Wednesday, 27 May 2015

IBA/UFBU’s New suggestion for avoiding reduction in Pension(10th Bipartite Settlement)

IBA/UFBU’s New suggestion for avoiding reduction in Pension!
Following is the provision added in 10th B.P.S. document:
“Employees in service of the Banks as on 1st November 2012 and who have
Retired thereafter but before 25th May 2015 and who had opted for
Commutation of pension will have an option not to claim incremental
Commutation on revised basic pension.”
What is the effect?
* When we expect a +plus in our pension, settlement gives us -negative pension
*To make the difference 0 instead of -negative, unions suggest that
Employee should loose Rs.350217 (Commutation arrears for sample case) and make the difference 0.
* i.e Bank will not give even extra Rs.1, but we have to make it correct with our own money
* to save a pension of Rs.2298 p.m loose Rs.350217. i.e for 152 months (12.66 Years) value
( If interest factor is taken into account it will be much longer )
* Unions have no suggestion for how to make -negative to +positive
*After all these corrections a retired comrade gets Rs.677 extra in pension
(on November 2015) which is 3.36%
This will be the position of comrades who are going to retire hereafter also.
(Their pension amount will not be –negative, but they will be paid lesser amount at the time of disbursement itself. That will be the difference)
* For this only Negotiations take 30 months?
* My greetings to that intelligent comrade who suggested this solution!
* I know junior employees will find it hard to understand this article, but the seniors will definitely understand the seriousness of the subject.


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