Updation For Bank Pensioners And AS-15 Norms

[Narayanan Venkateshwaran]

It is learnt that AS 15 norms were not there when our Pension  scheme was introduced  in 1995.

But banks had unwittingly or other wise welcomed it in advance by stipulating clauses like Actuarial exercise every year and adopting DEFINED PENSION SCHEME with which goes UPDATION also.

It is not understandable why they display a commitment phobic approach. It would have been logical  yesteryears when few Banks displayed lacklustre  performance .Not any more.

For year ended 31/03/2025 Banks  had made handsome profit. For currently ended financial year they have shown 11 percent increase YOY.,clocking nearly 2 lakh crore profit.

As per an earlier estimate ( Basis not Known) the amount required is Rs 96000 crores for updation. This is roughly 50%  of this years' profit.

We may not find better time than this to help the pensioners

Will IBA/DFS act in memory of Late SINGLA?

 

[MOHAN P]

Sir,

1.This is not entirely accurate. Yes current  AS 15 norms came into effect from 1st April 2006  However standards relating to employee benefits existed before 1995..Prior to April 1, 2006, the Institute of Chartered Accountants of India (ICAI)  enforced an older version of AS 15, titled 'Accounting for Retirement Benefits in the Financial Statements of Employers'.This pre-revised standard governed employer accounting for defined benefits (like gratuity and pensions). Accounting Standard 15 (AS-15) has undergone revisions.over time.

2.The Bank Employees' Pension Regulations, 1995 require actuarial valuation of the pension fund. Annual actuarial assessment indicates that the scheme was designed to measure and fund future pension liabilities.

3.However, actuarial valuation by itself does not automatically imply pension updation. It only means liabilities must be periodically assessed.

4.Referred amount of Rs.96000 /95000 for updation of pension was taking round  under social media earlier, which is not based on any  facts and no such actuarial valuation is found to have been  obtained/published. 

Updation of Pension  is our long pending legitimate demand and it may happen, otherwise if not legally.

 

--
Visit our blog site http:://bankpensioner.blogspot.com
---
You received this message because you are subscribed to the Google Groups "bankpensioner" group.
To unsubscribe from this group and stop receiving emails from it, send an email to bankpensione...@googlegroups.com.
To view this discussion visit https://groups.google.com/d/msgid/bankpensioner/57b97c83-2341-49c9-81e3-34f3bbb165fcn%40googlegroups.com.