"SOS" CALL FROM THE SENIOR BANK RETIREES!!... "WE ARE HARD HIT BY INFLATION ....!!"
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A FERVENT APPEAL TO THE HON’BLE PRIME MINISTER: SRI NARENDRA MODIJI........
PERPETRATED FRAUD COMMITTED BY THE BANK MANAGEMENTS REPRESENTED BY INDIAN BANKS ASSOCIATION (IBA) & THE BANK UNIONS REPRESENTED BY UFBU RESULTED IN THE DENIAL OF LEGITIMATE COMPENSATION AGAINST INFLATION TO THE RETIRED BANK PERSONNEL OF PRE-2002 & PERIODICAL REVISION OF PENSION:
At the outset, I take pleasure to introduce myself as D. Srinivasa Murti (s/o late Devulapalli Subrahmanya Sastri ) aged about 69years, retired as Manager (Middle Management) from Syndicate Bank - one of the premiere Banking Institutions in the Public Sector . It is the only bank that took its birth in a remote rural village way back, in 1925.
I feel proud to be identified as its retired employee with about 30 years of active service since 1972 (Emp.No.127259) till my retirement in 2001
We are indeed hard-hit by inflation as our monthly pension remaining static since the day we retired from the services very long ago. Many of our colleagues attained their Heavenly abode and We still remain waiting for our turn to meet them
IN FURTHERANCE OF THE SETTLEMENT (SIGNED UNDER THE ID ACT) DATED 29th. OCT.1993 BETWEEN THE BANK MANAGEMENTS REPRESENTED BY “IBA” AND THE UNIONS REPRESENTING THE EMPLOYEES – “PENSION REGULATIONS OF 1995” WERE ADOPTED BY ALL THE BANKS. THESE REGULATIONS WERE FORMULATED ON SIMILAR LINES TO THE ONE PREVAILING IN THE RESERVE BANK OF INDIA, A SPECIFIC MENTION WAS ALSO MADE IN THE REGULATIONS ITSELF.
THUS, THESE REGULATIONS FORM PART AND PARCEL OF THE SETTLEMENT SIGNED UNDER THE INDUSTRIAL DISPUTES ACT - A STATUTORY PROVISION. THE PARTIES TO THE ABOVE SETTLEMENT HAVE NO AUTHORITY, WHATSOEVER, TO ALTER / MODIFY THE TERMS / PROVISIONS OF THE SETTLEMENT ALREADY INCORPORATED AS ABOVE, SUBSEQUENTLY AT A LATER DATE.
100% DA Neutralisation and Family Pension were long back resolved by RBI in 2008 and 2013 respectively. In fact, RBI revised the family pension from 15% to 30% of last drawn pay without any sealing. But the same is not made available to the retirees of the Banks. This discrimination is contrary to the provisions of the pension scheme adopted in the Banking Industry (as stated above)-- A glaring discrimination indeed !
CONTRARY TO THE ABOVE , “IBA” WENT ON ISSUING ITS ADMNISTRATIVE GUIDELINES SUBSEQUENTLY TO ITS MEMBER BANKS OVER RULING THE PROVISIONS OF THE SETTLEMENT MUCH DETRIMENTAL TO THE INTERESTS OF THE PENSIONERS , WHO ARE THE ULTIMATE BENEFICIERIES OF THE PENSION TRUST.
01. We have been denied of our legitimate claim of 100% DA neutralization on par with those who retired from their services w.e.f 2003
02. The very meagre Family pension has been remained static since very long time .
By mere administrative orders (though not maintainable in law), IBA has been, , on several instances deliberately over ruled/ by passed/violated the provisions/clauses of the settlements made under ID act depriving a meagre section of the retirees, like us, of their legitimate claims. Obviously, with the “tacit approval” of the UFBU, that goes without saying.
