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State Bank employees to get more benefit & pay !!

State Bank employees to get more benefit & pay hike, awaits Govt. approval.
The State Bank of India employees, who had protested the 17.5 per cent pay increase on the grounds that they already had the pension option and would therefore lose out, are in for some bonanza.


The bank management is awaiting approval from the government to provide for an additional 6.4 per cent increase, which will cost the bank around Rs 290 crore. In addition, there is a proposal before the government for raising the pension for senior officers by around 40 per cent and for clerical and junior management grade employees by around 50 per cent.
A senior executive said the bank had already provided Rs 290 crore for the expected impact of the salary increase. SBI union representatives had not signed the wage settlement agreement with IBA.

Probable D.A. for Bank employees

Probable D.A. for Bank employees for Nov'10, Dec'10, Jan'11 : 46.20%
The exact increase for DA cannot be given at this stage as GOI has yet to announce the CPI for the month of September, 2010. However,
based on the CPI already announced for the month of July, 2010 and August, 2010, we are doing this guess work. The CPI announced so far are as follows:-
Month CPI
July, 2010 4063
August, 2010 4063
September, 2010 Yet to be announced


Assuming that there will be marginal increase in CPI for September, 2010, the revised DA is likely to be around 46.20%, for the months of November, December, 2010 and January, 2011 as per the revised salary structure (i.e. increase of 36 slabs !!). [The present DA is 40.80% for the months of August, September, October, 2010).

Associate bank Clerks

State Bank of India (SBI) Invited application for filling up the vacancies of 6113 Clerks in its Associate Banks. Out those 1000 will be in State Bank of Travancore (SBT) with 754 vacancies in Kerala itself. Other associates banks are State bank of Bikanir & Jaipur, State bank of Hyderabad (4 vacancy in kerala only), State Bank of Mysore and State bank of Patiala. Applications should be submitted through online at the banl websites at www.sbi.co.in or www.statebankoftravancore.com.
Total Number of Posts : 6113
Pay Scale : Rs. 7200 -19300
Qualification :
(i) Plus Two or equivalent with 60% marks (55% for SC, ST, PWD and XS)
(ii) 2 year full time diploma after SSLC(10th) with 60% marks (55% for SC, ST, PWD and XS)
(iii) Any Degree with 40% marks (35% for SC, ST, PWD and XS)
Should be able to read & write in English, knowledge in local language will be an added advantage
Age: (As on 2010 October 1) 18 -28 ( There will be a 5 year relaxation for SC/ST, 3 year for OBC and SX, 10 year for Physically handicapped and 9 years for widows in upper age limit, should submit proof while interview time.
Recruitment Process : Ther will be a written test followed by an interview. Written test will be on 16th January 2011. In kerala there is 4 centers ( Trivandrum, Kottayam, Kochi and Kozhikode).
In the Objective mode exam, there will be questions from General awareness, General English, Quantitative aptitude/ computer knowledge .
Call Letter : For E legible candidates the call letters will be send to them by post before January 8th 2011. In case of not receiving call letter, they should contact the exam center.
Fee : Rs. 350
Rs. 50 for SC/ST/PWD and XS candidates.
Candidates should have to download the cash voucher from the bank website at www.sbi.co.in and remit the fee at any sbi branch before applying online. Candidate should have to collect the candidates copy of the voucher from the bank, and use the same to fill the details including journal number while filling up the online application form. Also the candidates must have keep the candidates copy of the cash voucher while reaching the examination hall.
Note :
1. Fee Should be paid between October 1 st and October 30 th
2. Application Can be submitted through website from October 1 st to Novemebr 1 st
3. Candidate should have a valid email ID

Retiring at 65?

RETIRING at 65? Sounds incredible? For lakhs of government employees who are hoping that the UPA-II may raise the retirement age of government employees to 62 years, the 10th June’s cabinet decision to raise the Nursing teachers’ retirement age to 65 is a healthy sign that their dream may too come true in the next few years.
The decision appears like an isolated case, but the Union Cabinet’s approval to the increase superannuation age from 60 years to 65 years for the nursing teaching faculty with MSc in nursing in Central government nursing institutions, may bring hopes to many government employees approaching the retirement age.
The decision, however, came with a justification which said that there is an acute shortage of nursing teachers with post-graduate degree in nursing. As a large number of posts of teachers with MSc (Nursing) are lying vacant in the Central government Nursing Institutions, and there has been a high attrition rate, this move may prevent further exodus of nursing teachers.
Yet, it gives enough room for many government employees to probably hope and pray that the retirement age for all government employees may go upto 62.

PENSION BENEFITS

CIRCULAR NO. 26/64/2010/14 12-5-2010

TO ALL UNITS & MEMBERS

Dear Comrades,

Retired Employees & Pension Option

The unique feature of our Pension settlement is that not only the 2,66,000 existing employees will get an option to join the Pension Scheme, but even those who have retired/died after 1995/1996 will be given this option. More than 50,000 retirees/families will be benefited by this option.

Who are covered :

All those who were in the service of the Bank on the date of Pension Regulations in 1995/96 and

a) have retired thereafter before 27.4.10
b) or retired thereafter but died before 27.4.10
c) or died while in service before 27.4.10
d) or ceased to be in service under the Special VRS Scheme after 15 years of service.

How much they will pay to the Bank ;

All such retirees/families who give their option to join the Pension Scheme have to refund the Bank’s contribution to PF received by them along with additional 56% thereon.

