast from 1.9.2008. A small flexibility; on the part of IBA to reduce the sharing load of all existing and retirees will be a boon to everybody.Whatever reduction in this 1800 crores, it will be benefitial to all. Any other matter will prolong the calculations and entire system will go wrong. --- On Thu, 15/4/10, K BALASUBRAMANIAN <kba...@gmail.com> wrote: |
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Perumal Velayudhan
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S.H.S. Mani
| Latest news as received now. Whether it is a romour or fact, I don' know. In view of Silver Jubiliee celebration of AIBEA forthcoming, they; want to settle the wage revision quickly and adhoc has to be paid before commencement of celebration, so settlement is going to be signed today night. Is it so or romour spread in a tactful way. Please confirm. --- On Thu, 15/4/10, S.H.S. Mani <shsm...@yahoo.co.in> wrote: |
|
J SOMASEKARA
S. N. Sharma
But these Negotiating parties are playing smart. IBA and Uniors are in hand and gloves. Old Bank POs whoi are CMD today used to touch feet of these old Leaders and they are maintaining disfferent Public postures. Otherwise both well know what is in their hand. After every meeting they take break to seek concurrence from secretaries of MoFinance.
Date: Thu, 15 Apr 2010 14:55:25 +0530
From: shsm...@yahoo.co.in
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S.H.S. Mani
| Now IBA is above to convince the Union leaders and Finance Ministry. They will be in happy mood.There may be some anomoly inevery settlement, but this settlement itself is an anomoly. Certain persons cannot be convinced and a few may be loosing while making rules, but in this settlement nobody is happy. All bankmen is cursing. Is this wise settlement for IBA. They may be able to satisfy the union leaders and Govt. But in future litigations, Govt. will realise how much IBA had made mistakes. Since Union leaders will also be a party how they are going to face the members. --- On Fri, 16/4/10, S. N. Sharma <snshar...@hotmail.com> wrote: |