It is unfortunate sir, to bring it to your kind notice that neither the bank Managements represented by the IBA, nor the unions represented by UFBU have been serious to resolve our burning issues despite our hue and cry through various forums. In fact, they both have gone to the extent of saying that – we the retires cease to have any relationship with the employers and have no contractual obligations whatsoever and refused to have any dialogue with the organisations representing us for the redress of our legitimate grievances stated supra, vide their “Record Note” dated 25th May, 2015, which reminds us of the historical “Magnacarta” signed by themselves , to leave our fates to destiny forever.
- TRANSPARENCY IN THE MANAGEMENT OF PENSION CORPUS:
You may be aware sir, that ours is a fund based pension scheme with the employees contribution(towards pf) from out of their salaries every month and where as the matching contributions from the employers towards the Pension Corpus which is supposed to be invested in the approved Government Securities to make it self-sufficient for smooth servicing of the scheme as envisaged by the settlement signed under the ID Act . The responsibility of managing/servicing the pension corpus is vested in the hands of the respective boards of trustees formed by the concerned banks who are to take the best interest of the beneficiaries of the Trust. But I am apprehensive of the following:
* Are bank managements crediting their matching contributions towards the Pension corpus on monthly basis as is being deducted from the serving employees...?(while disbursing their monthly salaries? – )
* Whether the Investments of pension corpus have been in conformity with the terms of the pension settlement as originally signed under the ID Act?
* Whether the interest loss to the Pension Funds for retirees due to the amortisation of Pension cost of banks over 5 years in the IXth BPS, is made good ? else, Is it not an act of --misappropriation at the corporate level ?(embezzlement of funds) – THOUGH IT BEARS THE POST RATIFICATION BY THE RBI?
* ".....-The Pension Fund of a Bank was invested in a private company in the form of Non-Convertible Secured Debenture - (NCD).
- The same private company was also given huge loans ( around Rs.14,000/- Crores) by that Bank and other banks. In other words, the company which was favoured with such a huge loan was also favoured with the above investment (NCD) from the Employees Pension Fund.
- This account has become NPA and is one among the 12 major accounts before the National Company Law Tribunal. Obviously, the investment in the Debenture Bond also became a dead investment and NPA .
Consequently, Bank Pension Fund, being a creditor/investor in the NCD bonds has also been advised by the authorities to file its claim with the company which is about to be/already declared insolvent.
Under the circumstances, NEITHER the banks would realise their dues NOR the Pension Fund would get back their investment in the NCD bonds - leave alone the returns part of it......"
Respected Sir ! if this way, As Trustees of the Pension Corpus, the banks and unions join their hands clandestinely to cheat their own retired employees , then what would be the fate of the Banking Public in general..? In the process, it adversely affect the confidence of the Banking public and bring disrepute to all of us.
Supposing, the same were to be indulged by any erring employee, for his/her Misconduct in a stray /isolated instance, he/she would have been sacked from the service mercilessly as per the service conditions !–Even for a paltry amount of involvement for that matter ! That being the case , Can the representatives of the unions on the respective pension trust boards plead for their “estoppels” from being guilty on par with the managements on the above logic?
SIR, ONLY A THOROUGH INVESTIGATION ON THE ABOVE LINES BY AN ACCREDITED INSTITUTION LIKE "CAG" ALONE WILL BE ABLE TO BRING THE TRUTH TO THE SURFACE IN THE INTEREST OF THE INNOCENT RETIREES LIKE US, AS THE BENEFICIARIES OF THE PENSION TRUST . AUDITORS CONCERNED SHOULD ALSO BE MADE ACCOUNTABLE
WE ARE HARD HIT BY INFLATION. OUR PENSION & FAMILY PENSION HAS BEEN REMAINED STATIC FOR OVER 15-20 YEARS WITHOUT ANY REVISION INSPITE OF SEVERAL WAGE SETTLEMENTS TOOK PLACE IN THE BANKING INDUSTRY. WE ARE UNABLE TO MAKE OUR “BOTH ENDS MEET” AT THIS FAG END OF OUR LIVES. WE ARE TREATED AS “UNTOUCHABLES” PRACTICALLY -- BOTH BY THE MANAGEMENTS AND THE UNIONS AS WELL.
