Wednesday, November 21, 2012

UFBRO expresses disappointment to UFBU for not consulting retirees' organisation on Charter of Demands submitted to IBA

United Forum of Bank Retirees' Organisation (UFBRO)  represents more than one lakh retirees from 45 banks. Recently UFBU has submitted Charter of Demands  to IBA, in which demands/issues  of retirees were also incorporated.  
But the retirees' organisations were not consulted and taken into confidence before submission of Charter of Demand by UFBU to IBA . UFBRO has written a letter to UFBU expressing disappointment for not taking into confidence retirees' organisations. Click on the link below to view the letter.

Source : AIBRF website

Thursday, November 15, 2012

extending the pension option to officers/employees who had resigned from bank's service - UFBU letter to IBA

Recently Government has clarified that those officers who had taken VRS under bank-level OSR provisions may be extended pension option and accordingly IBA has issued instructions to the member banks. In the last UFBU meeting, it was decided to take up the cases of employees and officers who had resigned from the Banks during  period. The  text   of UFBU's   letter addressed to the IBA in this regard is reproduced below


Reg.: Extending the benefit of joining the Pension Scheme as per Settlement / Joint Note dt. 27.04.2010 to employees / officers who had resigned from bank service

In terms of the Settlement / Joint Note dated 27.04.2010 between IBA and the Workmen Unions / Officers Associations, one more option was given to the following employees / officers to join the pension scheme.

a) Those who continued in service on date of settlement.

b) Family of those who had died during the period.

c) Those who had retired from service during the period.

d) Those who had relinquished their job under the special VRS in 2001.

All these eligible employees / officers were extended the option and most of them have already given their option and are now covered by the Pension Scheme.

There was a set of officers in some of the banks who do not fall under the above categories but nonetheless had retired from the service of the banks under their bank-level Voluntary Retirement Schemes. Since for all practical purposes, these cases are at par with regular retirements, the Government has already clarified that such officers who had retired under these Bank Specific Regulations be also covered by the settlement and hence to be extended the option. Vide our letter dated 18th September, 2012, we had requested the IBA to advise the banks to implement these Government clarifications. We once again request you to expedite the instructions.

Further, there are some employees and officers who had relinquished their jobs through resignations. Recently a few judgements have come stating that resignation is one type of retirement and hence be extended option to such employees who had resigned their jobs.

Since according to the judgement and legal interpretation, resignation and retirements are treated alike, we urge upon the IBA to consider and extend another option to join the Pension Scheme to these employees and officers who had ceased to be in service on account of resignation.

Thanking you,

Yours faithfully,




Click here to view AIBEA circular

Saturday, November 10, 2012

Good News for VRS optee officers - IBA issued circular regarding 2nd option of pension to VRS optee officers who took VRS under OSR

IBA has issued circular directing member banks to extend second option of pension to officers who took VRS under Bank Officers' Service Regulations  (OSR).  Family members of such officers , who are deceased but who were in service at that time, are also eligible for family pension.  Officers who took VRS under Bank OSR  were denied second option of pension at the time when second option of pension was extended to other categories of officers and award staff.

Click here to view IBA circular 
IBA has issued corrigendum to above circular on 12/11/2012.
Click hee to view corregendum to IBA circular  

Sunday, November 4, 2012

Five workmen unions AIBEA, NCBE, BEFI, INBEF and NOBW submit charter of demands to IBA

Five workmen unions AIBEA, NCBE, BEFI, INBEF and NOBW have submitted charter  of demands to IBA , which included following demands on SUPERANNUATION BENEFITS

Pension related issues:
· NPS to be withdrawn and all new employees from 1-4-2010 covered by NPS to be covered by old scheme under Pension Regulation 1995.
· Permanent Part-time employees on Consolidated Wages prior to 1.5.2010 and made 1/3rd wage from 1-5-2010 should be covered by Pension Regulations.
· Refund of contribution to pension fund to the employees who joined between 1.11.1993 but before Pension Regulation came in force in 1995/1996.
· Periodical Pension updation along with wage revision of service employees
· Basic pension of all existing pensioners to be updated at the same index level like Basic Pay of service employees viz July-Sept.2012 average.
· DA on pension to be on monthly basis .
· Same DA at 100% compensation for all pensioners and removal of slab system.
· Extending 2nd option facility to employees who resigned between 1995 and 27.4.2010.
· Qualifying service for full pension should be 20 years like in Govt/RBI;
· Average of 10 months or last drawn ‘Pay’, ‘whichever is higher’ should be considered for calculation of basic pension.
· Service rendered in Defence, if not counted for Defence pension should be added in bank service for payment of pension
· Actual service of Part time employees should be counted for pension and not on pro rata basis.

Family Pension –
· To be improved at par with RBI/ Government pension scheme
· Full pension as family pension for seven years or upto the age of 67 years instead of 65 years,
· Payment of Family Pension to unmarried/widowed daughters for life and if spouse and daughters are not available then to parents.
· Incorporation of provision in Pension Regulation in synergy with Clause 6 (b) 6 (c) and 6 (d) of settlement dated 10.4.2002.

· Extension of Para-368(17) of Sastry Award to Pension Optees.

Source : AIBEA Website