Follow up on Pension updation with the Director, Ministry of Personnel, Public grievences & pension.

[Debasish Mukherjee]

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Respected, 

*Madam Seema Gupta Ji*

Director,

*Ministry of Personnel, Public Grievances and Pensions*

*New Delhi 110001*

Dt. 18-04-2021

Respected Madam Ji,                                                                  

With ref. to PMO letter PMOPG/E/2021/0161880 dt 1-03-2021 in response to our letter dt 28-02-2021 to Hon'ble Prime minister under  "MAN KI BAAT' OF BANK RETIRES.. The PMO Office already sent to your office on 16-03-2021 for some clarification or suggestions. the detailed letter addressed to Hon'ble Prime Minister send by me to your office by mail on 24-03-2021  

WE take the opportunity to submit hereunder the detailed calculation of estimated cost of updation of pension( base on RBI FORMULA)  in Public Undertaking Banks and State Bank of India  for your reference and consideration as our geniune  demand of pension updation on RBI pattern.  

In this respect we further submit as under:

1.  The data has been prepared as per RBI Formula.

2.   From the last many years(30Years) the matter has been kept pending with IBA , due to non collection of relevant data from the banks. RBI Formula is very clear  keeping in view and the Concern/advice of our Hon’ble Finance Minister on 10.11.2020 given in IBA Annual General Body Meeting.

 3. Retirees are not the members of any other employees unions and as such working employees Union/Associations  have no legal right to discuss the issues to decide our fate.  So, they have no interest in this issue of pension updation as is evidence from the record of the last 30 years. Rather, every time, they make the procedure more complicated. 

4.  The Financial inability of the employer cannot be the excuse to delay or deny the updation as total balance in pension fund Rs 3.60 lacs crore as on Dec.2018 it has been held by our Hon’ble Supreme Court on many occasions that THE PENSION FUNDS IS THE PROPERTY OF THE RETIRES.  Due to that No financial burden on  Banking Industry as well as Govt.of India.

5.   While concluding, we  request you to examine the cost of pension updation submitted  in detail, call upon us in case of any doubt and ensure to follow the advice of our Hon’ble Finance Minister and expedite the procedure for resolution of   the long pending demand of the retirees of the banks.

You are requested to please consider the all facts already sent to your office and looking at the poor condition of Bank Pensioner, Please send your strong recommendation to the PMO office, MInistry of Finance to consider our legitimate demand  for grant of Pension updation.

With Regards,

( *DHARAM SINGH* )

*Ref PMOPG/E/2021/0161880*

*09810900536*

*dsing...@gmail.com*

 *Stage-Wise calculation of factor for revised pension on the pattern of RBI is  submitted as below for your consideration:*

 Year            DA. Merger @  factor

                                        Updation

Pre-1992 1148   600    0.67  2.11

1992-98   1684  1148   0.35   1.61

1998-02   2288  1684   0.24   1.49

2002-07   2836  2288   0.18   1.37

2007-12   4440  2836   0.15   1.76

2012-17   6352  4440   0.10   1.62

*For pension  updation, factors on the pattern of RBI assuming merger of 6352 points*  

as under: 

: pre 1992 .. 2.11 x 9.41 =19.85

1992-1998 ..1.61 x 5.85 = 9.41

1998-2002 ..1.49 x 3.93 = 5.85

2002-2007 ..1.37 x 2.85 = 3.93

2007-2012 ..1.76 x 1.62 = 2.85

2012-2017           =1.62

*TOTAL PENSIONERS IN PUBLIC SECTOR BANKS & Updation load* ( Estimated in crore )

Year.           Retires  .   . Monthly   

                                       Load

PRE 1992 ....7980      =Rs 19.95

1992-1998....15864    =Rs 36.48

1998-2002....76919    =Rs153.38

2002-2007....22074    =Rs 37.52

2007-2012....70256    =Rs 59.17

2012-2017....80347    =Rs 36.15

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TOTAL    273440       Rs342.70

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*Estimated Total Cost of pension Updation*:  ( In Crore)

        Retirees.   Monthly.. Yearly

PSB..2,73,440   342cr  4112cr   

SBI ..1,30,620   126cr   1652cr

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Total..4,04,060   468cr 5764cr   

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 *TOTAL ESTIMATED  OF PENSION UPDATION*…….

*Rs.5764.10 crore*

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