Sir , We are at loss to understand as to how our funds are being managed by the trustees "Behind our back" without even an iota of our knowledge . Hence my request for "CAG" inquiry – THERE ARE NO REPRESENTATIVES FROM THE RETIREES ON THE PENSION TRUST BOARDS OF THE BANKS.
Notwithstanding the above, even the available resources in the Pension corpus can easily pay three to four times the present pension to all retirees without any pinch on their profits and without warranting the Government to make any additional budgetary allocation for it .
FIGURES SPEAK BY THEMSELVES..........
Pension Fund details (Amount in Rs.Crores)
All Public Sector Banks ( as on 31.03.2014)
Closing balance 1,58,782.61
Contributions received during the year 7,789.27
Income from investments 11,919.89
Actuarial gains 7,624.79
Total Accretions during the year 27,333.95
Pay out of benefits 9,998.06
Percentage of Pay out 36.57%*
*(The Pay out % has been steadily on the decline trend in
the successive years)
The money held in trust is certainly mismanaged by banks in the process of denying due pension with updation as provided in regulation 56 of Pension Regulations. The Pension Fund need not service employees who are recruited after 01.04.2010 who are governed by PFRDA Scheme and a rapidly growing Pension Fund is meaningless and illogical.
FROM THE ABOVE, IT IS CLEARLY EVIDENT THAT........
IT’S ONLY THE EGOISTIC STANCE TAKEN BY BOTH IBA AND UFBU THAT ALONE IS COMING IN THE WAY OF OUR WELLBEING AS THE BENEFICIARIES OF THE PENSION TRUST–
THIS IS EXACTLY THE ONLY CRUX OF THE PROBLEM SIR.
We are therefore, forced to necessarily bank upon the time-consuming legal recourse which needs to be expedited simultaneously together with other organisational efforts like dharnas, CLC meetings, etc. In this regard, the pains-taking efforts of the leadership of All India Bank Retirees Federation- AIBRF, an apolitical organisation representing us , who have been making their relentless efforts unmindful of the humiliating/frustrating experiences at the behest of IBA and UFBU - The sole architects and copyright holders of their so called "Magnacarta" - ie. "Record Note" of 25th.May, 2015 in their bid to make us to stand before them as "beggers".
Thus, we have been treated as “untouchables” both by the IBA and the Unions as well.
Under the circumstances, we have been left with no other option but to knock the doors of justice for the redress of our legitimate grievances – -though burdensome, frustrating and time consuming.
If you try to look at the past Sir,.......
Only the PCR Recommendations (Committee constituted by GOI), brought a sea change in the service conditions of the Bank Officers. This is besides many other committees constituted by the Governments in the past resulted to bring improvisations in the service conditions of the bank employees at large in the form of various “awards “ over a period of time. Let us not, therefore, lose sight of these historical facts.
IN THE BACKDROP OF THE ABOVE SCENARIO........Under the given circumstances, time has come for us- we the retirees, To urge the Government to set up a---
"Banking Pay Commission" - the only ultimate recourse, for all of us- as we do will have, a "statutory body of authenticity" to whom we can represent for the redress of our legitimate grievances directly through our organisation/s with dignity and decorum.
Thus we can as well eliminate the “manipulations” at the behest of IBA/Unions during the negotiations which are very much detrimental to the interests of the bank retirees as stated supra.
Sir, in my six decades of active life, I have come across only two statesmen as Prime Ministers of our nation - viz: Late Lal Bahadur Shastriji and the next being, none but yourself who have kept the priorities of the nation at high esteem with firm conviction and determination to be the trend-setters as leaders by example.
Hon'ble Sir ! Many of our colleagues attained their Heavenly abode and We still remain waiting for our turn to meet them
I therefore, volunteered to place before you sir, the grievances as detailed above, and seek Your kind intervention/help to bring us the solace.
In the light of the above..... With folded hands.....
I make this fervent appeal to you sir! to come to our rescue who are "with one foot in the grave " at this fag end of our lives. "SOS"
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