Monday, April 13, 2015

Chennai High Court sets aside Union Bank Circular on pension to CRS employees

The Madras High Court has set aside a circular issued by Union Bank of India (UBI) on August 27, 2010 denying monthly pension to employees who had been imposed with a punishment of compulsory retirement from service.

Allowing a writ petition 15766/2013 filed by one such employee, Justice K.K. Sasidharan held that the circular was in contravention to Union Bank of India (Employees) Pension Regulations, 1995 which provide for payment of pension even to those who had been retired from service compulsorily.
Allowing a writ petition filed by one such employee, Justice K.K. Sasidharan held that the circular was in contravention to Union Bank of India (Employees) Pension Regulations, 1995 which provide for payment of pension even to those who had been retired from service compulsorily.

The judge pointed out that the Bank had framed the regulations at the time of introduction of a pension scheme for its employees in 1995. But then, some of the employees failed to submit applications expressing their desire to be a part of the scheme. Hence, acting on the basis of a general advisory issued by Indian Banks Association to all financial institutions in the country, UBI issued a circular in August 2010 providing one more chance to its employees to avail the benefits of the pension scheme.
However, the circular stated that only those who take voluntary retirement would be eligible to monthly pension and not those who had been retired compulsorily as a mode of punishment following disciplinary proceedings initiated against them.
Holding that such a restriction on grant of pension was not in consonance with the provisions of the pension regulations framed by the bank in 1995, the judge said that a circular could not override the regulations which were statutory in nature.
“The circular is only for the purpose of giving another option to join the scheme. The pension scheme remained the same… Therefore, as on today, there is a valid regulation providing for pension to the compulsory retirees.
“In case the bank is of the view that the pension should be restricted to those who have retired voluntarily, they should make corresponding amendment to the pension regulations,” the judge added.
 
 

Saturday, March 7, 2015

VICTORY FOR PRE 2002 RETIREES - KOLKATTA HC ORDER IN FAVOUR OF UBI RETIREES.

In Writ Petition 507/2012 filed by United Bank of India   Retirees’ Welfare Association and Others against United Bank of India and Others, Kolkatta High Court has directed the Board of the respondent bank in consultation with the Central government and the Reserve Bank of India to take a reasoned decision, in the light of the observations and findings regarding payment of 100% dearness relief to the pre November-2002 retirees’ of the respondent bank by 30th June, 2015. 
 Let us hope that IBA will change their attitude towards senior citizen retirees and resolve the issues of pre 2002 pensioners without any delay.
 




Monday, February 23, 2015

WAGE REVISION SETTLED IN TODAY's MEET - 15% HIKE W.E.F 1.11.2012


In todays (23rd Feb'15) wage revision talks held at Mumbai, under 10th BPS, by Bank Unions (UFBU) with IBA has settled at 15% hike (Rs.4725 cr) w.e.f 1.11.2012.

2nd and 4th Saturday's will be holidays and other Saturday's will be full working days. Strike deferred .

Now let us hope that retirees issues will also resolved in coming days.


Click here for IBA Circular  


Saturday, January 31, 2015

Increase in D.A. for pensioners w.e.f. Feb 2015 - 51 slabs more



D.A. Rates for Pensioners (%) – 51 Slabs More


Retired prior to 01-11-1992 - 1293 Slabs over 600 points
Upto 1250    1251-2000    2001-2130    Above 2130
866.31%         711.15%     426.69%        219.81%
After 01-11-1992 upto 31-03-1998 - 1156 Slabs over 1148 points
Upto 2400    2401-3850    3851-4100    Above 4100
404.60%       335.24%        196.52%        104.04%
After 01-04-1998 upto 31-10-2002 - 1022 Slabs over 1684 points
Upto 3550    3551-5650    5651-6010    Above 6010
245.28%        204.40%       122.64%        61.32%
Retired on or after  1-11-2002 - 871 Slabs over 2288 points
For the entire Basic Pension Amount    156.78%   
Retired on or after  1-11-2007 - 734 Slabs over 2836 points
For the entire Basic Pension Amount    110.10%     





D.A calculator is available for calculating revised D.A. and difference. For calculating D.A , enter basic ( original basic without reducing commutation amount) and click on the calculate button. Revised D.A , Present D.A. and difference will be displayed on the calculator. Select appropriate retirement date range according to the date of retirement.


 
Click on the following link for  D A Calculator. 


  
D.A. Calculator



Friday, January 9, 2015

Bipartite talks - Pension related issues - UFBU circular

UFBU has issued a detailed circular regarding bipartite meeting held between IBA and UFBU at Mumbai on 7th Jan 2015. Relevant para from UFBU circular is reproduced below.
Quote
Pension related demands:
We also raised the issues relating to improvements in Pension related demands like 100% DA for pre-Nov. 2002 pensioners, family pension formula, periodical updation of pension, etc.
We also suggested that DA upto 4440 points for all pensioners should be merged with Basic pension and a uniform DA formula to be applicable to all pensioners.  We also demanded extension of DA linked pension scheme for employees recruited after April 2010.
It was agreed to discuss all these issues further. 
Unquote