Dear Comrades,
PENSION OPTION SETTLEMENT – UNIQUE ACHIEVEMENT
One more chance to secure your retired life
It is not a mere option but a golden opportunity
OPT FOR PENSION SCHEME
OPT UNHESITATINGLY Right from the days of Sastri Tribunal, AIBEA had been demanding pension benefit for bank employees. The demand became more focal when Government improved their pension scheme from 1.1.1986 under the 4th Pay Commission. AIBEA fought for the demand and achieved it by signing the historic settlement on 29.10.1993.
Thousands and thousands of employees opted to join their Pension Scheme and covered themselves by this better social security scheme and retrial benefit. However, due to doubts, apprehensions, typical short-sightedness of the middle class, and virulent propaganda, many remained in PF. But within a few years, everyone realized and understood that Pension is good and good for all.
But it has taken more than a decade to achieve the demand for one more option to join the pension scheme. With so much of efforts, lot of struggles and backed up strike actions, we could at last achieve this long-desired demand. Bank employees will cherish UFBU for long long years for this wonderful achievement.
The Day 27th April, 2010 will remain historic for bank employees trade union movement when all the unions under the banner of UFBU signed the Agreement/Joint Note providing one more chance to opt for Pension Scheme.
1. Eligibility for pension option – Who can opt now ? :
Those who were in service of the Bank on date of Pension Regulations in 1995/1996
a) and continue in service as on 27.4.2010.
b) OR retired thereafter before 27.4.2010.
c) OR retired thereafter and died before 27.4.2010 (Family can opt now).
d) OR died while in service but before 27.4.2010. (Family can opt now).
e) OR ceased to be in service thereafter under the Special VRS scheme after rendering 15 years service.
2. Who is a retired employee and who is an existing employee ?
a) Those who have retired prior to 27-4-2010 are retired employees.
b) Those who are in service as on 27-4-2010 are existing employees.
3. What to refund :
a) Employees in service as on 27.4.2010 and opt for pension now will pay from their arrears an amount equal to 2.8 times of „Pay‟ payable for the month of November, 2007.
b) Employees who have retired / died before 27.4.2010 and if option is given now by them/their family, they will repay the Bank’s contribution to PF received by them + 56% on this amount Less commutation amount.
4. From when pension will be paid:
a) For those who retired/died before 27.11.2009, arrears of Pension/Family Pension will be paid from 27.11.2009.
b) For those who retired/died after 27.11.2009, arrears will be paid from date of retirement/death.
5. When the option will be given:
All Banks will make an offer to the employees and retired employees. Within 60 days from the date of this offer, employees/retirees should give their option.
6. When to pay /refund the amount ?
For the existing employees as on 27-4-2010, the amount payable by them at 2.8 times of the Pay of November, 2007 will be recovered from the arrears. If anyone does not opt for Pension, then the amount will be refunded to them. If they give a letter prior to payment of arrears that they do not want to opt for pension scheme, then the recovery will not be made from the arrears but then they cannot opt for pension scheme later.
For Retired Employees, Upon receipt of the letter of option from the retired employees, Banks will work out and inform the retired employee as to how much he will get as pension and how much he has to refund to the Bank.
While refunding the Bank’s PF + 56 %, the Commutation receivable will be netted and only the balance amount is to be paid.
7. Commutation:
Commutation will be payable from the date of application for commutation and the age for this purpose will be the present age as on the date of commutation.
8. Arrears of Pension:
For those who have retired prior to 27-11-2009, pension is payable from 27-11-2009. Full Pension (before Commutation ) is payable till Commutation is applied/Paid.
For those who have retired after 27-11-2009 but before 27-4-2010, pension is payable from date of retirement. Full pension (before Commutation ) is payable till Commutation is applied/Paid.
9. Employees retired after 1-11-2007:
Those employees who have retired from the Banks after 1-11-2007 will be eligible for the following benefits:
For pension Optees :
a) Arrears of wage revision / revised pay scales & allowances from 1-11-2007 till date of retirement will be paid.
b) Gratuity will be reworked based on revised Pay and difference over the amount already received will be paid.
c) Monthly pension will be revised based on new pay scales.
d) Consequently, arrears of pension from date of retirement will be paid
e) Difference between revised Commutation and commutation already received.
For PF Optees :
a) Arrears of wage revision / revised pay scales & allowances from 1-11-2007 till date of retirement will be paid.
b) Gratuity will be reworked based on revised Pay and difference over the amount already received will be paid.
c) On opting for pension scheme, their pension / commutation will be paid based on 9th BPS Pay. They will also get arrears of full pension amount + D.A ( i.e.before commutation ) from 27-11-2009 or from date of retirement whichever is later till the commutation is paid.
10. Employees who join between 1-11-1993 and date of Pension Regulations :
Reference has been made to us about employees who had joined the Banks from 1-11-1993 till Pension Regulations were adopted in 1995/96 as to whether they should pay 2.8 times of Pay to join the pension scheme as some Banks have treated them as PF Optees. Our contention is that all these employees are automatically covered under pension scheme since our Settlement dated 29-10-1993 provides that all those who join the Banks on and from 1-11-1993 will be covered by pension scheme only. However, it needs a legal clarification from the Government / IBA. We are seized of the matter and shall follow up the same. In the meantime, such employees are advised to opt for pension when the offer is made under our settlement dated 27-4-2010.
Comrades, getting another option for pension is an unique achievement. It has come after a lot of struggles, efforts and negotiations. It is a significant achievement under the banner of UFBU. Pension is the best social security benefit for the employees. We appeal and advice all our members who are now PF scheme to give their option to join the pension scheme. OPT FOR PENSION. OPT UNHESITATINGLY.
With greetings,
Yours Comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY
LISTEN TO VOICE OF WISDOM:
COM. TARAKESWAR IN 1994Dear Comrades,
Pension has been the cherished demand of the bank employees for the past four decades and more. It is a matter of great satisfaction and Organisational accomplishment that Pension has been finally achieved for the bank employees. The hurdles were too many and the obstacles were enormous. But you have made the achievements possible. Today all the Unions have accepted this Pension Scheme. The finalized Pension Scheme has been sent by IBA to all the Banks for implementation.
Employees joining the Banks from 1.11.1993 will be governed by Pension Scheme. Employees on rolls of the Banks as on 31.10.1993 have to exercise their option before 30.9.94. Employees who have already retired (after January 1986) have to submit their option letters before 31.7.1994.
Pension benefits the employees and covers the family also. It provides us regular income after retirement. It protects us against price rise. It gives us social security. Thus Pension benefits all.
* OPT FOR PENSION
* OPT TODAY
* OPT ALL - OPT UNHESITATINGLY
Sd..
June 4TH 1994 (TARAKESWAR CHAKRABORTHI)
GENERAL SECRETARY
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