REVISION OF GRATUITY CEILING DATE OF EFFECT IS 24TH MAY 2010

Gazette Notification has been issued by the Labour Ministry, Government of India for the purpose of notifying the date of effect of the revision in the Gratuity Ceiling payable under the Payment of Gratuity (Amendment) Act 2010. The date of effect has been made as 24th May 2010.Click on the link below to view circular issued by AIBOC on the subject.

AIBOC circular on date of effect of revised gratituty ceiling

Implementatation of 9th Bipartite Settlement - Process is on - Govt clearance in respect of officers is awaited

AIBOC has issued a circular stating that process of implementation of 9th Bipartite Settlement  is on.

The Indian Banks’ Association has since issued detailed communication to all the banks in respect of the Award Staff who signed 9^th Bipartite Settlement under the provisions of the Industrial Disputes Act which does not require further approval of the Government.  The Communication in regard to the payment of arrears as well as the recovery towards the contribution to Pension Fund on account of the 2^nd Option from those who will be required to exercise the option has since been sent to the Banks with instructions to hold the contribution in a separate account pending receipt of the detailed instructions from the Government including the amendment to the Service Regulations in respect of Officers of the banks. The process in respect of the Officers will also be expedited. Click on the link below to read full circular

AIBOC Circular

HC directs LIC to revise pension

Jaipur, May 20 (PTI) Rajasthan High Court today directed the Life Insurance Corporation (LIC) of India to implement a decision by its board to revise the pension and DA payable to its retired employees in accordance with successive revisons of the payscales of its in-service staff since 1986. A single judge bench of Justice Munishwar Nath Bhandari of the high court asked the LIC to take immediate steps for implementation of a 2001 resolution of its board by which it had decided to revise the pension and DA of its retired employees corresponding to the revisions of the payscales of its in-service staff hat took place in 1986, 1993, 1997 and 2002.

The court''s order came on the petition of Krishan Murari Lal Asthan, the General Secretary of the Retired Employees Federation Association of LIC. Arguing before the court, counsel for the petitioner contended that LIC had indulged in discrimination in revision of payscales as the pay slab of the in-service candidates were revised in year 1986, 1993, 1997 and 2002 but the basic pay on the basis of which pension is computed were never revised. Upholding the contention Justice Bhandari observed, "If the facts of this case are looked into, then it becomes clear that amongst the pensioners there exists dicrimination more specifically when the pension has been made admissible to the employees who retired on or after January 1, 1986.

" Holding that implementation of the board''s resolution would take away dicriminatory treatment among the pensioners apart from keeping the LIC away from administrative inconvenience, Justice Bhandari in his order said, "I am of the view that the corporation may give effect to its resolution." PTI Cor.

Source - Yahoo finance News

Pension Second option - views

The  messages  given below are  posted on our bankpensioner group site. Regarding other discussions/ opinions on the issue of 2nd option of pension employees please visit bankpensioner group site.

  
From -    S.SRI RAMA MURTHY

PF OPTEES DO NOT COMMIT MISTAKE SECOND TIME , your KIND ATTENTION PLEASE

DEAR ALL,
           It pains a lot to hear from some quarters, not to opt for pension(second option for pension). Earlier also in these columns I made a note of caution , IF YOU DO NOT OPT FOR PENSION THIS TIME, NO FORCE WILL SAVE YOU ON THIS EARTH.  example I quoted certain Railway employees long back by not opting for pension, and instead opted for PF, that SO CALLED PF BIG AMOUNT EVAPORATED IN NO TIME DUE TO MANY REASONS AND THEY FOUND THEMSELVES ON STREETS. because RAILWAY PENSION is our role model, it is different matter unions, iba, and central govt are depriving us of our eligible rights.
 

Letters to the Principal Secretary, Prime Minister Office by Shri C N Venugopalan Ex Bank Manager

 We give below the letters written by Shri C N Venugopalan to the Principal Secretary , Office of Prime Minister , Government of India. The letters contain various issues on 2nd option of pension and "Evaluation of fantastic uncomparable  contribution to the banking system".
  No.
20100511
11th May, 2010

The Principal Secretary,
Office of the Prime Minister,
Government of India,
New Delhi – 110 001
                        Kind Personal Attention: Shri. T K A Nair,
Respected Sir,
I am very much inspired by the speech of our Hon'ble  Prime Minister on
8th May, 2010 addressing the Golden jubilee National Conference on Law
& Governance of the Bar Association of India wherein he called upon
Indian legal fraternity to become an integral part of the system of
administration of justice in the country.  The worthy Prime Minister

Implementatation of 9th Bipartite Settlement - Process is on

AIBOC has issued a circular regarding implementation of 9th Bipartite Settlement, which states that the process of implementation is on, IBA issues guidelines to the banks and  govt. clearance in respect  of officers is awaited. Click on the link below to view full circular.
AIBOC Circular regarding implementation of 9th BPS

Pension Calculators for Basic pension, Commutation and D.A

The following online pension calculators are made available  on this website

1. Basic Pension Calculator

2. Commutation Calculator

3. D.A . calculator

These calculators are available on "Pension Calculators" page link on the site. Information regarding these calculators are given on the page itself. These calculators are useful for new pension optees for calculating there basic pension, D.A.

