Fwd: Pension Revision is the Demand of Bankers, Ex-Gratia is Not the Solution

[RAMANI NV]

---------- Forwarded message ---------
From: RAMANI NV <ramani...@gmail.com>
Date: Tue, 5 Nov, 2024, 9:28 pm
Subject: Pension Revision is the Demand of Bankers, Ex-Gratia is Not the Solution
To: RAMANI NV <ramani...@gmail.com>

https://thekanal.in/en-IN/details/bank-pensionrevision-is-the-demandex-gratia-is-not-the-solution 

[Logu Kuppan]

I agree with this

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[Logu Kuppan]

Also spl.allowance to be taken to arrive new basic pension from 01-11-2012 .

On Wed, 6 Nov, 2024, 09:55 RAMANI NV, <ramani...@gmail.com> wrote:

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[Hans Raj Manuja]

Yes, pension updation is our mother demand. Ex-gratia is a lolypop !

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[Kalyanasundaram Subramaniam]

"From the above data, it is evident that the claim that any upward revision of pension will cause considerable strain to the financial position of the banks is baseless. There is sufficient balance available in the pension fund, and only a part of the inflow is sufficient enough to meet the current pension obligation."

The above statement shows lack of understanding of how the corpus fund is maintained as per actuary estimation and it is simply undermining the role of actuary. This type of irresponsible statement will make us a laughing stock in front of officials of ministry and IBA. 

The corpus fund cannot have excess or shortfall. It is with adequate (estimated) balance to pay pension up to the last pensioner as per existing pension rules and all the future accumulations (including return on corpus fund) and payment obligations are taken into account while arriving at the appropriate balance in the pension fund. 

Any change in pension rules for pension updation will be possible only by increasing the pension fund balance. 

S Kalyanasundaram 

[Jaganathan Tc]

Can someone please share the actuary estimatation so that we may understand the maintenance of adequate balance in the pension corpus
T C Jaganathan

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[Kalyanasundaram Subramaniam]

One may have to request the banks  under RTI Act to share the actuary estimation. But chances are that the banks may not share the report. 

However you may find declaration in the Balance sheet to the effect that the balance is maintained as per actuary estimation. 

I have checked up with Indian Bank balance sheet for the year 2023-24, which contains the following narration: 

"PENSION • Pension liability is a defined benefit obligation under Indian Bank (Employees) Pension Regulations 1995 and is provided for on the basis of actuarial valuation, for the employees who have joined Bank up to 31.03.2010 and opted for pension"

It is for the auditors to satisfy themselves that adequate balance is maintained. It is not pensioners' concern. Banks are liable to pay pension as per agreed terms. How they pay is their look out. 

S Kalyanasundaram 

[sailendra kr de]

Venkat chalam should know it well that the bank retirees are not so fool as he thinks them to be 

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[JSOMA SHEKARA]

Not revising the  pension for 24 years is sheer injustice and cruelty . UFBU and retiree associations are solely responsible for this mess.

While RBI employees associations and Retiree associations fought together and achieved success our UFBU is adopting a negative approach.

While AIBOC seems to have abandoned the pension revision demand AIBEA seems to be adopting a negative approach.

Retiree associations and UFBU must leave the job of finding sources for pension revision to Banks/IBA and not mislead retirees 

about surplus pension funds.

As a trade Union UFBU must seriously launch a consistent struggle for pension revision like RBI associations and bring pressure on IBA/Banks to come to an agreement. So far there is no consensus on formula for updation, and other details, so crying insufficient funds by iBA is immature.

If we link pension revision to pension funds, IBA can easily prove in court that pension funds are insufficient for pension revision and we will never get pension revision in our lifetime. Banks have provided hundreds of crores to pension funds whenever courts have ordered to pay arrears.Like wise if IBA and UFBU arrive at an agreement on pension revision Banks will provide funds irrespective of pension fund balance.

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