Monday, July 31, 2017



Average Index


Dearness Relief to Pensioners who retired on or after 1st Day of January,1986

but before 1st Day of November,1992/ 1st July 1993.


Basic Pension:

Over 600

Up to 1250
1251 to 2000
2001 to 2130
Above 2130


Dearness Relief to Pensioners who retired on or after 1st Day of November,

1992/ 1st July 1993.

Up to 2400
2401 to 3850
3851 to 4100
Above 4100

over 1148


Dearness Relief to Pensioners who retired on or after 1st April,1998.

Upto 3550
3551 to 5650
5651 to 6010
Above 6010

Over 1684


Dearness Relief to Pensioners who retired on or after 1st November ,2002.

Over 2288

Dearness Relief to Pensioners who retired on or after 1st November,2007

Over 2836

Dearness relief to Pensioners who retired on or after 1st November,2012.

Over 4440


D.A calculator is available for calculating revised D.A. and difference. For calculating D.A , enter basic ( original basic without reducing commutation amount) and click on the calculate button. Revised D.A , Present D.A. and difference will be displayed on the calculator. Select appropriate retirement date range according to the date of retirement.

Click on the following link for  D A Calculator. 

D.A. Calculator

Monday, July 17, 2017

Launching of Super Top Med claim Insurance Policy designed by New India Assu. Co. Ltd For Bank Retirees

Circular issued by AIBRF on the above subject is reproduced below.
Ref:2017/78                                        Date: 15.07.2017
The office Bearers/ Central Committee Members/ State Body Chiefs


Dear Comrades,

Re: Launching of Super Top Med claim Insurance Policy designed by New India Assu. Co. Ltd For Bank Retirees

