HON'BLE FM - SMT NIRMALA SITARAMAN'S ANSWER IN RAJYA SABHA ON PENSION REVISION
https://docs.google.com/document/d/1MHxhatP0kSiq0RnKOPDu0wJW_yXEInGYyX1U3LqT044/edit?usp=sharing
My Dear Friends,
At the outset, I am of the firm opinion that we need not get perturbed over the statements made by the Hon’ble FM while answering a tabled question in the Parliament (Rajyasabha) concerning our Pension Revision for the following reasons: (inasmuch as, it’s not expected of any minister to reply such questions with comprehensive narration )
01.It’s a statement of fact that a proposal for pension revision has not been made by IBA as on the date.
02.It’s a statement of fact that IBA’s recommendation for upward revision of Family Pension of 30% without any cap was made only on 25 01 2021 in black and white.
Further, it’s also a fact Hon’ble FM had constituted a Committee (RBI/SBI/IBA) with regard to Pension Revision.
It’s also a fact that holding the said committee’s recommendations on hand alone, our Hon’ble FM has suggested / directed the Bankers to be compassionate for their retired colleagues for pension revision citing the example of defense personnel who successfully clinched OROP for their retired colleagues.
It’s also a fact that all the Bank CEOs present in the IBA’s AGM had positively responded to the call given by our Hon’ble FM to favorably consider the long awaited Pension Revision keeping in view of the hardships of the senior / super senior bank retirees.
For this, Banks have to make provisions to meet their above commitment in their respective Balance Sheets as on 31st.March 2021.
Considering the above realities, we need to be confident of securing the much awaited Pension Revision as envisaged .
======================================
With regard to Regulation REGULATION # 35(1)
======================================
QUESTION PART:
"(b) if so, the response of the Ministry thereon when Regulation 35 (1) of Bank (Employees’) Pension Regulations, 1995 emphasise the updating of Basic Pension and Additional Pension, wherever applicable; .."
ANSWER PART:
".....Insofar as regulation 35(1)is concerned, the same applies only to employees who retired between 1.1.1986 and 31.10.1987 and the updating referred to therein (in terms of certain formulae) only have effect on the initial fixation of their pension and does not entail any revision of pension so fixed.
THE ABOVE IS A CONTENDED / DISPUTED ISSUE VIDE SEVERAL CASES (SLPs) ON PENSION REVISION FILED IN THE HON'BLE SUPREME COURT WHICH ARE STILL PENDING FOR THEIR DISPOSAL FOR THE REASONS EXPLAINED IN MY FOLLOWING COMMUNICATION:
======== QUOTE: ========
PENSION UPDATION - AMENDMENT TO PENSION REGULATIONS-1995
My Dear Friends,
Re: Pension Updation - Regulation 35.1 of the Bank (Employees’) Pension Regulations, 1995- Latest Amendment
--------------------------------------------------
With The latest amendment that was made to the above regulation, it becomes mandatory obligation on all the concerned for its implementation, as it bears the stamp of approval of the Parliament- The Highest Law making body of the Country.
Law Ministry being the only authority responsible to place the above amendment before the Parliament, Some of our colleagues have addressed letters to the Law Ministry of the Government to clarify the objective that necessitated the amendment and to advise all the concerned accordingly.
Myself, along with our friend Sri C N Venugopalan from North Paravoor (Kerala), and Sri A Anantha Krishna Rao (Ex.State Secy. AIBOC-APSTATE;HYD) have addressed separate letters to the Law Ministry as way back as in October, 2017 itself which is annexed here for your perusal :
https://docs.google.com/document/d/1GQyB3itR-WL7Ueh6XJjHFLLJs6p_csLpzTxTR4qInQc/edit?usp=sharing
This is only to remind you of the mandatory obligation cast upon the Government to implement PensionUpdation on RBI lines in terms of the Pension Regulations in force as on the date .
This also assumes a lot of importance in the backdrop of the clear statement made by our Hon'ble Finance Minister in more than one occasion with her own plan of action already hinted at.
Friends, in the light of the above, Let us be confident that all our collective efforts would ultimately culminate into success in the sole interest of justice and fair play …..
WITH THE DEVINE BLESSINGS OF MATHA KANAKA DURGA ...ABODE इन्द्रकीलाद्रि - विजयवाद INDRAKEELADRI- VIJAYAWADA.
