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.
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. 

Friday, December 26, 2014

Developments in RBI on Pension Updation Issue

Retirees in RBI are also fighting for updation of their pension. Towards this, representatives of employee unions and retirees met RBI Governor, Dr. Raguram Rajan at Kolkata on 10.12.2014. While showing full sympathy on demands of retirees he responded as under as per the communication issued by retiree organisation in RBI
“The Governor gave an attentive hearing and appreciated our
agony. He told that he is fully aware of this issue of the retirees and trying to sort it out. He mentioned that he talked to earlier F.M., Shri Chidambaram and Govt. was agreeable to consider this issue subject to certain conditionalties. RBI had complied with all formalities vis-à-vis the Government but meanwhile Govt. had changed. He said that change of Secretaries of Department of Financial Services in quick succession and also a new Finance Minister being there in place of earlier one has affected the progress in the matter. He told that he has met the new F.M. twice on this issue but then the file did not come to him. He repeated that RBI has complied with all formalities and now it is for them to respond. The Governor, however, felt that issue might not be resolved before finalization of wage talks in the banking industry, as otherwise there might be complications.  He, however, said to continue to pursue the matter, as  Government is bound by its earlier  commitment.”

Sunday, September 28, 2014

Bipartite talks between IBA and UBFU on 26th Sept 2014 - Pension related matters

We reproduce below relevant paras from the circular issued by UFBU regarding bipartite talks held between IBA and UFBU on 26th Sept 2014.
 Pension related matters i.e. 100% DA on pension for pre-Nov. 2002 retirees, improvement in family pension, provision for periodical updation of pension

After discussion, IBA informed that they are inclined to favorably consider the demand of 100% DA on pension for pre-Nov. 2002 retirees.  IBA further informed that cost aspect on improvement in family pension is being worked out and they would soon take a decision on the same.  IBA responded positively on this issue. As regards updation of pension, IBA informed that in view of the high cost involved, it would be difficult to agree to the same.  On our insistence, IBA agreed that any viable and affordable proposition from the UFBU in this regard would be examined.


UBFU has decided to go on agitation path as they are not satisfied with offer by IBA regarding wage revision.  Agitation program includes demonstrations  and one day strike.

Monday, September 15, 2014

Pension option to CRS employees - Supreme Court Decision

Pension option to Compulsorily Retired employees was denied under 9th Bipartite Settlement in which pension option was given to other eligible retirees. Recently Division Bench of Supreme Court dismissed special leave petitions by Andhra Bank Management against Andhra High Court order allowing pension option to the compulsory Retired Employees also along with the option given to other eligible retirees under 9th settlement. 
Since the judgement has been given by highest court of the country, Andhra Bank management is under obligation to give pension option to the petitioners and other eligible retirees in the bank.
Order passed by the Supreme Court in the above referred SLPs and  the principles laid down by division bench of Andhra High Court while delivering the judgement in the matter  are applicable not only to the petitioners but to all affected compulsory Retired employees
AIBRF has written a letter to Chairman IBA requesting him to advise all member banks to pass the benefit  and give pension option to all compulsarily  retired employees.

Source : AIBRF website


Thursday, July 31, 2014

Increase in D.A. for pensioners w.e.f. Aug 2014 - 17 slabs more

D.A.  rates for pensioners (%) - 17 slabs more

Retired prior to 01-11-1994 - 1242 Slabs over 600 points
Upto 1250    1251-2000    2001-2130    Above 2130
  832.14%       683.10 %      409.86 %        211.14 %     

After 01-11-1992 upto 31-03-1998 -1105 Slab over1148 points
Upto 2400    2401-3850    3851-4100    Above 4100
  386.75 %     320.45%       187.85 %        99.45  %     

After 01-04-1998 upto 31-10-2002 -971Slabsover 1684 points
Upto 3550    3551-5650    5651-6010     Above 6010
   233.04%    194.20 %      116.52 %          58.26  %     

Retired on or after  1-11-2002 - 820 Slabs over 2288 points
For the entire Basic Pension Amount    147.60%

Retired on or after  1-11-2007 - 683 Slabs over 2836 points
For the entire Basic Pension Amount    102.45%
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