As all of you are aware, Indian Bank Association had introduced Group Med Claim Insurance Policy designed by United India Insurance Company for bank retirees with effect from 1st November, 2015. The policy is in operation in the second year and next renewal of this group policy is due after about 14 weeks, on 1st November, 2017
2. We find that in the scheme of IBA there is no provision for top up facility for the retirees which is common option given to the insured by the insurance companies nowadays to meet individual needs. AIBRF had approached IBA at the time of last renewal to consider providing option of Top facility to those retirees who need it and want to go for it. We also pointed out that premium will ultimately be borne by the retiree so IBA should not have any problem in this regard and it will be good insurance business for United India Insurance Company. However, our request in this regard was not  considered favourably. As all of you know, AIBRF/ Retiree representatives have not been involved at any stage in
designing or implementing it by IBA despite the fact that entire cost of premium running in to crores of rupees is borne by the retirees  from their pockets.
3. We have been receiving continuous several representations  from individual members/ affiliates  requesting AIBRF to take initiative in
launching super top up policy for bank retirees as group to take care of their future requirement to meet increasing cost of treatment due to inflation/introduction of new technology in
medical science and the fact that increased insurance cover will not be easily available to the retirees subsequently at the advancing age.
4. Considering the above genuine requirement of our membership for effective health management in coming days, AIBRF took steps to approach insurance companies to design top up scheme for bank retiree group which is suitable to them and in conformity to the terms and conditions of the basic policy of United India Insurance Co. Ltd. We gave the following mandate to the broking firm to consider them and invariably include them in the final product. (a) Term and Conditions of the Super Top policy should be 100 per
cent identical to the basic policy of United India Insurance
Company to make both policies as integrated product for the
retirees with seamless benefits. In other words, there should
not be any age bar to join it, all deceases/ illness give in the
basic policy should be included for claim, claim ratio under
various heads should be similar to the basic policy.
(b) There should not be any condition for medical test to join top up policy
(c) It should be floater family policy to include retiree and his/ her spouse and widows of deceased retirees.
(d) Premium should be affordable and reasonable.
5. We are now happy to inform you that after prolonged
discussions, exchange of information/ several documents, hard negotiations with several insurance companies, we have been now able to finalise the scheme of top up policy for bank retirees with New India Assurance Company Limited. Main features of the scheme are as under:
(a)New India Insurance Company is the public sector and largest insurance player in the country.
(b) Top up policy designed for bank retirees will have 100 per cent same terms and conditions and will be completely identical to the basic policy.
(c) All bank retirees who are currently members of group insurance policy of United India Insurance Co. will be eligible to purchase top up insurance policy with no age bar.
(d) There will be two slabs for sum insured on the lines of basic policy. It will be 3 lakhs for award staff retirees and 4 lakhs for officer staff retirees.
(e) Premium for top policy will be Rs. 2975 for 3 lakhs limit and Rs.3225 for 4 lakhs limit plus applicable taxes. In other words, premium will be less than 1 per cent of some insured for top policy.
(f) Policy will cover only hospitalisation charges with 30 days prehospitalisation and 90 days post hospitalisation expenses on the lines of basic policy. However domiciliary benefits will not be available under top up policy.
(g) The policy will become operative from 1st November,2017 to coincide with due date for next renewal for basic policy subject to getting minimum 10000 applications with premium payment before the date .
(h) Both the policies put together will give seamless cover of Rs.6/ 8 lakhs to the retiree and spouse at the reasonable premium of about 2.15 per cent of sum insured (about 4 per cent for basic policy and 0.98 for top up policy). It will be much cheaper compared to the United India Insurance Company policy given to the retirees of SBI.
(i) Insurance of Rs. 6/8 lakhs will take care of all future
eventualities in the area of health management for senior citizens at least for next 10 years if not more without any botheration.
(j) We enclose 3 annexures giving complete details/ background of the scheme for your information/ information of members.
6. We find that some of our affiliates have entered arrangements for top up policy for the members. On-going through terms and conditions of the policy we find that there are some restrictive clauses in it like co-pay clause, restrictions on sum assured for major surgeries etc. putting the retiree in some disadvantageous position in claim settlement. In this regard proposed policy of New India Insurance Co. is superior in settlement of claim amount.
7. We now request our affiliates/ office bearers/ central committee members/ other activists to take the following steps
(a) Make publicity of the scheme based on enclosed documents among the primary members
(b) Meetings can be held at local level to explain the scheme to the membership.
(c) All affiliates are requested to send their initial estimate on the likely membership under the scheme before 30th August,
(d) Give feedback about the scheme, if any.
8. We shall issue detailed circular about implementation of the scheme in coordination of the insurance company after some time.
With Regards,
Yours Sincerely,

For more details click on the following links

Tuesday, July 11, 2017

Irregularities in maintenance of Employees Pension Fund in Punjab National Bank

 We reproduce below two letters on he above subject , addressed to CMD, Punjab National Bank and Secretary, Department of Financial Services, Ministry of Finance, Govt of India , by Conveners CBPRO

