Pension for resigned bank employees.
kalyanam raja gopal
Dear Sir,
I was a Scale III ( Sr.Branch Manager) Officer in a publicsector
Bank when I left the bank on 15-10-2009 after completion of 28
years of service.
When options were called in 1993/94 I had opted for pension. After
the final pension regulations were notified with the strike forfeiture clause, along witha few others in our bank, I had
revised my option to P.F. in 1995. I understand that the Bank
has since removed the strike forfeiture clause.
I was under the impression that in the second option exercise, I
would get the opportunity to opt for pension.
Please suggest the remedial course.
Yours faithfully,
K.. Rajagopal
 |
V.R. Mohan
First , New Year Greetings to you on behalf of our group. You must have
sought voluntary retirement under OSR after giving 3 months notice. Pl
wait till the inking of the settlement on second option. Having sought
VRS very recently, the package is bound to be attractive.
All the very best.
regards,
Mohan.V.R.
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R Balaji
It seems that your have resigned after 28 yrs of service since you have opted for PF. Now as per MOU and subsequent clarifications between IBA & UBFU second option will be available only for retirees and not for resigned. Many people are boiling with similar resignation and you may refer their discussions in the groups 'bankpensioners' & 'bank resignees' and join them in fighting for second option for pension.
with best wishes.
Balaji
omka...@gmail.com
The case of our friend Shri Balaji is similar to mine.
I was a Sr. Manager and Faculty Scale III in a public sector > > >
Bank when I left the bank on 24.09.2007 after completion of 23 years
and 3 months of service. When options were called in 1993/94 I had
opted for pension. After the final pension regulations were notified
with the strike forfeiture clause, along witha few others in our
bank, I had revised my option to P.F. in 1995. Again nearly in the
same week i intended to continue my pension option and gave letter to
the bank to that effect. Bank did took congnizance of the same and
kept me informed till 2001 that i am in pension option in all the
provident fund statments, while sanctioning me non refundable loan and
other communications.
However, suddenly in 2001 they informed about my withdrawl from
pension and did not budge thereafter till i resign inspite of the fact
that I wrote several letters through the Branch/ AGM to them. I did
not file suit against the bank as i was serving in the bank's
corporate office/ and i thought the option will come till i normally
retire.
Eventually having no pension option i resigned from Bank after 23
years in Sep 2007 due to my personal reasons. In resignation letter i
wished to mention that i want to voluntarily retire from the Bank
which they orally informed me to write resign as there was no VR for
pf optees.
I was very happy that bank employees got pension and assumed that i
too will get the same. But while going through your reply to one of
the group member i was shocked to read that there are clarifications
that resignees would not get the pension option//
Please enlighten me.
Whether second option given in Jan 1996 was one way or two way ( PF to
pension and pension to PF or one time irrevocable ?? if so wht
happened to irrevocable option given in 1993??)
Where we stand.
M D PATIL
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Manoharan krishnan
--
Manoharan krishnan
--
bank pensions resignations
I served in two banks - Andhra Bank for 10 years Dec'72-Apr'83 and
Corporation Bank - 22 years May'83-May'05.
I did not opt for pension in the first round. I was not eligible for
VRS when it was introduced in Corporation Bank as I did not fulfill
the age criterion. I was in the category of Orthopaedically
Handicapped Employees in Corporation Bank. In 2004, I requested ther
Bank for Voluntary Retirement on health grounds but the same was
declined and instead I was transferred to the bank's IBD, Mumbai from
Hyderabad. My request for leave to go abroad for treatment was also
not taken up by the Bank's Board. As such, after protracted
correspondence for Voluntary retirement, which was declined, I was
left with no option but to resign as a Chief Manager in 2005.
Resignation does not always mean migration to greener pastures. Age,
health, frequent transfers and other factors too influence the
decision to quit especially in the case of a bank officer...
Am I eligible to opt for pension this time round atleast in
Corporation Bank which I served for 22 long years...? if not, what's
the recourse available? Should the resigned employees as a group work
towards getting a stay order on the pension second option as it stands
now and fight to inlcude those who've put in 15 or more years of
service? Will greatly appreciate a clarification.
Thanks & Regards.
Padmaja Iyengar
On Dec 24, 7:49 pm, Manoharan krishnan <tamilzha2...@gmail.com> wrote:
> Sorry Mr.Rajagopal, I am very sorry. Please ignore the contents of my
> mail. I will refer your case to our senior counsel and come back to you. I
> understand that in Madras High Court there was a case which went in favour
> of the Bank. I am sorry
>
> Manoharan K
>
> On Thu, Dec 24, 2009 at 9:31 AM, kalyanam raja gopal <
>
>
>
> kalyanam1...@rediffmail.com> wrote:
>
> > Dear Sir,
>
> > I was a Scale III ( Sr.Branch Manager) Officer in a publicsector
> > Bank when I left the bank on 15-10-2009 after completion of 28
> > years of service.
>
> > When options were called in 1993/94 I had opted for pension. After
> > the final pension regulations were notified with the strike forfeiture
> > clause, along witha few others in our bank, I had
> > revised my option to P.F. in 1995. I understand that the Bank
> > has since removed the strike forfeiture clause.
