CLARIFICATION ON PENSION FOR EMPLOYEES DIED AFTER 27.04.2010

Here is the clarification received from IBA regarding Pension and Computation
for Bank employees who died after 27.04.2010.
Text of IBA Circular:

      HR & INDUSTRIAL RELATIONS

      No. CIR/HR & IR/G2/665/90/2010-11/2076                                                 December 21, 2010

Designated officers of banks which are parties to the

9^th Bipartite Settlement /Joint Note dated 27.4.2010

Dear Sirs,

Pensionary benefits to employees who were in service of the banks as on 27.04.2010 and died thereafter

DISAPPOINTING PENSION SETTLEMENT FOR FAMILY PENSIONERS!

Here is a live case, (which I have guided for quite some time)

which shows how the spouse of  Expired  employees are cheated.

Average Basic Pay:                                 Rs. 6252 (in 2002 when employee died))

Amount payable at 156%  :                      Rs.249212

Family Pension Payable per month:          Rs. 2958

Pension arrears payable upto Sep 2010:   Rs.31682

Now the spouse has shell out Rs.217530 (249212-31682) and get pension of Rs.2958 per month.

When the spouse will get back her principal?

WHAT SHOULD BE THE DATE OF COMMENCEMENT OF PENSION FOR NEW PENSION OPTEES?

Article received through email from ashok goel <ashokgoel47@gmail.com>
Bank Employees Pension Scheme.

“AN ARBITRARY DATE INVENTED BY THE PARTIES TO THE SETTLEMENT FOR PAYMENT OF PENSION/FAMILY PENSION IN RECENTLY PENNED DOCUMENT ON 27 APRIL, 2010.”

Dear Friends,

Though the Bank employees are fighting against the recently written document signed on 27.4.2010 over the extension of one more option to Pension Scheme, to them, who could not opt when it was offered, due to the presence of an illegal clause in the Pension Regulations, 1995 vides Regulation 22(4) (b).

The Selection of the Pension/ Family Pension payment date as 27.11.2009 is totally illegal, arbitrary and against all the basics of the legal values established, by placing brick by brick, by the humble and honorable courts of the country. It was advised by the courts more than several thousand times that each action of the State and or any of the Authority should be free from arbitrariness and bias.

UFBU'S STRATEGY ON CURRENT ISSUES OF BANK EMPLOYEES!

, 

UFBU MEETING ON 7^TH OCTOBER, 2010

A meeting of the UFBU was held at Mumbai in the AIBEA office on 7-10-2010.  The meeting was presided over by Com. Sarkar (President, AIBOC).  The meeting while taking note that the wage revision settlement has since been implemented and the process of submission of option to pension scheme is underway, had a detailed discussion on the various important issues.

1. Revised Scheme on Compassionate Ground:  The meeting was seriously concerned to observe that the revised scheme on compassionate appointments/compensation scheme as mutually discussed and finalised between IBA and UFBU is pending consideration and approval by the Government for the past 20 months.  The meeting decided that this issue should not be allowed to be delayed further and must be pursued earnestly on top priority including by agitational programmes, if necessary.

RESIGNATION EQUAL TO VOLUNTARY RETIREMENT!

“Therefore, when an employee voluntarily tenders resignation it was an act by which he voluntarily gives up his job. We are therefore of the opinion that such a situation would be covered by the expression voluntary retirement,” the judgement read.
Octogenarian argues case himself
Mohamed Imranullah S.

Obtains favourable orders after 45 years of his resignation

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“Consider petitioner's plea for pension within four weeks”
He applied for pension and gratuity in 2003

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MADURAI: S. Sankaran, an 83-year-old former school teacher of Tirunelveli, was the cynosure of all eyes in the Madras High Court Bench here on Thursday as he succeeded in obtaining favourable orders in a petition seeking monthly pension for the service he rendered 45 years ago!

STAY ORDER FOR 156%!

Message received from Deewaana <kamlesh.chaturvedi@yahoo.com> :

In an important development, Hon'ble Orissa High Court has stayed the operation of relevant clause of Pension Settlement dated 27.04.2010 vide which retired bank employees are required to contribute 56% amount.

SALUTE A.D NAGPAL! BACKROUND OF RAISE IN INTEREST RATE OF EPF FROM 8.5% TO 9.5%!

Q&A: A D Nagpal, EPF funds

Aditi Phadnis / New Delhi September 19, 2010, 0:27 IST

A D Nagpal, the man who uncovered ‘lost’ EPF funds, tells Aditi Phadnis how he made the discovery...

How did you stumble upon the discrepancy in the Employee Provident Fund (EPF) collections ?
In the past, before interest rates fell so drastically, the EPF Organisation (EPFO) used to earn as much as 16 per cent interest on its contributions. But the rate of interest would almost invariably be 12 per cent. The Comptroller and Auditor General had also pointed out this discrepancy In other words, everything that EPFO would earn was not always distributed to its contributors. This was because the finance ministry would always demur and say: “Don’t give more than 12 per cent interest”.