Date: 04.07.2017
The Chairman & Managing Director
Punjab National Bank
New Delhi
Dear Sir,
Sub: Pension Fund
It has been brought to our notice that a sum of Rs. 2056 crores has been written back from Pension Fund and  Gratuity Fund to Bank’s Profit & Loss A/c reportedly on actuarial valuation but allegedly to shore up the bottom line. We are equally concerned about the bottom line of every bank not because the livelihood of most of our members depend on the well being of these banks but more because our past is inextricably linked to these banks and that the bondage is unbreakable. While every retiree will be too glad to place their services at the disposal of their respective banks they also expect the banks to respect the contract regarding terminal benefits. The PNB Employees Pension Regulations, 1995 speaking about pension fund, to ensure prompt payment of pension states in Regulation 11 as under:
Actuarial Investigation of the Fund- The Bank shall cause an investigation to be made by an Actuary into the financial condition of the Fund every financial year, on the 31st day of March, and make such additional annual contributions to the Fund as may be required to secure payment of the benefits under these regulations.
Provided that the Bank shall cause an investigation to be made by an Actuary into the financial condition of the Fund, as on the 31st day of March immediately following the financial year in which the Fund is constituted.”
From the above it is clear that the actuarial investigation is made only to identify shortfall if any so that the bank shall make good the same by providing adequate additional contributions. There is no provision to reverse the money already credited to the Pension Fund.
We have no reason to suspect the findings of the actuary or to believe the rumors that a doctored actuarial valuation was obtained at your instance to shore up the bottom-line artificially. If there has been truly a reversal of any amount from the Pension Fund, we find it hard to accept the same because Pension Fund is a Trust created to ensure payment of pension to pensioners. Pension Fund being a Trust Fund is expected to be managed in conformity with Pension Regulations which is a subordinate legislation. Bottom-line considerations though important and necessary cannot overlook a statute. The Bank could have thought of alternatives to bring out the true state of affairs without violating the Pension Regulations. The Pension Fund that was made a trust to guarantee the pension of senior citizens (retirees) cannot be made to lose its meaning however bonafide the motive has been. This one aberration has come as a rude shock to us and we feel this aberration should be avoided. We hope and trust you would understand our anxiety.
We request you to immediately initiate appropriate steps to set right the aberration and safe guard Pension Fund & Gratuity Fund and set at rest the anxiety caused to the retirees and all those employees and officers serving in your Bank who have opted for pension. Please treat the matter most urgent.
Thanking you,
With regards,
A.Ramesh Babu    K.V.Acharya
Joint Conveners


 Quote :
Mrs. Anjuli C. Duggal,
Department of Financial Services,
Ministry of Finance,
Government of India,
New Delhi.
Respected Madam,

Irregularities in maintenance of Employees Pension Fund in Punjab National Bank

It has been brought to our notice that the management of Punjab National Bank has written back a sum of Rs  2026.60 from Pension and Gratuity Funds adopting a different accounting method within the accounting standards
for the first time ever so as to improve its operating profits as on 31.3.2017 in an artificial manner. This amount was consequently utilized to increase the provision for Non-Performing Assets by Rs 1920.85 crores and thereby
reduce the Net NPAs as on 31.3.2017. It appears that the management has done so after causing an investigation
by the actuary into the financial condition of the fund in terms of Regulation 11 of the Pension Regulations. The action of the management is ultra virus of the regulations in as much as the actuary's investigation is required to help the bank make additional annual contributions to the fund as may be required to secure the payment of benefits under the regulations (Regulation 11). It does not permit or even remotely provide for the write back of earlier contributions made to the Fund.
Regulation 13 provides for the payments out of funds viz." the payment of benefits by the Trust shall be administered for grant of pensionary benefits to the employees of the bank or the family pension to the families of the deceased employees of the bank". There is no regulation in the Pension Regulations which could be construed to authorise the Management or the Trust to Debit the fund on account of any other purpose including a write back of the earlier contributions made by the bank to the fund. In the absence of any express provision authorising such write back, the action of the management/trust would amount to misappropriation of the Employees Pension Fund. Such an action if not rectified/reversed immediately could entail legal/criminal liability for breach of trust and misappropriation of employees' pension and gratuity funds.
As you are aware, many Public Sector Banks have been under stress for the last 8-10 quarters. We apprehend that
there could be some other banks who have indulged in similar acts of impermissible nature and also not adequately contributed towards Pension Fund including their share of contribution towards Second Option which was amortised for over 5 years from 2010. We therefore request you to look into the matter and ascertain the facts from all the Public Sector Banks so as to initiate suitable corrective action in this regard. It is imperative to underscore that the managements of the banks cannot be allowed to use the Employees' Funds as a floating provision to be utilised whimsically to tide over their financial difficulties during the period of stress by writing
back the contributions made earlier to the employees' pension/gratuity funds.
We earnestly seek your kind intervention in the matter.
Thanking you,
Yours faith fully,
Joint Convenors

Source : AIBPRC Website