Tuesday, June 1, 2010

2nd Option on Pension for resigned employees

AIBOC has written a letter to IBA requesting resignee bank employees to be included in second option of pension.

We reproduce below the circular issued by AIBOC in this regard. 






CIRCULAR NO:78                              1st JUNE, 2010

TO ALL AFFILIATES/MEMBERS:

2ND OPTION ON PENSION
         
          Regulation No.10 of Bank Employees Pension Regulation 1993 disqualifies resignees for the pension benefit.  There is no provision in service conditions for CPF Optees to retire even after putting 20 years of service.  Hence, they are left with no choice but to resign, if they want to leave the Bank before attaining superannuation.


2.       The IBA has agreed to offer 2nd Option on Pension to all existing CPF Optees as well as those who have retired/died from 1993/95 to 27.04.2010, on certain terms and conditions.  But those, who resigned from the Bank service, before attaining the age of Superannuation, are excluded from the offer, as it requires amendment to the existing Pension Regulations.  We are flooded with requests from such resignees to consider them also for 2nd Option on Pension.

3.       We have today sent a letter to the Chairman IBA, a copy of which is enclosed.  We shall advise the outcome in due course.


With greetings,


                                                                                             (G.D.NADAF)

GENERAL SECRETARY



No./1452/169/10                                                   01.06.2010
To,
The Chairman,
The Indian Banks’ Association,
World Trade Centre Complex,
Centre 1, 6th Floor, Cuffe Parade,
MUMBAI – 400 005.

Dear Sir,

2ND OPTION ON PENSION
          As per regulation 10 of Pension Regulations, Officers who have resigned from the Bank’s service are not eligible for the pension.  The extant service condition of Officers does not provide for retirement to CPF Optees even after completion of 20 years of pensionable service and they have to seek for resignation only.  During Special Voluntary Retirement Scheme, pension Optees, even with 15 years of pensionable service were permitted to retire under the scheme with pension benefit.  Where as CPF Optees with more than 20 years of service are not extended the benefits of retirement.

2.       According to the terms and conditions of the 2nd Option, past retirees on superannuation are eligible to opt for the Pensions but resignees are excluded.  This is avoidable discrimination. 

3.       Hence, we request you to please arrange for necessary amendments to the Pension Regulations 1993 to cover CPF Optees, who resigned after putting a minimum service of 15 years, for one more option to Pension on the same terms and conditions for 2nd Option on Pension.

4.       As such resignees in the Banking Industry are of very few, the additional cost on 2nd Option will be marginal.  We, therefore request the IBA to consider our request as a gesture of goodwill.

With greetings,
                                                                                   Yours faithfully,


                                                   Sd/-                                                                         (G.D.NADAF)
GENERAL SECRETARY

34 comments:

  1. sir thanks so there is some hope

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  2. why not AIBEA and united form reqest for it. please requst them for what AIBOC DONE. THANKS

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  3. Thanks AIBOC and Mr. Nadaf for taking this up. This will be well appreciated by all Bank Officers who resigned from service for various reasons.My humble request is that this should be followed up with IBA and the Government for a favourable decision as soon as possible.

    T.K. Thomas.

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  4. WHY AIBEA IS NOT SHOWING INTERST IN THIS METER
    MOHINI

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  5. akgoel said...
    Let it rain in June,
    Let the sun burn in April,
    Let the rich enjoy life
    Let the doctor treat the patient
    Let PF optees opt for Pension.
    ------------------
    akgoel

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  6. Now AIBOC could realise their omission after signing the dotted line.It can infered that they have signed without proper thinking. Now can these leaders bring the IBA to table for this bargain . Let us hope for the Good. It is the responsibility of these leaders to see that thousands of ex bankers do not suffer in their old age .

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  7. Resigning from job is not crime. One can have so many reasons to do so it is never a happy decision. If one have put minimum service period of 20/25 years he or sheshould be entitled for pension.

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  8. One can resign from the Bank on any grounds which suits for himself. It is not a crime against Bank.When eligibility is there and the conditions apply such as re marriage or accepting job etc. etc. the resignee employee need not be punished. The unions have to take up this matter for the benefit of all.

