PENSION ANOMALIES IN BANKS (A pre-planned conspiracy of I.B.A & BANK UNIONS)

//PENSION ANOMALIES IN BANKS (A pre-planned conspiracy of I.B.A & BANK UNIONS)

PENSION ANOMALIES IN BANKS (A pre-planned conspiracy of I.B.A & BANK UNIONS)

By | 2017-12-19T10:23:41+00:00 December 19th, 2017|Miscellaneous|

WHY,WHEN & HOW OCCURRED EVERYONE SHOULD KNOW IT Here are Few main resasons to view:-
1. The foundations of creating anomalies in pension of theRetirees was laid down by IBA in 1996 i.e. Apprxly 4 years earlier jointly with employees union. IBA issued a circular no PD/CIR/76/D/714 do August 6,1996 to all members of association informing the All India Average Consumer Price Index Numbers for industrial workers (base 1960=100)for quarter of June ended1996 was reduced to 68 points i.e. from 1616 instead of 1684 points and then kept silent without any further movement.
But at the time of implementation of VII BPR this formula was applied at the time of the calculation of DA merger in basic pay.
For regular staff there was nothing wrong but for Retirees it was to prove very harmful.
2.The same happened. How it will be clear in Sr No..As per Pension Regulations 1995 Retirees basic pension is to be fixed after taking into the consideration of last 10 months avg of Basic Pay+FPA+Dearnrss Allowance withdrawn while in service. (Rules say that pension should be appxly 50% of the last drawn salary) but all Pensioner pension was only fixed by taking into the consideration of Basic Pay +FPA. Thus pension was in the beginning of the fixation was curtailed. This happened Upto the Retirees who retired before Nov2002.
Later on VIII BPR CAME into existence but this formula was continued in onwards settlements till date but thru miracles of changes in figures.
When lot of hue nd cry roared this was ammended w. e. f. the dates of retirement in Aug 2005 but WITHOUT CHANGING THE DA FORMULA FOR THE PAST RETIREES surprisingly with a clause not to pay the arears of the last years.
2A. This ammendment was effective from retirement then Dearnrss Relief was to be calculated from the retirement date but was not done. Surpringly the net gross pension was the same while ammendments were made after 7years resulting basic pay although was increased but no increase in gross pension.
3. VII BPR (perhaps few of us know this fact) was also made historical. Previously the cut of date for payment of arrears of this settlement was announced from April 98 but later on stages April 98 was treated as the implementation date of this settlement. Both unions and IBA are still confirming this thru letters sent to me nd r on records.
4.As per clause of pension regulations 1995 clause (zb) settlement is to be made in between bank management and workmen oftrade unions representatives. There is no specification for Retirees or Retirees unions represetives to sigh joint note. At that time there was retiree association in existence.
5. If Workmen or Officers union took pain in revision of Pensioner pension then why once only in on April 1998( why not from Nov 1997).Under what reason history of changing the period of settlement from usual of Nov to next year’s month of April was fixed. Why nd what grounds cut of date fixed for arrears April was converted into Permanent settlement date.
6. Why nd on what grounds IBA workmen unions did not include Retirees issues in COD onwardssettlements made in 2002,2007,2012. Whydeliberately avoiding in the recent BAR of 2017.