Thursday, September 20, 2012

Pension option to VRS optees and others

Department of Financial Services, Government of India has asked vide its letter dated 25.07.12 to IBA to withdraw the words “ on superannuation “ from its communication addressed to banks while advising government approval on one more pension option as per the settlement dated 27.04.2010 and extend pension option benefit to eligible retirees.
Even after lapse of about 2 months from the date of the government letter IBA has not sent revised communication to banks despite the fact that the government stand in the matter is very clear and unambiguous right from the beginning that while communicating approval on pension option it never asked IBA to add the words “ on superannuation.
 AIBRF has written a letter to UFBU , requesting  leaders of UFBU to ask IBA to advise banks to implement the government instruction without delay so the left over retirees whose age is advancing every day get benefit of the pension scheme.



  1. We have been observing that several letters being sent to IBA, Government, Bank Managements etc by various unions, forums, Associations etc. But we are not seeing any positive result as a result of such letters.If you go through AIBOC website, you will observe that they have written letters to IBA, Labour Minister etc for enhanced gratuity for retirees between 2006 to 2010 where as the result is Zero. Hence writing letters makes no sense without results.

    1. No body knows what is IBA's stand. One thing is clear, that Unions have dropped the issue, as every body is silent after the amendment is passed. Implementation from 1.11.2007i.e.9th BPS issue do not figure in10th BPS demands.

  2. What happened to Unions slogan(s) "we will fight till we succeed"