STAFF WELFARE FUND OF PSB s- MOF

[PM]

For Information:

What is provided in above directions of MOF/DFS on utilising staff Welfare Fund

towards employees and retirees is furnished here under for  information:

"ii) Banks may consider the option of Group Insurance Policies for both 

serving and retired employees instead of direct payment of benefit from 

the Fund"

 Pl see attachment:

[PM]

FOR INFORMATION;

Dear Friends,

                                It is not understood why our Retirees Organisations are making repeated  representations to  MOF or IBA on waiver of GST on Medi Insurance Premium instead of asking them to compensate a portion of Premium from welfare fund of banks.Which would have more beneficial for retirees. 

How many pensioners can afford to pay Medi Insurance premium of IBA's Group insurance,increased steadily every year.

In most cases a pensioner has to bear more than one month's pension towards annual premium..Imagine the position of family pensioners.

Majority of pensioners  as well as all most all family pensioners are out of the scheme.

For. whose benefit such schemes are evolved?

 

AIBPARC/GOI/MOF/GST/EMAIL/2021 10.09.2021

Dr. Bhagwat Karad,

Hon’ble Minister of State for Finance,

Govt. of India, 

New DelhI

Respected Sir,

Sub : Request for waiver of GST component (18%) charged on the 

Annual Premium of Group Mediclaim Scheme for Bank retirees.

You are aware of the fact that the Bank retirees have to pay an almost 

unaffordable amount as premium towards renewal of the Group Medical 

insurance scheme for Bank retirees. One of the components of this annual 

premium is the amount of GST charged at the rate of 18% on premium as well 

as on medical bills. We have made repeated requests to government and IBA 

for waiver of this amount which is creating a huge financial burden on the bank 

retirees with scanty amount of monthly pension. You will be surprised to know 

that many pensioners and family pensioners go out of the scheme every year 

because they are unable to afford the hefty premium. You may kindly recall that 

two members of our affiliate handed over to your goodself a detailed 

memorandum in this regard at Pune a few days back. 

We have learnt that the 45th meeting of the GST Council would be held in 

Lucknow on 16th & 17th September, 2021. This is our earnest request that a 

proposal for withdrawal of the GST component may kindly be placed and 

considered in the said meeting. 

With kind regards,

Yours faithfully,

( SUPRITA SARKAR )

GENERAL SECRETARY

[Parvatam Veera Bhadra Swamy]

When bank is absorbing the entire premia of serving employees,  atleast 50% of the premia could easily absorbed by the bank through welfare funds and remaining can be paid by the individual retiree if he chooses.

If the updation takes place this 50% of premium can easily be affordable  and many retirees who opted out of the scheme can rejoin in the scheme also.

Pvbswamy 

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[Thangavel Mohanam]

This very old circular. Please see the date.

T. Mohanam

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[Logu Kuppan]

IBA's yearly increased premium of retirees is now minimum more than three months.

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[PM]

Dear Sir,

                    It is the MOF circular, right now in force, which speak about utilisation of  Staff Welfare Funds in Public Sector Banks for both serving Employees and Retirees. As long as revised directions are not issued by MOF the existing 2012 directions are binding.

 Subject is relevant here,which is discussed here.

[Logu Kuppan]

Yes Sir,What you have suggested is correct.

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[Nagaraju Kakani]

Sairam,When the message so clear through DFS letter,why bank managements and IBA are not implementing.

What the retirees associations are doing by keeping quite to please their political bosses .

It is right time to bring pressure on them by exposing the misdeeds.,as we have only one and half months time to clinch the deal by following with DFS.

Let us all do it unitedly by following up with DFS.

With regards

Nagaraju Kakani

Hyderabad.

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