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”.

ANALYSIS OF PRICE RISE!

FOLLOWING IS THE TREND OF RAISE IN CONSUMER PRICE INDEX OVER YEARS.

BASED ON D.A CALCULATION FOR BANK EMPLOYEES.

You may notice that price raise more steep in the last 5 years.

Actual raise will be much more, that is a different story.

Govt. still claim that inflation is under control. What a joke!

From P. KUMAR

BANKS FAULTED IN REMITTING MONEY TO BANK EMPLOYEES PENSION TRUST FUND?

Short version of post received from 
Member Akhil Bhartiya Bank Karmi Jagrook Sangharsh Sangh
Ramesh Kumar- e-mail rkumarsinghal@rediffmail.com


We bring it to your kind notice that the top management of the Public Sector bank ‘s are indulging in fraud in the Bank employees Pension Fund Trust account and violating the Pension Fund Trust rule ( formulated in consultation with RBI) approved by respective Boards, to inflate the profits and to gain incentive bonus of Rs 7.50 to Rs 8 lacs paid to PSB CMDs & EDs on achieving SOI targets set by MOF.

FOR TAMIL READERS!

தமிழ் நாட்டில் உள்ள வங்கி ஊழியர்களே !

Will you please take print out of this notice and distribute to Bank Employees in your town?
இந்த நோட்டிசை பிரதி எடுத்து  உங்கள் பகுதியில் உள்ள வங்கி ஊழியர்களுக்கு கொடுக்கவும் !
Thank you! நன்றி !

Note: To read notice:right click and select ' open image in new tab'

HOW MUCH A PF OPTEE(RETIRED) LOSSES?

                                                       Attention retired employees!

Do you know how much you have lost because of second option to Pension Settlement?

I attempted to find out. Here is live case.

Details of the Employee:

D.O.B  16.11.1943         PF Received: Rs.354357

D.O.J    19.04.1968       Basic Pay      :Rs. 15380 ( as on 31.05.2001)

D.O.R  31.05.2001       

If he is Pension optee what he would have received up to 31.08.2010?

LET UNIONS ANSWER THE QUETIONS

QUESTION EVERYTHING!....SAID SOCRATES!    WE THE PF OPTEES QUESTION  THE PENSION SETTLEMENT!

1. In the Pension Regulations 1993/1995 there is no provision for collecting money from                    employees to make up the short-fall in pension fund. If at all any short fall is faced it should be made good by the banks themselves. Then on what basis banks are now asking employees to   contribute for short fall?

VRS 2000 EFFECT ON PENSION FUND

WHY PENSION FUND IS ALWAYS IN SHORTAGE?

1. VRS 2000 EFFECT:

USUALLY EMPLOYEES RETIRE ON 60YRS, AND GET COMPUTATION AND START GETTING PENSION.

TILL SUCH TIME BANK WILL CONTIBUTE TO PENSION FUND A CALCULATED AMOUNT FOR THESE EMPLOYEES.

WHAT HAPPENED IN 2000?  BANKS ANNOUNCED A SCHEME WHERE AN EMPLOYEE CAN RESIGN

AND GET COMPENSATION, COMMPUTATION, AND PENSION.

EMPLOYEE MAY BE OF ANY AGE. THERE STARTS ALL THE PROBLEMS.

PF OPTEES PUNISHED!

REVISED

1. I am Special Assistant, drawing max. stag inc, max PQA, and FPA

My arrears calculations are as follows:

Gross Arrears                                                     1,32,281.00

Less:   New P.F. contribution                           -   23,092.00

           Income Tax @ 20%                               -   26,456.00 (my income will cross 5 lacks)

           Recovery for Pension Cost(2.8 times)   -  74,228.00

COMMENTS ON RECENT WAGE/PENSION SETTLEMENTS

WAGE REVISION

1.  PERCENTAGEWISE NOT GOOD! NOT BAD!

2. PASSING POWERS NOT INCREASED. GOOD!

   IN THE PAST SPL.ASST POWER WAS INCREASED WITHOUT COMPENSATION.

3. ONE MORE OPTION TO PENSION ACHIEVED. GOOD!

4. SPL. ALLOWANCE TREATMENT VERY BAD

WHAT IS NEW PENSION SCHME FOR RECRUITS FROM 01.04.2010 ?