“|| यतो धर्मस्ततो जयः ||”IS THE ULTIMATE......
I remain - Yours,
దేవులపల్లిశ్రీనివాస మూర్తి /
Devulapalli Srinivasa Murti.
DECEMBER 16, 2020
Ramavarappadu-
Vijayawada 521108
-------------------------------------------------------
QUOTE:
By Speed Post EN503020498IN
From:
D. S. MURTI
(Manager-Retd.SyndicateBank)
3-23 ; GF:1 "RAGAMALIKA RESIDENCY”, Plot #37
Sri Rama Co.op. Housing Society Layout,
Ramavarappadu (PO) VIJAYAWADA 521108 (AP)
0866-2843298; 9989318300
28 OCTOBER, 2017
TO:
The Secretary,
Ministry of Law & Justice,
Govt. of India,
4 th Floor, Shastri Bhawan,
Dr. R P Road,
New Delhi -110 001
Dear Sir,
Regulation 35.1 of Bank ( Employees’) Pension Regulations, 1995
-------
I am furnishing below the details of regulation 35.1 of the Bank (Employees’) Pension Regulations, 1995 as appearing in the original regulation notified on 29.09.1995 and amendment to it carried out in the year 2003 for your kind perusal:
-------------------------------------------------
Regulation 35Sub-regulation (1)
In respect of employees who retired between the 1st day of January, 1986 but before the 31st day of October, 1987, basic pension and additional pension, will be updated as per the formulae given in Appendix IRegulation 35Sub-regulation (1)
-----------------------------------------------
Basic pension and additional pension, wherever applicable, shall be updated as per the formulae given in Appendix I
---------------------------------------------------
THE DELETION OF THE PERIOD OF APPLICABILITY IN RESPECT OF "EMPLOYEES WHO RETIRED BETWEEN 1st.DAY OF JANUARY, 1986 BUT BEFORE THE 31st. DAY OF OCTOBER, 1987" GIVES CLEAR INDICATION THAT THE REGULATION HAS BEEN MADE APPLICABLE TO ALL EMPLOYEES IRRESPECTIVE OF THEIR DATE OF RETIREMENT AND THE SUBSTITUTION OF THE WORDS "SHALL BE" IN PLACE OF "WILL BE" SHOWS THAT THE UPDATION OF PENSION IS TO BE DONE INVARIABLY WHEREVER APPLICABLE.
IN CASE THERE IS NO UPDATION AS PER THE PENSION SCHEME, THE PROVISION REGARDING UPDATION WOULD NOT HAVE FOUND A PLACE IN THE REGULATION.
This apart, regulation 56 of Pension Regulations lays down that “In case of doubt, in the matter of application of these relegations, regard may be had to the corresponding provisions of Central Civil Services Rules, 1972, or Central Civil Services (Commutation of Pension) Rules, 1981 applicable for Central Government employees with such exceptions and modifications as the Bank, with the previous sanction of the Central Government, may from time to time determine.”.
The Central Government has not so far permitted any deviation from regulation 56 to any bank and as such the Pension Regulations having been exactly on the premise of the Central Civil Pension, pension in banks has to be revised in tune with the bipartite settlements in the same way Central Civil Pension gets revised with the implementation of each Pay Commission. But this has not so far been permitted by the Ministry of Finance.
In terms of section 10.7 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970/1980, a bank is permitted to declare a dividend and to retain surplus profits as reserves in its books only after making due provisions for all legitimate expenditure including superannuation funds .
But in derogation of the Act, banks had been regularly declaring dividend and paying to government and other stakeholders from time to time.
I earnestly request you to examine the anomaly in detail and to advise Ministry of Finance about the imperative need of adhering to the Pension Regulations and the Banking Companies (Acquisition &
Transfer of Undertakings) Act, 1970/1980 pursuant to which the Pension Regulations were put in place as otherwise the entire process of law making will become meaningless.
I request you to kindly let me have a copy of the guidelines that will emanate to Ministry of Finance from you in this regard.
Thanking You,
Yours faithfully,
Sd./-
(D .S.MURTI)
सत्यमेवजयते
28th. OCT.2017
=========
UNQUOTE:
=========
--
d s murti