UFBU meeting held on 26/07/2010 - improvements in Pension Scheme

The UFBU meeting observed that while securing another option to join the Pension Scheme is a significant achievement by the UFBU, further improvements are required to be made in the Pension Scheme having regard to the changes made in the same under the 6th Pay Commission Report.

The UFBU decided to take up with the IBA the following issues:

- Periodical updation of Pension alongwith wage revision
   for serving employees
- DA at 100% neutralization for all Pensioners
- Revising Pension at the common Price Index of 2836
   points
- Increase in Ex-gratia payable to Pre-1986 retirees /
  widows
- Improvement in Family Pension

Implementation of Pension Option Settlement

The meeting also took note of a few Court cases in Allahabad, Delhi and Chennai including an interim stay in High Court of Madras obtained by a Union with handful of members (which is not affiliated to any UFBU constituent) attempting to stall the implementation of the pension option for which employees and officers have been waiting for the past so many years.  It was decided that UFBU should ensure the removal of such legal hurdles.  It was also decided to take up the matter with the IBA and the Chief Labour Commissioner, Government of India to ensure immediate implementation of the Pension Option Settlement by extending the offer to existing PF optees as well as to the retirees. Click on the following link to view detailed circular.

 AIBOC/UFBU Circular

Increase in D.A. slabs from August 2010

Pensioners DA will increase by 27 slabs from Aug 2010.
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 here for D.A. Calculator

D.A. Rates for Pensioners (%)  27 slabs more
 Retired prior to 01-11-1992 - 831 Slabs over 600 points
     Upto 1250    1251-2000    2001-2130    Abv 2130
         556.77%    457.05%      274.23%      141.27%
After 01-11-1992 upto 31-03-1998 - 694 Slabs over 1148 points
     Upto 2400    2401-3850    3851-4100    Abv 4100
         242.90%      201.26%      117.98%      62.46%
After 01-04-1998 upto 31-10-2002 - 560 Slabs over 1684 points
     Upto 3550    3551-5650    5651-6010    Abv 6010
       134.40%      112.00%       67.20%       33.60%
Retired on or after  1-11-2002 - 409 Slabs over 2288 points
For the entire Basic Pension Amount    73.62%
Retired on or after  1-11-2007 - 272 Slabs over 2836 points
For the entire Basic Pension Amount    40.80%

Click here for IBA  D.A. Circular

2nd Pension option Implementation - Hurdles of litigation

AIBOC has issued circular regarding 2nd Pension option implementation - hurdles of litigation. The case in Madras High Court is getting listed but could not reach the stage of hearing so far. 

There are certain developments in between.The payment of arrears in Canara Bank took place after the temporary stay was granted by the Court; the petitioners have raised the issue of contempt of court and compelled the Management of Canara Bank to refund the amount recovered. Fearing the contempt proceedings Canara Bank has returned the amount of 2.8 times revised Nov.2007 pay, recovered from the award staff.  As the Confederation or any other Officers’ organization is not a party to this petition, they have not returned the amount recovered from the Officers concerned.According to AIBOC, IBA is now planning to go before the Bench of Hon’ble High Court of Madras, raising the issue of urgency in getting the agreement implemented and seeking quashing of the case. A  meeting of the United Forum of Bank Unions  is scheduled on 26^th of July 2010 at Mumbai to deliberate on all these developments and take appropriate decision in the matter. For viewing the AIBOC circular click on the link below.

AIBOC  Circular dtd. 24/07/2010

Pension option - Madras High Court injunction case - Update

The Pension Option case at Madras High Court is getting listed for hearing everyday , but gets rescheduled to next day, due to lengthy arguments in other cases listed before this case. The case is again listed for hearing on 23rd July, 2010.  But there is little possibility for the case to be heard on 23rd. It is likely that it will be heard in next week only.

Pension option - Madras High Court injunction case

The case filed in Madras High Court regarding pension option is postponed and scheduled for hearing on 9th July 2010.IBA, AIBEA, NCBE have filed their COUNTER  for lifting the stay.

Click here to view the counter argument filed by IBA

Source - AIBOA  Website