UFBR'S LETTER TO Smt. NIRMALA SITARAMANJI HON'BLE
FM ON PENSION REVISION WITH FACTS AND FIGURES.
My Dear Friends,
I annex here UFBR'S letter dtd. 16 09 2021 addressed to our Hon'ble FM requesting to expedite Pension Revision.
https://drive.google.com/file/d/1TfcJgpoukyH52X9pQ4cWLgX7zwK2H5Xw/view?usp=sharing
I congratulate the leadership of UFBR for the comparative analysis with facts and figures in brevity to draw the immediate attention of the authorities concerned - PARTICULARLY THE GLARING CORRECTIVE STEPS TAKEN BY THE BANKS IN THE PENSION FUND POSITION FOR A REALISTIC REFLECTION
BESIDES, I ALSO WELCOME THE SUGGESTION TO AMORTISE THE REVISION COST BURDEN SPREAD OVER 5 YEARS TO ENSURE SOME RELIEF FOR THE BANKS WHILE MEETING THE COMMITMENT TOWARDS THE RETIREES WHO HAVE BEEN LAMENTING FOR OVER 3 DECADES.
I HOPE & REQUEST THE MANAGEMENT OF "CHANGEORG " TO BRING THIS TO THE IMMEDIATE NOTICE OF ALL THE HON'BLE DIGNITARIES TO WHOM MY PETITION IS ADDRESSED FOR AN EARLY SOLUTION TO MITIGATE OUR HARDSHIPS.
I ONCE AGAIN THANKFULLY CONGRATULATE THE LEADERSHIP OF UNITED FORUM OF BANK RETIREES FOR THEIR INITIATIVE WITH APPROPRIATE TIMING.
Notwithstanding the above, We are for sure to secure our much coveted Pension Revision with 100% DA Neutralisagtion for pre-2002 retires by virtue of the efforts by many of our committed comrades as stated above with the Divine Blessings of Matha Kanaka Durga, abode इन्द्रकीलाद्रि विजयवाद / Indrakeeladri Vijayawada.
I remain – Yours,
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......
I remain – Yours,
దేవులపల్లి శ్రీనివాస మూర్తి
DEVULAPALLI SRINIVASA MURTI
Ramavarappadu (PO) :: VIJAYAWADA 521108
SEPTEMBER 17, 2021
9989318300
https://www.youtube.com/watch?v=6GFnTDb4Ew8
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QUOTE:
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UNITED FORUM OF BANK RETIREES
HO: Swagat Chinar, Chinar Park Kolkota 700157
Letter No.UFBR/FM/21/02 Dated 16th September, 2021
Ms. Nirmala Sitaraman Ji,
Hon'ble Minister of Finance & Corporate Affairs,
North Block, New Delhi 110 001
GRIEVANCES OF PENSIONERS OF PUBLIC SECTOR BANKS
Respected Madam,
Happy Ganesh Chaturthy to you and the entire department of financial services. We convey to you and Hon'ble Prime Minister for approving family pension improvement in banks and also concern for regular bank pensioners. Kindly refer to our previous letter no. UFBR/FM/20/02 dated 16th. November, 2020 in the matter. You had advised 10th. November 2020 to IBA to consider the Retirees at par with the Working Staff as a Family.
But the 11th. wage settlement has been signed, revised pay structure has been implemented with payment of arrears, regular pensioners remain neglected as usual. The issue of Pension Updation remainins in the back seat in view of additional load. In the Annual Report of banks, acturial estimates are published showing deficit in matching pension liability with fair value of funds. BUT THE ACTUAL FUND IS INCREASING EVERY YEAR BY ABOUT 18% NOW. THE FUND POSITION AS MENTIONED BELOW WILL GIVE SOME JUSTIFICATION FOR SUSTAINABILITY OF ADDITIONAL LOAD BY BANKS NOW:
PENSION FUND POSITION AS PER BALANCE SHEETS FOR LAST TWO YEARS (Rs.CRORE)
YEARS
2019 - 20 2020 -21
Pension Fund yield in the year 19,525 20,237
Bank contribution during the year 9,087 20,409
Pension Payment during the year 22,569 20,814
Pension Fund Value at the beginning 2,16,657 2,56,274
Pension Fund value at the end 2,56,274 3,00,611
Total Profit of all Public Sector Banks Loss (-) 10,172 Profit + 32, 314 ==============================================
Madam you will kindly observe that PENSION FUND POSITION IS BETTER IN LAST TWO YEARS WITH GROWTH OF ABOUT Rs.85,000 CRORES IN JUST TWO YEARS AND ALSO BANKS BANKS HAVE IMPROVED THEIR PROFITABILITY.
Family Pensioners are about 1.50 lakhs and laterst revision will be a big relief for them.
The number of regular pensioners, retired upto 31st. October, 2017, were about 3.10 lakhs as on March 21.
The number of Family Pensioners is almost half of regular pensioners, but average increase of pension of Family Pensioners will be almost double than the average increase in pension of regular pensioners if RBI pattern is implemented.
Therefore, it can be concluded that additional load is very high a part of it can be amortised in five next years to reduce annual load.
Actuarial estimate as per AS-15 disclosure n norms on balance sheet date includes both retirees and working staff together. This is not correct as pension revision of working staff is implemented through the wage revision in respective Bipartites. In fact, cash flow gives better picture of additional load.
Additional cash outgo on account of family pension improvement and updation of regular pension will be around Rs.6,500 Crores per annum.
Pension has been revised for all the government pensioners with multiplcation factor at 2.57 w.e.f 1st. JANUARY, 2016. Pension in Reserve Bank of India and NABARD has also been revised in March 2019 and July 2020 respectively with multiplication intervention counts a lot in the matter. We also request you to reduce the GST in health insurance premium for the senior citizens from 18% to 5% as followed by developing countries.
RESPECTFUL REGARDS.
Dr.Indrajit sanyal
PRESIDENT
cc: The Chairman IBA, Mumbai
The Convener UFBU
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UNQUOTE:
MY THANKFUL ACKNOWLEDGEMENTS **********************
I CONGRATULATE & THANKFULLY ACKNOWLEDGE ALL MY FRIENDS ( 21,508 ) WHO REGISTERED THEIR FEEDBACK TO ENABLE THE AUTHORITIES CONCERNED TO TAKE NOTE OF THE SAME AND TO ACT SWIFTLY TO UNDO THE DAMAGE CAUSED TO THE INNOCENT RETIREES FOR OVER THREE DECADES !!!
IT'S INDEED WOTH NOTING THAT ON A SINGLE DAY (14 09 2021) ALONE AS MANY AS 252 MEMBERS HAVE SIGNED THE PETITION -
THIS ITSELF IS AN INDICATION AS TO THE AWARENESS & INVOLVEMENT OF OUR COMRADES.
MY HEARTY CONGRATULATIONS TO YOU ALL ONCE AGAIN.
LIST OF THE SIGNATORIES AS ON 14 09 2021 & THEIR COMMENTS ARE ANNEXED TO MY PETITION IN THE FOLLOWING LINK:
https://docs.google.com/spreadsheets/d/1BUJhCtpD0lWAIipRIStucURWGmaxSRL2zuriaVFm9Cw/edit?usp=sharing
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d s murti