DK/34 dated 27th July 2020 from Federation.

FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS   

President :    N.P. Bali 705, Sur, Veena Saaz, Thakur Complex, Kandivali (East), Mumbai - 400 101 Mob : 9820324213 Email Id - npbali@hotmail.com

General Secretary :    D Krishnan No.6/1, Sreshta Riverside Apartments, Wood Creek Road, Nandambakkam, Chennai - 600089 Tel : 9176635967 / 044 42850049. Email Id - dkrishnan1@gmail.com

E circular No.DK/34                                                 27-07-2020     

Friends,

Reg: AGM of units, MOU of Bank employees, etc..

1. The Lucknow Association has taken a very original kind of decision regarding the General Body Meeting for the year just over. They have by Circulation obtained approval for the same Executive Committee to continue for one more year. They have also taken care to circulate the un-audited Accounts for the last year. They should have also circulated a Report of the Secretary for the year along with the Accounts.

 I think this is a very practical way of getting over the unprecedented problem we are going through, with no end in sight for normality of the kind we have known, to return , to think of postponing indefinitely the conduct of  the General Body Meeting. Please do think it over and find your own methods of crossing the hurdle for this year.

2. The full Circular of the All India Bank Employees' Association, on their MOU signed with the IBA is being sent as attachment  for your information. The significant things relating to Family Pension and other Pension related aspects like Up-gradation are also indicated in the circular. This is an exhaustive document and I thought it might be of interest to all of us.

However, Bank Employees Federation of India has  issued a Circular narrating why they abstained from signing the MOU. They

seem to have abstained on the ground that the Pension Updation and Family Pension increase are neither  part of the MOU nor the pending list. They say Family Pension issue could have been included in the MOU, but was not included because IBA had only sent it to Govt. for approval. The Updation matter, according to them , could have been included in the pending list of issues to be discussed. Their submission is, if it is not recorded it may not find relevance later when discussions resume.  

3. There is also information regarding Govt.'s ideas of selling fully, some of the Banks.  This also is being reproduced for members to know the kind of developments that are on in respect of Privatisation.

Banks Privatisation move: The central committee on banking service and BBB has approved the recommendation of NITI AYOG for privatizing 2 PSB , viz IOB and BOM. This is the first phase of privatization. Central Govt.  directed to finalize the process before the FY 2021-22.  As per the inside information some buyers have already shown interest in IOB & BOM. Finance Ministry is trying to do this exercise as soon as possible. There may be some more shocking decisions in coming days. Be prepared.

It has been decided by BBB to reduce the existing number of staff by 50%. Accordingly an attractive VRS scheme will be launched for staff having service of 20 years and above. Rest of the staff will be given performance based pay with variable pay component being 30% of CTC. More details are awaited. The whole exercise is scheduled to be completed by 30.09.2020

4.  Please find attached  the Ready Reckoner - Comparison of Income Tax for F.Y. 2020-21 under Existing & New Regime, for the benefit of our members.

With Greetings to all.  

D. Krishnan. 

Encl: Two attachments