Ecircular No.DK/73 06-07-2019
Friends,
Just
some Tid -bits .....
It
is not that I have anything really big, to report from here. Yet I
thought the gap in time has been rather long since I last
communicated to you all.
There
is a very sincere attempt on the part of some senior Retirees of LIC,
including our own worthy President Sri N P Bali, to try and meet the
Minister of State for Finance, Sri Anuragh Singh Thakur, at
Delhi one of these days, since the whole of the Finance Dept. is busy
on the Budget, they are not too sure when it will be.
There
was an attempt to convert it into a meeting of a representative
nature, by including Association Leaderships of AIRIEF and Our
Federation, and also the Hyderabad and the Panchkula groups.
My own strong impression is that it should not be turned into a
formal meeting, where we know what they will say, as we put forth our
points. The whole idea was to have a meeting of people known,
somewhat, to the Minister or his Father Sri Dhumal, who was Chief
Minister of Himachal Pradesh, and try and get him to speak up, on
possibilities/difficulties, at an informal plane, so that we could
get some understanding of what the Govt. can do for us. It is
in such personalised meetings that they might open up a bit and
reveal their side of the picture. I think, wisely, it has been
decided to keep the meeting that way.
I
am reproducing below an extract from the Economic Times, which
reported about the attempts being made by Bank employee
representatives to knock directly at the doors of the Prime Minister
for sorting out the most important need of ours, viz., Revision of
Pensions. Many of you might have already read it or known about it
from other sources, but I thought, all our members should be
informed too.
ECONOMIC
TIMES : 2nd July Kolkata:
Public
sector bank employees have knocked at the doors of Prime Minister’s
Office renewing their long-pending demand for pension update. They
have raised the pitch following the
government’s decision to clear the pension issues for Reserve Bank of India earlier this year.
The employees have been demanding pension update as part of their bipartite wage talks with the Indian Banks’ Association (IBA), which represents bank management, but it has always been turned down.
IBA has pegged the cost of updating pension in PSBs at Rs 95,000 crore and said that banks, which have been under severe stress with mounting bad loans, won’t be able to handle this burden.
Pension for PSB employees has not been updated since 1996, union members alleged.
“We seek your help in resolving our pension issues. The basic fact is that pension scheme in PSBs is exactly the same as RBI pension scheme, with similar rules & regulations,” bank employees union flag bearers said in a letter addressed to Nripendra Misra, principal secretary to the Prime Minister.
The government had initially refused to budge to RBI employees’ demand, stating contingent effect resulting in similar demands from public sector banks. “But RBI pension has been updated with effect from March 1 this year -- this is our demand also,” they said.
The financial cost of updating pension in RBI is Rs 858 crore while the central bank’s pension corpus is about Rs 12,000 crore. Now, RBI pensioners are entitled to get a notional rise of 10% plus dearness allowance with each of the three wage revisions in 2002, 2007 and 2012. This would result in an overall rise in basic pension by a factor of 3.63 for pensioners who retired before November 2002.
The pension corpus of public sector banks was at about Rs 171418 crore, which is 14.28 times of RBI’s pension corpus, union members said.
government’s decision to clear the pension issues for Reserve Bank of India earlier this year.
The employees have been demanding pension update as part of their bipartite wage talks with the Indian Banks’ Association (IBA), which represents bank management, but it has always been turned down.
IBA has pegged the cost of updating pension in PSBs at Rs 95,000 crore and said that banks, which have been under severe stress with mounting bad loans, won’t be able to handle this burden.
Pension for PSB employees has not been updated since 1996, union members alleged.
“We seek your help in resolving our pension issues. The basic fact is that pension scheme in PSBs is exactly the same as RBI pension scheme, with similar rules & regulations,” bank employees union flag bearers said in a letter addressed to Nripendra Misra, principal secretary to the Prime Minister.
The government had initially refused to budge to RBI employees’ demand, stating contingent effect resulting in similar demands from public sector banks. “But RBI pension has been updated with effect from March 1 this year -- this is our demand also,” they said.
The financial cost of updating pension in RBI is Rs 858 crore while the central bank’s pension corpus is about Rs 12,000 crore. Now, RBI pensioners are entitled to get a notional rise of 10% plus dearness allowance with each of the three wage revisions in 2002, 2007 and 2012. This would result in an overall rise in basic pension by a factor of 3.63 for pensioners who retired before November 2002.
The pension corpus of public sector banks was at about Rs 171418 crore, which is 14.28 times of RBI’s pension corpus, union members said.
The
other important thing to Report is that our Kolkata Association has
promptly fulfilled its promise made at Bengaluru, in Dec last, and
will be Hosting the General Council Meeting of the Federation, in
December this year, at Kolkata. Formal communication and
Formal Notice etc. will happen in due time. The Date can be either of
two -- 8th of Dec or 15th of Dec 2019, depending upon their
convenience. We will be passing on information well in advance to
enable participants to make their journey Reservations.
With
Greetings
D.Krishnan
General
Secretar
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