NEW PENSION SCHEME:

Frequently Asked Questions from Department of Economic Affairs, Ministry of Finance

A. Eligibility for NPS

Q1. What is the New Pension System (NPS)?

The NPS is a new contributory pension scheme introduced by the Central Government for
its own new employees. Under the new pension system, each new central government
employee will open a personal retirement account on joining service. Every month, and till
the employee retires or leaves government service, a part of the employee's salary will be
transferred into this account. When the person retires, he will be able to use these savings
to take care of the needs and expenses of his family during old age.

9th BI-PARTITE SETTLEMENT

1 MEMORANDUM OF SETTLEMENT dated 27th April 2010 between the Managements of 46 Banks as represented by the Indian Banks‟ Association and their workmen as represented by the All India Bank Employees‟ Association, National Confederation of Bank Employees, Bank Employees‟ Federation of India, Indian National Bank Employees‟ Federation and National Organisation of Bank Workers. [Under Section 2(p) and Section 18(1) of the Industrial Disputes Act, 1947 read with Rule 58 of the Industrial Disputes (Central) Rules, 1957]
Names of the Parties
46 Banks which are listed in Schedule I to this Memorandum of Settlement and their workmen.

1995 PENSION SETTLEMENT

265
CHAPTER – XXIV
STAFF PENSION SCHEME
INDIAN OVERSEAS BANK (EMPLOYEES’) PENSION REGULATIONS 1995
The Pension Scheme in our Bank is introduced under Indian Overseas Bank
(Employees’) Pension Regulations, 1995, which has been approved by Our Board of
Directors and published in the Official Gazette on 29.09.1995 as per Section 19(1)
of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. These
regulations are effective from the Notified date, i.e.29.09.1995.
I. DEFINITIONS:
In these Regulations, unless the context otherwise requires.
Act means the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1970.
Average Emoluments means the average of the pay drawn by an employee
during the last ten months of his service in the Bank.

2010 PENSION SETTLEMENT ORIGINAL DRAFT

1
Memorandum of Settlement dated 27th April 2010 between the Indian Banks’ Association on behalf of the Managements listed in the Schedule and their Workmen represented by All India Bank Employees’ Association (AIBEA), National Confederation of Bank Employees (NCBE), Bank Employees’ Federation of India (BEFI), Indian National Bank Employees’ Federation (INBEF) and National Organisation of Bank Workers (NOBW)
(Under Section 2(p) and Section 18(1) of the Industrial Disputes Act, 1947 read with Rule 58 of the Industrial Disputes (Central) Rules,1957)
Names of the Parties
46 Banks which are listed in Schedule I to this Memorandum of Settlement and their workmen.

KNOW ABOUT PENSION AND GRATUITY

Background for Pension Facilities in Banking Industry in India :

 The present guidelines indicate that employees who have joined in the service of the bank on or after 29-09-1995 are automatically covered under the Pension Scheme.   However, employees who were in the serving in the banks up to 28.09.1995 have to opt for Pension.  This option was allowed as one time exercise in 1995, and employees who opted for Pension were  not eligible for the bank contribution to PF.

A)    Various Types of Pension

The following  types of Pension are normally available to employees in banks,  under Employees Pension Regulations, 1995:-

Bank and LIC (Proposed) Revised Pay Package

Bank and LIC (Proposed) Revised Pay Package : View the difference.

Wage Revision Bank and LIC

BANK 01.11.07  
             LIC  01.08.07

CLERK-BASIC                          6200-18300                    7640-21050

DATES AND EVENTS OF RECENT WAGE SETTLEMENTS

DATES AND EVENTS OF HISTORIC SETTLEMENT   from P.KUMAR  vetrinicchayam@yahoo.co.in

25 &26.02.2008 STRIKE CALLED OF AT MIDNIGHT

                           A SET BACK

09.06.2009   AFTER 15 MONTHS SHARING OF PENSION COST DECIDED 4200:1800 CR.

                      NEW PENSION SCHEME  NOT A PRECONDITION .

                     (SUBSEQUENTLY IT IS AGREED)

                       WHY MEMBERS ARE NOT INFORMED OF THE RATE OF RECOVERY AT THIS JUNCTURE?