Thursday, April 12, 2012

Loss due to Non Neutralization of D.A for pensioners retired prior to 31-10-2002

Many bank pensioners  retired prior to 31-10-2002 are not aware of effect of 100% neutralisation of D.A  and how much they are losing per month due to non neutralization of D.A. There are queries from these pensioners regarding effect of 100% neutralization of D.A. on their monthly pension as majority  pensioners do not know / understand the implications of 100% D.A.  neutralisation.

 All pensioners in bank are not drawing uniform D.A. as in the case of Govt. employees. Pensioners retired prior to 31-10-2002 are getting tapered  percentage of D.A. because D.A. is not neutralized to 100%.

 D.A. rates for pensioners retired after 01-04-1998 upto 31-10-2002    (708 Slabs over 1684 points)

Upto 3550    3551-5650    5651-6010    Abv 6010
169.92%       141.60%       84.96%          42.48%

One may notice that D.A.% gets tapered after Rs.3551 whereas under D.A neutralisation there is no tapering and pensioner is eligible for 169.92% DA on full basic pay. Suppose pensioner's basic is Rs 6200/- he should get 169.92% for the full amount under 100% DA neutralisation which would be Rs 10535.04, whereas now pensioner gets only Rs 9392.33, which means pensioner is losing Rs 1142.71 per month. 

Following table gives exact  figure   of monthly  loss corresponding   to  the  basic (before commutation) of  the pensioners retired after 01-04-1998 upto 31-10-2002 . In the following table basic starts from 3550 and is stepped up by 10 upto 10000. One can view the  basic , present D.A, D.A after 100% neutralzation, Monthly loss due to non -neutralization. Table can be viewed by moving scroll bar on right hand side of the table.

Tuesday, April 10, 2012

UFBU letter to IBA regarding denial of second of pension to resignees, VRS optees under Banks' Office regulation

Second option of pension was denied to certain categories of  retirees like resignees, Compulsory retired employees, VRS optees under banks' regulation etc. Now UFBU has taken up this matter with IBA requesting IBA to resolve this matter on  priority basis. UFBU also felt   that,   IBA   should   have consulted Unions/Associations, before deciding to   deny  the offer to retirees of certain categories as, these directions do not conform to the understandings reached on 27.04.2010.  

   UFBU  requested IBA to review  their decision and implement  the understandings in right perspective.
 Click here to view UFBU letter to IBA

Friday, April 6, 2012

Supreme Court dismisses review petition by New India Assurance

In a recent judgement of Supreme Court in the matter of Sheelkumar Jain  Versus The New India Assurance Co. Ltd. & Ors.  ( Civil Appeal No.6013 of 2011 arising out of SLP No.(C) 3777 of 2007)  held that Resignees are eligible for pensioIn & directed respondent to consider the claim within three months of Judgement . Judgement dated 28/07/2011.
A review petition was filed in the Supreme Court regarding this judgement.The review petition filed by New India Assurance Co. Ltd is dismissed by the Supreme Court. 

Tuesday, April 3, 2012

Andhra Pradesh High court decision regarding 2nd option of pension to CRS employees

Andhra Pradesh High court has given a judgement  asking Andhra Bank to reconsider its decision of denying the 2nd pension option to compulsorily retired employee.

Click here to view the judgement