PENSION UPDATION - CLC PROCEEDINGS BETWEEN UFBU & IBA ON 01 07 2022 - A PLANNED FOUL GAME... ???
CONSEQUENT UPON THE STRIKE CALL GIVEN BY UFBU ON THE PENSION REVISION, CONCELIATION PROCEEDINGS BETWEEN UFBU & IBA WERE CONVENED BY CLC ON
01 07 2022 UNDER THE STATUTORY PROVISIONS.
HOWEVER, THE DETAILS OF THE SAID MEETING HAVE BEEN KEPT "UNDER THE CARPET" & IT APPEARS TO BE A MERE MOCKERY BY IBA-UFBU NEXUS .
IN THIS CONNECTION, I REPRODUCE AN INTERESTING INCIDENT BROUGHT TO MY NOTICE BY ONE OF OUR ACREDITED VETERN TRADE UNION LEADERS - COM.DEBASISH MUKHERJEEJI OF BOB - KOLKOTTA :-
[09/07, 20:19] ✴️QUOTE✴️ : ".... UFBU & AIBEA ISSUED A TOTALLY GOT UP STORY OF DISCUSSIONS HAD ON UPDATION ON 01.07.2022. THIS ALLIANCE EVEN MENTIONED NAMES OF HIGHER EXECUTIVES OF THE BANKS PARTICIPANTS ON BEHALF OF IBA IN THE DISCUSSION ON 01.07.2022.
BUT AUTHENTIC INFORMATION
I RECEIVED FROM ONE OF THE BANKS EXECUTIVES WHO HAD WORKED UNDER ME AND NAMED A PARTICIPANT IN THE DISCUSSIONS ON BEHALF OF IBA IN THE UFBU/AIBEA CIRCULARS CLEARLY INFORMED ME THAT HE WAS NOT IN THE DISCUSSIONS ON 01 07 2022 AND EXPRESSED HIS SURPRISE.
This only strengthened suspicion what a nasty game is played by the alliance of IBA & UFBU appears to have done under advice from the DFS only to save the IBA & Banks from contempt charge."✴️ UNQUOTE✴️
UFBU NEVER BOTHERED TO SHARE THE FULL DETAILS EVEN TILL DATE.
THAT APART, IBA SEEM TO HAVE EXPRESSED THEIR "DESIRE" TO LOOK AT THE PENSION REVISION ISSUE "AFRESH" ( FOR "UNDISCLISED REASIONS" ) DURING THEIR "MARATHON AGENDA-WISE DISCUSSIONS" HELD WITH THE LEADERSHIP OF AIBPARC ON 1110 2022 AT MUMBAI.
THE PROCASTINATING ATTITUDE ON THE PART OF IBA SEEMINGLY TO PURCHASE STILL MORE TIME TO ENABLE SOME BANKS TO RECTIFY THEIR PAST DELIBERATE "COMMISSIONS & OMISSIONS" IN THE MANAGEMENT PENSION CORPUS AS ALREADY INFORMED BY ME ON SEVERAL OCASSIONS AT THE COST OF REPETITION.
WHY THIS INORDINATE DELAY..? FIGURES SPEAK BY THEMSELVES..
TILL RECENTLY MANY BANKS HAVE FAILED TO FOLLOW THE STIPULATED GUIDELINES -
CONVERSION OF PENSION CORPUS HAVE BEEN INDLUGED BY MANY BANKS IN GROSS VIOLATION OF THE STIPULATED REGULATIONS :
( For instance, as per the - covered under old pension scheme, investment of corpus funds invariably need to be made in the securities approved by the Government alone. However many banks either diverted to private investments or window dressing their Balance Sheets resulting HEAVY EROSION IN THE PENSION CORPUS).
BESIDES FUNDS WERE ALSO SUBJECTED TO CONVERSION & DIVERTED TO PAY ENHANCED PENSION TO THE EARSTWHILE CMDs/ EDs IN GROSS VIOLATION OF THE PENSION REGULATIONS IN FORCE.
THIS IS BESDES WINDOW DRESSING THE BALANCE SHEETS FOR PROVISIONING & WRITE OFF BAD DEBTS.
Bank wise Pension Fund details as on 31 03 2022 (₹ in Crores)
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Details SBI PSBs .
₹in Crores
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Pension Fund
₹119131 ₹215499
Pensions paid
₹ 10190 ₹ 20290
Income invst.
₹ 7345 ₹ 13863
Banks contributed
₹ 15967 ₹17773
Acturial gain/loss
₹437(-) ₹555 (+)
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THUS, SBI ALONE TOPS THE LIST TO RECOUP IT'S PENSION COROUS DEFICIT AGGREGATING ₹437 CRORES! AS ON 31 03 2022
SBI along with a few PSBs still need to Clean their Balance Sheets & improvise acturial evaluation on qualitative lines commensurating with the impending commitment on their part in terms of BEP regulation#11
IBA-UFBU NEXUS STILL MAKING MOCKERY
IN THIS PROCESS OF MANAGENTS STILL BUYING TIME FOR OVER THREE LONG DECADES WHEREAS, MANY PRECIOUS LIVES OF THE LAMENTING BANK RETIREES EVOPERATED IN THE AIR.. THEIR CURSES WILL INDEED HAUNT ALL THOSE "CULPRITS" IN "POWERS-THAT-BE" !...