The commutation calculator gives commutation amount and commutation value (i.e. the lump sum amount  receivable on account of commutation.

2nd Option on Pension Bare Truth - AIBOC Circular

Click on the link below to view circular issued by AIBOC regarding 2nd option of pension - "Bare Truth"
AIBOC circular No 64 dtd 12/05/2010

Pension Option - eligibility and other details (9th BPS - 2nd Option)

1. Eligibility for pension option – Who can opt now ? :
Those who were in service of the Bank on date of Pension Regulations in 1995/1996
       a)  and continue in service as on 27.4.2010.
       b)  OR retired thereafter before 27.4.2010.
       c)  OR retired thereafter and died before 27.4.2010 
             (Family can opt now).
       d)  OR died while in service but before 27.4.2010. 
             (Family can opt now).
       e)  OR  ceased  to be  in  service  thereafter under 
             the Special VRS  scheme after rendering  
             15  years   service.

 2.  Who is a retired employee and who is an existing employee ?
a)  Those who have retired prior to 27-4-2010 are retired employees.
b)  Those who are in service as on 27-4-2010 are existing employees.

3.  What to refund :
a)  Employees in service as on 27.4.2010 and opt for pension now will pay from their arrears an amount equal to 2.8 times of „Pay‟ payable for the month of November, 2007. 
b)  Employees who have  retired  / died before  27.4.2010  and  if  option  is given now by them/their family, they will repay the Bank’s contribution to  PF  received  by  them  +  56%  on  this  amount  Less  commutation amount. 

4.   From when pension will be paid: 
a)  For  those  who  retired/died  before  27.11.2009,  arrears  of  Pension/Family Pension will be paid from 27.11.2009.

b)  For those who retired/died after 27.11.2009, arrears will be paid from date of retirement/death.

D.A. rates for pensioners - No Change

There are many queries regarding D.A. rates for pensioners. Regarding these queries , it is clarified as under.
D.A. rates for pensioners change in the months of February and August on six monthly basis and NOT on quarterly basis as in the case of existing employees. Hence there is no change in D.A. for pensioners from the month of May 2010 , though the D.A. is increased for existing employees with effect from May 2010. 
Present D.A. rates for pension effective from February 2010 are given below for ready reference.
Retired after 01-11-1992 upto 31-03-1998 - 667 Slabs over 1148 points
     Upto 2400           2401-3850          3851-4100         Above 4100
     233.45%               193.43%            113.39%              60.03%

Retired after 01-04-1998 upto 31-10-2002 - 533 Slabs over 1684 points
     Upto 3550           3551-5650          5651-6010          Above 6010
     127.92%                106.60%              63.96%                31.98%

Retired after  1-11-2002 upto 31-10-2007  - 382 Slabs over 2288 points
      For the entire Basic Pension Amount    68.76%
 
Retired on or after  1-11-2007  - 245 Slabs over 2836 points (i.e. retired after 9th BPS)
     For the entire Basic Pension Amount    36.75%

Pension Scheme certain developments why? and how? - AIBOA version

We reproduce below circular issued by AIBOA .

Circular No.14/V/2010

April 30, 2010

                              PENSION SCHEME

CERTAIN DEVELOPMENTS    WHY?   AND   HOW?

 

For the AIBOA who along with INBOC gave a letter to IBA / Govt., on 02.06.2005 on the heels of the last settlement getting one more option to PF optees with the same quality of pension was the only priority and with this we kept along all compromises in the matter of costing on pension-incremental cost as also the determination of deficit amount on account of Actuarial intervention which AIBOA never wanted.  But one of the constituents secured it at Calcutta with great zeal which ultimately resulted in our share as 1800 crores recovery for one more option.

RBI move on updated pension benefit quashed

The Bombay High Court on Monday struck down the circular issued by the Reserve Bank of India (RBI) withdrawing pension updation benefits for its employees. The judgment was passed while hearing a petition filed by a retired RBI employee in the Bombay HC.
Responding to the petition, the RBI had filed that the circular was issued following a government order to withdraw the pension updation for its employees. The HC was of the view that the government cannot override a decision taken by the RBI’s central board just by writing a letter.