Bank Retirees pension has not been revised for the last 20 years.
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Srimathi. Nirmala Sitharamanji,
Hon. Finance Minister,
Govt. of India,
Room No: 134, North Block,
Re: Representation on Bank employees Pension Fund & Pension revision.
We beg to draw your kind attention on the captioned matter and request your kind selves for favor of consideration &suitable action
1. Bank retired employees’ pension is paid out of Pension fund contributed by the bank employees while in service. It is the money wholly contributed by the Bank employees by foregoing their Provident fund (banks ‘Contribution). So Retired Bank employees/ Pensioners are absolute owners of the Pension fund.
2. The Pension fund so constituted is out of an agreement between Bank employees’ unions & Associations popularly known as UFBU (United forum of Bank Unions) and association of Indian Banks known as IBA under instructions from Minister for Financial services, Govt. of India for the specific purpose of paying monthly pension.
Of late many retired employees are worried that their Pension is not revised since its date of inception two decades ago. They are also of the opinion that Pension Fund is having enough balance to meet out any outflow in Pension revision. It is also in the Employees’ Pension Rules that the Pension is to be revised along with salary & wages revision. However this is ‘Negated’ by IBA –UFBU with the assertion that Pension fund is not sufficient. This may be untrue. We have to point out here that IBA-UFBU is not showing enough interest in the matter since they are no more stakeholders. That is why we are approaching the Govt. of India, through the Minister for Financial services for redress of our grievance. Hon. High courts & Supreme Court has also advised the Retired employees to approach the IBA/ Banks for Pension revision and skillfully negotiate. But to date no such invitation has come from Banks / IBA. We wish to request your kind selves to:
1. Instruct all the Banks to register the Pension Fund under Indian Trust Act and bring it to under legal provisions of respective Acts and Rules.( Including RTI)
2. To recognize the majority retired employees associations as negotiating agents.
3. To appoint retired employees elected from the registered associations as their representatives on the “Pension Fund Trust Boards” duly constituted under the Law.
4. Though the Pensioners are the only chief stakeholders, we are not informed the Pension Fund position (Receipts & Payments/ Income & Expenditure) periodically. Banks do inform to the PF subscribers/employees their contributions & year end balances.
5. If Bank employees’ Pension fund is not akin to the Govt. employees why there should be objection for new entrants to join the scheme? It is affecting the growth of Pension fund.
We retired Bank employees reiterate that we are forced to approach the Govt. of India as the main stake holder along with pensioners in the matter. We fear if the Pension Fund is not properly safeguarded as provided in the law there can be scope for misutilization of funds. Therefore we request Govt. of India through your good selves to help the Retired employees by instructing the Banks as above and invite the Representatives of the Retired employees association for periodical negotiations and review of the Pension Fund operations to ensure transparency.
Further thanks to Smt.Hemamaliniji and Sri.M.Bharat, Members of Parliament (Lok Sabha) who has brought the pitiable conditions of the Bank Pensioners to your kind notice in particular and to the notice of the Nation in general.
With respectful regards.
(G.S.V.S. MURTHY ).
Retired Assistant General Manager,
Vijaya Bank (now BANK of Baroda)
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