The blog deals with the issues regarding the retired bank employees who have opted for pension.
Please advise whether, on opting for pension, the retired employees are eligible to get pension from the date of retirement.
Mr.Dorai,MOU has not given any effective date for pension payment.Any way considering the fund position it may not have retrospective effect.Mohan.P
I have reproduced the details of talks held between ufbu and iba on 9th and 10th of this monthTALKS WITH IBAFurther to the signing of the Minutes with the IBA on 27-11-2009 on our demands for wage revision and pension option, yesterday i.e. 9-12-2009, a round of discussions took place between IBA and UFBU. IBA’s team was led by Mr. Allen Pereira, (CMD, Bank of Maharashtra) and Vice Chairman of their Negotiating Committee. From the UFBU, all the 9 constituent unions participated in the Talks.During this meeting, the broad approach to expeditiously finalise the full settlement was discussed. It was decided that construction of new pay scales, revision of allowances, drafting of the Settlement, etc. would be taken up in subsequent meetings to be held separately with the 5 Workmen Unions and 4 Officers Associations.It was further decided that the drafting of the settlement on wage revision and pension option be simultaneously undertaken so that both the settlements can be signed together.Arising out of the Minutes on pension option, it was mutually clarified and understood that ‘Retirees’ would mean and include employees/officers who have retired on normal superannuation, those who have retired under VRS/Special VRS and families of the PF optees who had died during the period all of whom would be eligible for the pension option. Issues like cut off date, formula for sharing of the additional cost of pension option, etc. were taken up and would be discussed further.Today (10-12-2009), IBA held separate meetings with the Workmen Unions and Officers Associations during which proposals for construction of pay scales, etc. were discussed. Since the construction of revised pay scales is the most important issue, the matter needs further discussions. It was decided that the discussions would be further continued in the next round of meeting for which dates would be fixed up shortly.Source - AIBEA website