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.
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 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.

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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

 

Sunday, June 15, 2014

Bipartite talks on 14-06-2014 - Retiree issues

It is learnt that,  in the bipartite talk of 14-06-2014 the retiree issues were discussed and IBA informed as under.

(1) IBA is favourably inclined  to  consider    100   percent   
     Dearness Allowance to all  retirees  including  pre-2002  
     retirees and have written to  the government for approval.   
     Approval is awaited.
(2) As regards improvement in family pension, IBA is  
     favourably inclined to consider and will recommend to the 
     government for approval after studying cost implications.
(3) As regards updation exercise for the past retirees, IBA is

     apprehensive about it in view of huge cost involved in it.

Source : AIBRF Website

Saturday, May 17, 2014

P.J. Nayak Committee Recommendations on Governance of Boards of Banks in India - consequences and effects on retirees and emloyees

 We reproduce below the circular issued by AIBRF on the above subject.

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Committee was constituted by Reserve Bank of India under the chairmanship of Shri P.J.Naik to review governance of Boards of banks in The committee has submitted the recommendations which will have far reaching consequences on functioning and ownership of public sector banks in India. If recommendations given by this committee are implemented all public sector banks will stand privatised and will get status they were enjoying before nationalisation of banks in 1969 including adding “ Limited” word with their names.

MAJOR RECOMMENDATIONS OF THE COMMITTEE

(1) Government holding in public sector should be brought below 51 
(2) Nationalisation Act and State Bank of India Act should be repealed
(3) The public sector should be incorporated under Companies Act and word “Limited” should be added with the respective name as per the legal requirement of this act.
(4) The public sector banks will come out of purview of CVC/CBI
(5) Performance of public sector will not be monitored by Finance ministry.
(6) Equity owned by the government after reducing holding below 51 percent should be transferred to the newly formed Investment Company.
(7) Banks will have to arrange requirement of additional capital either from internal generation or tapping the capital market and will not look to the government for budgetary support.
(8) Bank functioning and survival will depend on its performance and quality of assets and profitability.

These recommendations if implemented are nothing but an attempt to privatise public sector banks and hand over huge national financial resources mobilised in last 45 years in the hands of corporate sector which will be used for their benefits rather than for welfare of common

The report of the committee will be placed for adoption before the new government which will be in place in next few days.

The full report is available on Reserve Bank of India web-site.

CONSEQUNCES AND EFFECT IF RECOMMENDATIONS OF THE COMMITTEE ARE IMPLEMENTED

(1 ) The employees and retirees will lose WRIT JURISTICTION to protect their legal right. Legal recourse available will be through civil suits

(2) On scrapping the Nationalisation Act, constitutional guarantee available at present for payment of pension will stand withdrawn.

(3) Bipartite mechanism available for deciding service conditions of employees / retirees may be under threat

(4) Individual private banks may adopt hire and fire policy endangering job security.

(5) Nation savings and precious financial resources will go under the control of private hands which could threaten financial stability of the country which we have witness in western countries during sub-prime crisis of 2008.

AIBRF STAND

We strongly oppose these recommendation and if implemented could prove dangerous and divesting for the nation and common people. We shall lunch agitational programme if the recommendations are not rejected by the government.

We understand that unions are opposing recommendations of Nayak

 Regards

 Yours Sincerely.

 ( S.C.JAIN )

 GENERAL SECRETARY

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