>
> > I was under the impression that in the second option exercise, I
> > would get the opportunity to opt for pension.
>
> > Please suggest the remedial course.
>
> > Yours faithfully,
>
> > K.. Rajagopal
>
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R Balaji
I don't think that UBFU & IBA will reopen the case of resignees in normal course. Unless you and your group take up the matter immediately as a group with IBA/UBFU directly through correspondence or legally, you may not get second option this time. Pl act fast.
best wishes.
Balaji
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Manoharan krishnan
Dear friends I am to post the posting by Mr.Agarwal, EX-Bank officer in the corporate office of a leading bank in this regard for information
"Recently concluded talks with IBA on 27.11.2009 opens a new era for the life of lakhs of bank employees who did not opt for pension due to confusion created by certain union leaders and high interest rate regime prevailing at the time of offer for pension option in 1995/1996.
Certain section of bank staff is under the impression that Pension option has been signed at the cost of staff that had already opted for pension. Their contention is that pension option should have not opened when management had earlier offered the same. Those employees who did not opt for pension should suffer for their folly. Further their contention was that instead of pension option union leaders should have fought for better wages in line with Central/State Government employees. In this context it is clarified that bank employees get their salary out of profits of banks while Central/State Government employees’ get their salaries from consolidated funds of India. Bargaining power of bank employees has eroded over the years due to computerization, advent of private sector banks and partly due to our self-interests. This factor has to b kept in mind while appreciating/criticizing the recently concluded MOU. For unions it was a fight for survival as interest of about 3 lakh employees was involved for another option of pension. Union leaders could not have lost sight of the fact that about 3 lakh employees and their families were looking at them for breakthrough in getting pension option. Ministry of finance was also with the demand for granting another option. If one read the MOU signed on 27.11.2009, it is clear that financial burden of another option will be shared by beneficiaries and not by bank employees who had already opted for pension. They are not to wary with addition load.
There are 4 types of bank employees. *Existing bank employees who are in service and opted for pension. *Existing bank employees who are in service of the bank and not opted for pension Bank employees who had retired and getting pension Bank employees who had retired without pension and got their PF(own and bank contribution) * Existing employees have been defined as bank employees who will be in the service of the bank on the day of signing of Joint note/final agreement. (Joint note/final agreement has to be signed on or before 27.11.2010 as per MOU). Thus bank employees who will retire in Jan 2010 will also be called as retired employees. The MOU does not cover bank employees who had retired and getting pension (No. 3 above). Their demand of merger of DA is not covered in the MOU. This issue may be taken up in next agreement due in 2012 as at that time each employee will be pension optee and bargaining power will be much more. Members may know that Parliamentary committee has agreed for merger of DA of bank pensioners. Time will definitely come when DA of pensioners will be merged. Now the remaining cases. Existing employees who have opted for pension will share 3% of basic pay and 3% will be shared by banks to bridge the existing gap of pension fund. They have nothing to do with pension option and recovery of any additional amount from them. Existing employees who are in service of the bank and not opted for pension will be given another pension option. Number of such employees is about 272000.As per MOU, total financial burden is estimates as Rs. 17190.00 crore out of which Rs. 11532.00 crore is the bank contribution to be refunded by employees who will opt for pension. The gap Rs. 5658.00 crore and Rs. 343.80 as loss on account of incomplete data will be shared by banks and staff who opt for pension in the ratio of 70 and 30. Staff contribution will be Rs. 1800.54 crore. If we divide Rs. 1800.54 crore by 272000, individual employee’s contribution will be Rs. 66196. The unions and management has to divide this amount equitably and the issue will be addressed when final agreement is signed. There are about 60000 bank employees who did not opt for pension and got their PF. All bank employees who had retired after last option (1996) will be given another pension option. Total financial burden on this score is estimated as Rs. 4774.29 crore out of which Rs. 1657.79 crore bank contributions will have to be refunded by retirees who opt for pension. Remaining amount of Rs. 3116.50 crore will be shared by banks and new pension optees in the ratio of 70 and 30. Retirees have to share Rs. 934.95 crore. If we divide this amount by 60000, per employee burden comes to Rs. 155825. IBA and unions have to adopt methodology in such a way that amount is shared by each retiree in equitable manner. Tough there is no mention of recovery of interest on bank contribution, yet in my opinion bank contribution may be recovered with interest for the sake of equitable recovery. During talks held on 9th Dec 2009, it has been clarified that pension option will be given to all the staff members who had retired on account of superannuation, VRS, special VRS. Cases of dismissal, resignation, compulsory retirement way of punishment will not be covered. Recoveries from bank employees on account of pension option will be made from arrears payable. There is no mention in MOU about commutation of pension but since pension option will be given under the provisions of existing pension regulations 1995, retirees need not to wary about commutation as it will be given if desired."
K.Manoharan
bank pensions resignations
I've the following observations & suggestions:
In view of the limited time available for resignees with qualifying
service form pension:
1. If one of you could get a stay order on the process of pension
second option, at least temporarily the process can be derailed.
