LIC PENSIONERS CHRONICLE - PENSION UPDATION FOR BANK RETIREES- LEGAL PROVISIONS FAVOURABLE TO PENSIONERS BY Mr.VIJAYARAGHAVAN.R,IOBian
RAMANI NV
sastry n s
Kalyanasundaram Subramaniam
Each and every point can be challenged as follows:
1. Pension as right as per Nakara judgement: This is applicable for government pension. Whether it is applicable for bank employees pension is debatable. Moreover, Nakara judgement does not say that pension revision as a right.
2. Pension entitlement as per regulation: Yes. We are entitled as per regulation. But the present regulation does not have any provision for updation.
3. Statutory right: Statutory right is as per existing regulation, but regulation does not have provision for updation.
4. Regulation 35(1) applicability: Plain reading of regulation does provide scope to apply this only to retirees from Jan 86 to Oct 87. I do not understand how this is a flawed interpretation.
5. Applicability of Central government pension: This is applicable only when there is doubt with regard to any provision. As there is no doubt with regard to any of the provisions of Bank employees’ pension, how this can be invoked?
6. Comparison with RBI pension: The original MOU contained a clause that our Pension will be on the similar lines of RBI pension. But this has not been carried out in our Pension Regulation. Hence it does not become our right to demand parity with RBI Pension. We can only make a request.
7, 8 and 9. Legal grounds advocated: We have to wait and see how far these arguments will be accepted by the court.
10. It will be misleading to say that the current pension fund balance is a robust one. The pension fund has adequate balance to pay pension up to the last pensioner as per existing pension rules. Any increase in pension payout will require adequate transfer of funds from P&L account of banks to the Pension corpus fund and it will have financial implications.
Then you may ask what is the remedy. I feel that if we convince the government that we deserve updation, then it will materialise. It is secondary whether we are legally entitled or not. If the government is convinced, then it will implement updation and they will find enough financial resources for the same. Existing unions can help us or at least they need not be a stumbling block in our getting updation.
This government has helped us in other areas like family pension, 100 percent neutralisation etc. Let us hope that pension updation will also be achieved.
S Kalyanasundaram
Visvam Ambattur
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Niranjan Cn
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SUMAN KUMAR Suman
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Ramani Konnayar
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