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  9. thanks, how rights of employee not same for same work?
    mohini

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  10. I resigned from PNB in 2007 because I could not tolerate the incompetence, corruption promotion, rogue behaviour & unscrupulous dealings of the bank.

    I pointed out the standard of PNB to RBI. But, nothing happened so far.

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  11. Thanks to AIBOC FOR THE AFFORTS IN REPRESENTING THE MATTER TO IBA ON RESIGNED EMPLOYEES TO BE ELIGIBLE TO OPTION 2ND TIME. The IBA stand is
    unjustified ,ill legal ,biosed ,discriminative,
    in depriving the resigned employees for 2nd option of pension when same is made applicable
    to all other peer class and qualify for the pension as per pension rules. The Government stand is nothing but , avoidable letigation being fought by this class. As already known there are in numrable cases pending in the court of law , Government itself adding one more such stuff less matter to the kitty of pending cases. The height of ADAMANCY on part of IBA is , it is making applicable to those
    VRS people , who have been compensated for the left out service with huge sums of benefits and making in eligible the people who resigned from
    services with same amount of almost service and not being made eligible as per the VRS schme stipulated by the bank. IBA SHOULD RECTIFY THIS APPARANT , BLATANT ANAMOLY AT ONCE AND DO NATURAL JUSTICE TO THE RESIGNED EMPLOYEES ON PAR WITH OTHER CLASS OF PEOPLE WHO ARE ELIBILE FOR 2nd OPTION OF PENSION.

    SAI

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  12. Thanks for this letter Nadaf ji. Now we want to know what is the status of this letter ? Did IBA acted upon it ? Why not UFBU write a similar type of letter to IBA ?

    :Satya Padhy

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  13. why there is no news for resignee please do needfull
    mohini

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  14. The AIBOC has done an excellent job in taking up the issue of a second pension option for resigned emplyoees. AIBOC's immediate response is praise worthy.

    However, it is surprising to observe that the AIBEA is doing nothing. I have been a member of a union for 20 years. This union was affliated to the AIBEA and it is shocking to see this attitude of the AIBEA.

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  15. I STILL REMEMBER THE DAYS WHEN YOUR AIBOC RESISTED ITS MEMBERS TO OPT FOR PENSION.WHY SO? MEMBERS DESIRING TO OPT FOR PENSION WERE THREATENED BY THE SO CALLED LEADERS.THE UNION IS REAL CULPRIT.HOW 1.8 TIMES & 56% ON EMPLOYERS CONTRIBUTION TO P.F.FINALISED AT 2.8 TIMES AND 56% INTEREST ON CONTRIBUTION + INTERST RECEIVED ? WERE DADAS SLEEPING AT TIME OF SIGNING THE AGREEMENT OR SOMETHING OTHERS COMPELLED THEM TO SIGN?

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  16. It is not possible for AIBOC to protest before IBA demanding inclusion of VRS optees and resignees in the pension scheme since, it is they only who signed the agreement with IBA. One can see from the letter of AIBOC that they have written to consider as a good will gesture. It is written just for a eyewash. So they can not bring solution.

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  17. It is not possible for AIBOC to protest before IBA demanding inclusion of VRS optees and resignees in the pension scheme since, it is they only who signed the agreement with IBA. One can see from the letter of AIBOC that they have written to consider as a good will gesture. It is written just for a eyewash. So they can not bring solution""

    I understand that resignees are a class by themselves. Even if one takes it up legally and wins, it will beneft all in that class. If AIBOC cannot do justice to resignees, may be this can be considered.

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  18. Since nearly 3 months are over, can AIBOC remind IBA on theissue fo pension for resignees??

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  19. NOW WITH PENSION OFFER CIRCULAR HAVING BEEN ISSUED BY MANY OF THE PUBLIC SECTOR BANKS, AIBOC / UFBU WILL HAVE TO FIGHT OUT IMMEDIATELY TO GET 2ND OPTION FOR PENSION TO VRS OPTEES AND RESIGNEES WHO HAVE PUT REQUISITE QUALIFYING SERVICE FOR PENSION ELIGIBILITY. THERE IS NO JUSTIFICATION FROM IBA FOR DEPRIVING THE OFFER FOR 2ND OPTION FOR PENSION TO VRS OPTEES AND RESIGNEES.

