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Hi.
ReplyDeleteI am Oethopaedically Handicapped. Served in two PSU Banks for 10 years
and 22 years respectively.
Made the mistake of not opting for pension first time round. After
protracted correspondence with the bank management for voluntary
retirement after over 22 years of service in the second bank. which
was delcined, I had no option but to resign. Am I eligible to exercise
option for pension this time round? What is the ROI at which bank's PF
contribution is to be returned. What is this additional 30% load. 30%
of what? Also, is it possible for me opt for pension in the first bank
also where I served for 10 years?
Shall greatly appreciate a clarification.
Best Wishes to all the resigned bank employees for a second option for
pension.
Padmaja Iyengar
Ms. Padmaja Iyengar,
ReplyDeleteMOU dt. 27.11.2009 between IBA/UFBU states that –“ Those employees who were in the service of the bank as on 29.9.95/26.3.96 who were eligible but,did not opt for pension and retired there after shall also be extended the option for joining the pension scheme” Further in the next meet on 9th/10th Dec.09, IBA /UFBU 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. It can be noted that cases of employees those who resigned not comes under the above,and and hence option on pension is not available at present. In your case you have worked for 32 years in banks .The question is inclusion of resigned employees under the scheme. The way out is,IBA/UFBU should discuss the issue in next round of meet,so that resigned ones also get one time opportunity to opt for pension. Issues like cut off date, formula for sharing of the additional cost of pension option,Rate of interet on banks portion of PF etc. are yet to be decided. 30% pension fund gap: As per actuarial estimate total liability as on 31.3.2008,comes to Rs. 4774.29. cr Out of which, PF accumulation to be refunded comes to Rs.1657.79 cr. Balance- fund gap-comes to Rs.3116.50cr.This is to be shared by Bank/Retirees as agreed @70:30 basis.As such Rs.934.95cr . has to be shared by 60000 retirees. Hope for a positive outcome.
The resigned employees should also be given pension as they have served the banks. Pension is a social security given to employees who have spent their life in serving the organisation. The manner of their leaving the employment, whether by resigning or by retiring, should not be a hindrance to their getting pension.
ReplyDeleteS.Sakaria
Pl join bankresignee@googlegroups.com. All the action is happening there. Don't miss it and get your rightful pension
ReplyDeleteThe salient feature of the 27-11-2009 says that: All those who have retired after the date of pension regulations till date will also be given an option to join the pension scheme
ReplyDelete1. Here interpretation of ‘retired’ should be a single umbrella like ‘any one who was in the service of the Bank as on the date of implementing the pension regulations but no more in the service of the Bank on the effective date of implementation of the 2nd pension scheme / option’. This is with a view to extend equal opportunity to all segments of employees / ex-employees to join to the pension scheme without any discrimination. Otherwise if any section of the employees like resigned / dismissed / terminated / removed, etc. are left out, that amounts to infringement of Article 18 and 19 i.e. equality of justice & opportunity. It is a different story that even after this opportunity if they do not opt for pension, it is their choice.
In spite of such inclusion into the pension scheme, if employee representing any segment as above, does not qualify due to reasons like insufficient eligible years, becoming ineligible to get pension, etc. then such persons need not be given any pension.
This meets two purposes – 1) equal opportunity is given to all section of employees (since getting the 2nd pension option itself is after a hard battle) and 2) some of those belonging to the above category of employees would become eligible for getting pension by virtue of their opting for pension now and also because of their fulfilling the eligibility criteria to get pension (say completing 15/20 years and above of qualifying service, etc.)
2. Another reason why people like resigned/dismissed/terminated employees should be included (if they are fulfilling eligibility norms like completing 15/20 years and above of qualifying service) is as under:-
The term ‘voluntary retirement’ (not being the special VRS) is used in a much confused way. While many banks are considering only the pension optees as voluntarily retired when they leave the organization, there are a few banks where even the PF optees are also treated as ‘voluntarily retired’, but some banks considering such exit as ‘resignations’. Technically both are on the same footing i.e. leaving the organization on their own after completing the eligible years of qualifying service. But the pension optee is given the privilege of being titled as ‘voluntarily retired’ and gets the pension benefits, whereas the PF optee gets the title as ‘resigned’ and therefore he is denied of benefits. Therefore unless the word ‘retired’ in the 9th wage settlement is clearly made to include all these segment of people like resigned, terminated, dismissed, removed, etc. it leads to bias and for further court petitions / litigations, injustice, etc.
3. Yet another justifying reason for inclusion of resigned / terminated / dismissed employees to exercise the option for pension now, is due to the following:-
Pension Regulations 1993 had a separate clause which stated that retired/dismissed/terminated employees shall forfeit their past service and hence shall not become eligible for pension unless they have not been disentitled to draw the superannuation / terminal benefits.
That means, if there are any employees who have resigned / dismissed / terminated / removed from the service of the Bank; but have been provided with the settlement of amounts due to them on account of superannuation / terminal benefits like PF contribution (Employee and Employer Contribution) and Gratuity, then such people should be definitely included as eligible to exercise their option for pension now.
"Hon’ble High Court of Madras has granted a stay on the operation of the understandings of IBA with UFBU on 2nd Option on Pension. "
ReplyDelete- Why not resignees join as a party to the petition pending at High court.
It is rightly interpreted that pension regulations are very specific for eligibiliy of pension to any category of retired employee , whether by way of resignation, compulsory retired, dismissed, terminated etc. provided his settlement dues have been paid to him on such retirement. But unfortunately, the joint note and agreement signed with IBA is a manupulation by excluding other categories of employees for eligibility of pension as per pension regulations. The only way is to join hands for common cause of eliminated employees for opting for pension now 2nd. time. Even the Format of certain banks for 2nd. option has column to specify the nature of retirement and pension category. Then how they can be eliminated arbitraroly taking the shelter of IBA agreement and joint note. The sender is ak wadhera a compulsory retired officer of PNBank from Delhi. akwadhera0133@rediffmail.com
ReplyDelete