– A UNIQUE ACHIEVEMENT:
In 1993, after bitter struggles and against all odds, AIBEA and AIBOA achieved pension scheme for bank employees. Today, once again, with the leading role of AIBEA and AIBOA, another milestone has been anchored. More than 3 lacs bank employees, officers and retirees will now get another option to join the pension scheme to insulate themselves with this unique social security benefit. It is a very commendable achievement indeed.
Dear comrades, with the signing of this Minutes, the main understandings have been reached. Now the UFBU will be taking steps to expedite the final settlement with revised pay scales, allowances and other improvements and thereafter for implementation of the same and payment of arrears to the employees.
Dear comrades, on this happy occasion, it is necessary to remind ourselves that these achievements were preceded by persistent efforts and protracted negotiations by the leadership of UFBU and backed up by the exemplary unity of the bank employees and officers and their successful participation in the strike actions. It is the result of our unity, militancy and perseverance."
Source : AIBEA (The text is as available with AIBEA website
Salient features of MOU with IBA, announced by UBFU on this day are as follows:
a) Annual wage increase of Rs. 4816 ( Rs. 2239 crores for officers and Rs. 2576 crores for workmen employees ) w.e.f. 1-11-2007.
b) All the existing employees who are now in PF scheme will be given an option to join the existing pension scheme.
c) All those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.
d) Full settlement on the above to be finalized within 90 days.
Retired employees (non-pension optees), who were in the service of the bank as on September 29, 1995 and March 26, 1996 and retired thereafter, choosing the pension option will be required to return the bank's contribution to the provident fund with interest thereof received by them at the time of retirement.
Further, they have to contribute to the pension fund their share of 30 per cent of the gap in pension fund.
Existing employees (non-pension optees) can exercise the pension option by contributing to the pension fund their share of 30 per cent of the gap in pension fund.
This contribution will be recovered from the arrears payable on wage revision.
THE WORD VRS OPTEES IS NOT MENTIONED ANYWHERE
ReplyDeleteWHETHER THEY ARE ELIGIBLE FOR PENSION OPTION?
MAY BE CLARIFIED IN THE INTEREST OF VRS OPTEES,
PLEASE.
THANKS.
Mr.Mahesh,
ReplyDeleteVRS,is one type of retirement and they are eligible for pension option,as per MOU.
Mohan.P
Hi,
ReplyDeleteMy father did not opt for the pension plan.He expired in 2003. We did recieve all the benefits. Does the revised pension plan also include cases like us. If yes then what are the intricacies involved
Mr.Saurabh,
ReplyDeleteAs per clarification made by IBA/UFBA in last meeting on 9th and 10th Dec 09,families of the PF optees who had died during the period would be eligible for the pension option.
Hello All,
ReplyDeleteMy father is VRS optee from BOM. Before taking VRS he had completed 25yrs in service.
Recently we came to know that Supreme court has issued a notice that all bank employees who have opted for VRS and have completed 25yrs of service will get additional 5yrs benefit.
I wanted to know is that ture? If so whats the process of claiming the same from the bank?
Thanks in advance
As per Honourable Supreme Court of India verdict in the case Civil Appeal 1942/2009 the VRS 2000 Pension Optees are eligible for adding a notional service of 5 years in accordance with Pension Regulations 1995.The notional service will be added on propotionate basis to actual years of service.SEVERAL BANKS HAD ALREADY PAID THE ARREARS ON ACCOUNT OF ADDING NOTIONAL SERVICE TO THE VRS PENSION OPTEES.Some are in the process of paying the same.Hence the VRS 2000 Pension optees may in their interest represent to the Bank if they have not received the arrears so far-R.JAYARAM
ReplyDelete