How this formula :

v Total fund required for the option : Rs. 4774 crores
v PF paid to the retirees to be refunded : Rs. 1659 crores
v Balanced deficit in fund : Rs. 3115 crores
v To be contributed by Bank (70%) : Rs. 2181 crores
v To be contributed by retirees (30%) : Rs. 934 crores
v Formula : 934 Divided by 16.59 : 56 %

Procedure :

Þ IBA / Banks will make an offer to the PF opted Retirees.
Þ Within 60 days after the offer, option letter should be given to the Bank.
Þ Within 30 days thereafter, Bank will inform the retiree about the amount payable by them.
Þ While doing so, Commutation receivable will be netted and only the balance amount is payable.
Þ Commutation : will be based on present age on date of commutation.

Arrears of Pension :

Ø For those who have retired prior to 27.11.2009, arrears of pension will be paid from 27.11.2009.
Ø For those who retired after 27.11.2009 (but prior to 27.4.2010), arrears of pension will be paid from date of retirement.


Note : This arrears will be on full basic pension + DA without commutation.

Employees Retired after 1-11-2007 ( PF Optees )


Arrears of wage revision from 1.11.2007 till date of retirement will be paid.
Gratuity will be reworked & difference will be paid.
Their Pension/Commutation will be fixed based on 9th BPs.


We give below some live examples which explain the benefit of the option.

Example – 1

S. No.

(Rs.)
1
PF received from Bank 1,25,416.00
2
PF + 56% thereon 1,95,650.00
3
Commutation receivable 1,86,984.00
4
Amount payable to Bank (2-3) 8,666.00
5
Monthly Basic Pension + DA (before commutation ) for May, 2010) 8,046.00
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 64,368.00
7
Net Outgo (2 – 3 - 6) ----NIL….
8
Monthly Basic Pension after commutation 2,354.00
9
Basic Pension + DA after commutation (May, 2010) 6,870.00

Example – 2

1
PF received from Bank 6,26,181
2
PF + 56% thereon 9,76,842
3
Commutation receivable 3,02,382
4
Amount payable to Bank (2-3) 6,74,460
5
Monthly Basic Pension + DA (before commutation) for May, 2010 16,251
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 1,30,008
7
Net Outgo ( 2 -3 -6 ) 5,44,452
8
Monthly Basic Pension after commutation 6,420
9
Basic Pension + DA after commutation (May, 2010) 13,041
10
Monthly Interest @9% on Rs. 544,452 (Col. 7) 4,083
Example – 3

1
PF received from Bank 1,99,856
2
PF + 56% thereon 3,11,775
3
Commutation receivable 1,09,837
4
Amount payable to Bank (2-3) 2,01,938
5
Monthly Basic Pension + DA (before commutation) for May, 2010 5,903
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 47,224
7
Net Outgo ( 2 -3 -6 ) 1,54,714
8
Monthly Basic Pension after commutation 2,332
9
Basic Pension + DA after commutation (May, 2010) 4,737
10
Monthly Interest @ 9% on Rs. 154,714 (Col. 7) 1,160


Example – 4

1
PF received from Bank 359,869
2
PF + 56% thereon 561,396
3
Commutation receivable 266,814
4
Amount payable to Bank (2-3) 294,582
5
Monthly Basic Pension + DA (before commutation) for May, 2010 14,709
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 117,672
7
Net Outgo ( 2 -3 -6 ) 176,910
8
Monthly Basic Pension after commutation 4860
9
Basic Pension + DA after commutation (May, 2010) 12,279
10
Monthly Interest @9% on Rs. 176,910 (Col. 7) 1,326


Example – 5

1
PF received from Bank 577,750
2
PF + 56% thereon 901,300
3
Commutation receivable 391,700
4
Amount payable to Bank (2-3) 509,600
5
Monthly Basic Pension + DA (before commutation) for May, 2010 18,700
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 149,600
7
Net Outgo ( 2 -3 -6 ) 360,000
8
Monthly Basic Pension after commutation 7,400
9
Basic Pension + DA after commutation (May, 2010) 15,000
10
Monthly Interest @9% on Rs. 360,000 (Col. 7) 2,700

Example – 6

1
PF received from Bank 819,019
2
PF + 56% thereon 12,77,670
3
Commutation receivable 441,725
4
Amount payable to Bank (2-3) 835,945
5
Monthly Basic Pension + DA (before commutation) for May, 2010 20,369
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 162,952
7
Net Outgo ( 2 -3 -6 ) 672,993
8
Monthly Basic Pension after commutation 8,047
9
Basic Pension + DA after commutation (May, 2010) 16,346
10
Monthly Interest @9% on Rs. 672,993 (Col. 7) 5,047

Example – 7

1
PF received from Bank 190,000
2
PF + 56% thereon 296,400
3
Commutation receivable 229,542
4
Amount payable to Bank (2-3) 68,858
5
Monthly Basic Pension + DA (before commutation) for May, 2010 11,140
6
Arrears of Pension – from 27.11.2009 till commutation is received
(Approx. 8 months) 89,120
7
Net Outgo ( 2 -3 -6 ) …NIL…
8
Monthly Basic Pension after commutation 3,351
9
Basic Pension + DA after commutation (May, 2010) 9,465

All our Unions should take steps to contact the retirees ( PF Optees) and advise them of these benefits so that they can OPT for the pension scheme for which they have been longing for.

Yours Comradely,
C.H. VENKATACHALAM
GENERAL SECRETARY

PENSION OPTION SETTLEMENT – UNIQUE ACHIEVEMENT

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