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  20. Dear All,

    Now all banks are inviting application for pension option and this letter is to be forwarded
    thru bank branches. I have resigned from the bank
    and can i forward my application opting for pension thru any branch of the bank and if the branch manager does not forward my application what is the alternative approach for me.

    Thanks
    Ranga Prasad Rao S
    seetam_18@yahoo.com

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  21. What the unions are doing . Resignee officers do not belong to their community ? Have they not
    collected the huge subscriptions and donations and
    extracted services from them during their active service. Since they failed to get them the VRS under package due to their poor bargaining ability , they had perforce to leave the banks through channel of Resignation having put in qualifying service. Now the unions are silent .

    They have a very strong ground and defence in their favour to fight out the issue. When there
    is strong case for contesting , WHY THE UNIONS ARE SILENT . THEY CAN MOVE THE COURT AT ONCE.

    VENKAT

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  22. This is a pity that employees who have put in more than 15 years of service have been ignored totally in the pension scheme. We have to beg for our rights and the irony of it is that neither the unions nor IBA have looked into the right of justice when arriving at a decision of granting pension. Resigned employees should by all means be entitled to pension failing which we should take the matter to court and ensure that no malice is done.

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  23. The Public Sector Banks and their unions are cheats as they have not included resigned employees in the wage revision pension option settlement.

    Some of the resignees have left these Pubic Sector Banks because of lack of job satisfaction while working with them.

    Union leaders some times join hands with bank managements to promote self interest and work against the interests of the employees they represent.

    Why the resigned employees have to move court for their rightful pension.

    If the unions and their union leaders have any shame they should ensure that the resigned employees also get pension option immediately .

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  24. Is it true that some aggrieved resignee employees have approached courts to get justice? In such case whether it is required to join them as prties to the suit? Can any one throw more light on it? I resigned after putting in over 36 years of service.

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  25. You must & should take up the genuine grievance of all resigned bank employees public, private and foreign banks conscientiously and with full viguor so that justice will be meted out to them. it is the bounden duty of the former employer , employee unions and courts of justice to render justice through collective thinking & action; though belatedly. Right to pension should be made a Fundamental Right . I fervently hope , trust & pray that ILO,IBA,GOI & enlightened unions wake up to this naked truth. Provision of social security , especially during the post retirement life must become a Constitutional Obligation of any type of government, governance including that of a benevolent-dictator. GS RAVI SHANKER. gsr631953@yahoo.co.in
    Res. o44 6512679o evrs 2ooo Dhanlaxmi bank ltd

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  26. You must & should take up the genuine grievance of all resigned bank employees public, private and foreign banks conscientiously and with full viguor so that justice will be meted out to them. it is the bounden duty of the former employer , employee unions and courts of justice to render justice through collective thinking & action; though belatedly. Right to pension should be made a Fundamental Right . I fervently hope , trust & pray that ILO,IBA,GOI & enlightened unions wake up to this naked truth. Provision of social security , especially during the post retirement life must become a Constitutional Obligation of any type of government, governance including that of a benevolent-dictator. GS RAVI SHANKER. ( gsr631953@yahoo.co.in, gsr631953@gmail.com )
    Res. o44 6512679o, Chennai - 106 evrs 2ooo Dhanlaxmi bank ltd

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  27. Not paying pension to resigned employees is unjustified.

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  28. Government is very busy with regard to sending VIPs to jails in India.Wait for some more time for pension. After all we are not reaching to mortality so early.

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  29. Just received this message - Govt has cleared today long pending issue of second option of pension to leftover employees who resigned from bank services or VRS etc. Communication sent to IBA by govt today - Rishab (AIBOC). Hoping all bank employees with 15 years of service will be eligible for pension as mentioned by Nadaf, GSec, AIBOC in this article.

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    Replies
    1. I came to know that Vijaya Bank has filed SLP in Supreme Court on 17.10.2012 under Diary No. 34867 of 2012 on Karnataka High Court Judgement in Vijaya Bank Vs C Narasimhappa & others... Despite clear judgements of Supreme Court, IBA and Banks are waasting public money in contesting against the Judgements.

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    2. If this is true than thanks to everybody for their efforts. i know how you feel after working for 25 years of service and getting nothing.

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