Wednesday, September 8, 2010

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



Nett.   Arrears Payable                                        Rs.8,505.00 for 30 months

QUESTION 1 : IN 7TH &8TH BIPARTITE ADDITION PENSION COST WAS GIVEN
                     OUT OF WAGE REVISION AT THE RATE OF 8.25%&9.25%
                     IN 9TH BIPARTITE ALSO IT IS AGREED TO GIVE OUT OF WAGE REVISION.
                    ON AN AVERAGE OF Rs10000/- BASIC PAY A PF OPTEE’S AMOUNT COMES
                     TO Rs1.30.000/- (WITHOUT CONSIDERING INTEREST) FROM 1997 TO 2010.
                     IF I DECIDE TO REMAIN AS PF OPTEE WHETHER THE BANK WILL REFUND
                     THE AMOUNT  WITH INTEREST?

QUESTION 2 :  ARREARS BEING  GIVEN AFTER 30 MONTHS. INTEREST ON DELAYED
                           PAYMENT COME TO AROUND Rs.16,000/- 

WHEN IBA IS KEEN  IN RECOVERING ADDITIONAL EXPENDITURE,
WHY EMPLOYEES SHOULD LOOSE SUCH A HEAVY AMOUNT?     

Suggestion: All the empl. are not going to draw pension from today. Therefore recovery 
should not be at one go. Instead it may be recovered in EMI  till the dt. of retirement of
the respective empl. 

2. Employees drawing  different  Spl.Allowance (new)  i.e  Nil,510,1250.1500, etc., on 01.11.2007
    will pay different amt. for pension cost, but all will draw the same pension amt for their 
    spl. allow. as  it will be uniform for all clerks from May 2010.

3. An Employee retired on Mar 2010 and got Rs.700000/- as PF has to contribute Rs.392000/- as
    pension cost, while an empl. Retiring on June 2010  will contribute only around Rs.60000/- 
   Is it correct?

Any misunderstanding by me about the outcome so far may be pointed out.  

P. KUMAR ,INDIAN BANK ,SALEM FORT.

1 comment:

sundar said...

Not a comment but query. Is there any possibility of one more option pension for left overs. I had already applied IInd option but was rejected for belated remittance of 156% Bank portion. Or can I try legally. Pl inform sundararaman