Top PSB Official Loses Pension Claim

No Good-bye This: Top PSB Official Loses Pension Claim -
  A senior official belonging to a South-based public sector bank was in for a rude shock on his last working day at the bank. Minutes after his colleagues and the bank’s senior management gave him a grand farewell and posed for photograph — the customary ritual as and when a senior official reaches superannuation — the bank chairman took him aside for a chat. What followed was not polite conversation: the chairman handed him a charge sheet, which, according to grapevine, follows a complaint from the chief vigilance commission. “It was very surprising. Only minutes before the chairman had showered praises on him....He can’t claim pension till the commission clears his name,” said a employee of the bank. 

 Source  - Economic Times dtd. 03/01/2012

Second option of pension for VRS Optees under Bank's scheme and for resignees

AIBOC has addressed a letter to the Secretary, Department of Financial Services, Ministry of Finance, Government of India, highlighting therein the injustice meted out by IBA to the Officers who retired under Voluntary Retirement Scheme evolved by Public Sector Banks, Exit Option Scheme introduced by the Associate Banks and the officers who resigned from the service of the Bank after completing pensionable service of more than 20 years, etc., by denying another option to join the Pension Scheme. 

Click on the link below to view detailed circular

AIBOC circular dated 26th Dec. 2011

UFBU takes up pensioners issues with Government

United Forum of Bank Unions (UFBU)  leaders met  Mr. D K Mittal, Secretary, Dept. of Financial Services, Ministry of Finance, Government of India and submitted  detailed memorandum to him in  the month of Nov. 2011.  They  have addressed a letter to him on 20-12-2011 as a follow up action. In that letter UFBU  has requested to take up pensioners' issues  also along with working employees' issues. The letter contains mention regarding  improvements in bank employees pension scheme on the lines of Government Scheme in matters like quantum of pension, updation, uniform DA formula, commutation formula, quantum of family pension.

Click here to view UBFU Circular 

UFBU 's delegation to IBA

All the representatives of Constituent Unions/Associations of UFBU met the Chairman, Indian Bank’s Association on 16.11.2011 in a delegation. All the current issues and demands of Officers/Employees in the Banking Industry were explained in a threadbare manner and IBA was urged upon to resolve the same expeditiously. 

In this connection, UFBU submitted a letter to the Chairman, IBA covering all the issues taken up with them. Along with the issues of serving employees pensioners' issues were also taken up. Para 8 of the said letter which has covered pension  scheme issues is reproduced below.

  Pension Scheme :- Bank employees’ Pension Scheme was agreed upon and introduced in 1993 exactly on the lines and basis of the Central Government Pension Scheme.  Even the New Pension Scheme that has been introduced for the Government employees has been made applicable to banking industry.  But the various improvements that have been made in the Government scheme as per the 5^th & 6^th Pay Commission Report have not yet been extended to the banking sector. Hence, issues like periodical updation of Pension Scheme along with wage revision for serving employees, 100% DA compensation for all pensioners, improvement in Pension, Commutation, Family Pension, etc. are very genuine demands that need to be resolved expeditiously.  Even the Ex-Gratia Pension of Rs.300 per month being paid to the pre – 1986 retirees remained the same.

Source - AIBOC Circular (Click to view the circular)

LIC to revise pension in four weeks : Rajasthan HC

Rajasthan High Court today (i.e. 02/11/11)granted four weeks time to LIC to comply with its earlier order directing the company to implement a November 2001 board decision to revise pension and dearness allowance of its retired employees.
Hearing a contempt petition, the single bench of Justice Mahesh Chandra Sharma directed the LIC to revise the pension and DA payable to its retired employees corresponding to the successive revisions of pay scales that took place in 1986, 1993, 1997, 2002 and 2007.

Counsel for LIC Ajay Tyagi prayed before the court to grant four weeks time to comply the order. The court, however, directed A K Das Gupta, Managing Director LIC and D Vijaylaxmi, Executive Director (personal) to remain present before it on December 1 in case the order is not complied with. The order came on a contempt petition filed by petitioner Krishan Murari Lal Asthan. The board resolution was passed to meet the demand of parity in pension raised by the All India Retired Insurance Employee's Association. Retired employees of LIC across the country are drawing pension based on the last pay at the time of their retirement. The "inaction" of the the LIC in implementing the board decision was challenged by Krishan Murari Lal Asthan, General Secretary of Retired Insurance Employees' Association of LIC. The LIC board did not implement the resolution on the ground that the Finance Ministry has not given its approval. Disposing of the writ petition filed by Asthana, single judge bench of Justice Munishwar Nath Bhandari in its order dated January 12, 2010 had asked LIC to take immediate steps to implement the resolution of LIC board and held, "In the present matter, there was no reason to seek approval of the central government". The SLP filed by the LIC was also dismissed by the Supreme Court and subsequently the division bench has also dismissed a review petition filed by LIC but still the order of High Court was not complied with.

Source : PTI