2. This would give us time to carry forward the case of resgined bank
employees for pension
3. It is not our aim or intention to delay the benefit to those who've
already received it but just to see that we're not denied our rightful
share this time round
4. We cannot expect Bank Unions or UBFU to act for us as for them
second option for pension even its current form is rightfully a major
achievement. We cannot expect them to care for the resigned employees
especially since most of us having put in qualifying years of service
and more, may not even be in the banking industry
5. I'm sorry, much as I'd like to, I'm in no position to proceed
legally, but I'm with anyone who is going ahead and agree to share
every bit of the financial burden for proceeding legally. I'm sure,
many others too will be willing for this. We can even create a corpus
to initiate the legal proceedings.
So friends, how shall we go about it?Restraint order from any one
court, I guess, is enough to bring about a temporary
halt and give us an opportunity to compel a rethink on the part of
IBA. If we lose out now, future will be even more tough as none of us
is getting younger to put up a fight and such opportunities too many
not present themselves in the near future.
Regards & Best Wishes.
Padmaja
On Dec 25, 7:01 pm, Manoharan krishnan <tamilzha2...@gmail.com> wrote:
> *Dear friends I am to post the posting by Mr.Agarwal, EX-Bank officer in the
> corporate office of a leading bank in this regard for information*
>
> *"Recently concluded talks with IBA on 27.11.2009 opens a new era for the
> life of lakhs of bank employees who did not opt for pension due to confusion
> created by certain union leaders and high interest rate regime prevailing at
> the time of offer for pension option in 1995/1996.*
>
> * Certain section of bank staff is under the impression that Pension option
> has been signed at the cost of staff that had already opted for pension.
> Their contention is that pension option should have not opened when
> management had earlier offered the same. Those employees who did not opt for
> pension should suffer for their folly. Further their contention was that
> instead of pension option union leaders should have fought for better wages
> in line with Central/State Government employees. In this context it is
> clarified that bank employees get their salary out of profits of banks while
> Central/State Government employees’ get their salaries from consolidated
> funds of India. Bargaining power of bank employees has eroded over the years
> due to computerization, advent of private sector banks and partly due to our
> self-interests. This factor has to b kept in mind while
> appreciating/criticizing the recently concluded MOU. For unions it was a
> fight for survival as interest of about 3 lakh employees was involved for
> another option of pension. Union leaders could not have lost sight of the
> fact that about 3 lakh employees and their families were looking at them for
> breakthrough in getting pension option. Ministry of finance was also with
> the demand for granting another option. If one read the MOU signed on
> 27.11.2009, it is clear that financial burden of another option will be
> shared by beneficiaries and not by bank employees who had already opted for
> pension. They are not to wary with addition load.*
>
> *There are 4 types of bank employees. *Existing bank employees who are in
> wary about commutation as it will be given if desired."*
>
> *
> *
>
> *K.Manoharan*
>
> * *
>
> * *
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omka...@gmail.com
It seems that the group has taken it for granted that the second
pension option is not going to be given to us ( resigness other wise
eligible for having qualified service)
Better to wait and see what the details of settlement comes to light.
I hope the benefit should be given to all those who were on roll of
the bank as on the cutoff date (1995-96) and resigned subsequently due
to any personal reasons with 20 years or more service in the bank. (
as there were only two options VRS with pension or resign with PF.)
We must prepare ourselves mentally, socially and economically to
strengthen the group for a fight ahead if necessary without wasting
time as soon as the worst scenario come to our share.
I do agree with Padmaja that we must share the expenses on legal
battles for common good as every body cannot fight legal battles.
There are resigned bankers ( now Advocates) like Mr. Pathak and may
be many more. They should be encouraged and requested take a lead and
create a history by fighting for helpless /hapless resigned employees
/ officers .
I think Injunction at this stage without knowing the outcome of the on
going settlement, may not be useful. Hoping the best and expecting the
worst, let us unite and be ready for a fight.
Going forward, please spread awareness and request to all those
known ex colleagues to come more in numbers to strengthen the group.
Wishing you all merry chrismas and a great happy prosperous
(pensionable) new year ahead.
M D PATIL
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Balasubramanian Sunderraja
My dear Omkarji:
I am the one from UCOBANK who had resigned from UCOBANK after putting in 20years, 8months and 29days of uninterrupted service
with complete sincerety and diligence. My claim for pension for pension was made as early as in 1994 (pension is payable for those
exiting after 1986 and pension scheme got introducedd in 1995) by an undated communicated from the Bank denying that I am not
eligible under certain clauses of pension regulations. The Bank had also cited a letter from the Bank but did not give the date of
communication for denying this claim.
Kindly keep my case foremost in the list of aggrieved resigned officers of the Bank. Also another point. When General Managers
of a Bank resigns and get posted as an Executive Director of another Bank, why other resignees, that too after 20 years of qualifying
service are denied pension. One more point - an erstwhile CMD who was found guilty and punished with imprisonment even now
gets pension for the services he had put in whilst in service with one of the associate banks of State Bank group. These are just
cases in point about which you must all be aware already.
