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Pension to Left Over Bankers - It is Still Far Away.    Who is at Fault ?

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Rajesh Goyal 




We have written an article about a  week back (i.e. 15th July) under the heading "Has Government Cleared 2nd Pension option for All Left Over Bankers ?".  As readers must have noticed the above article was written with great caution as we were not receiving any confirmation but a mere emails that this type of SMS and a circular has been issued. (we would not like to name the same here as everybody knows about this).   Some of our readers were not happy with our caution on the plea that we are too pessimistic even when everything has been finalized.   However,  we are vindicated for the caution used by us rather than jump on the conclusion (I wish we could have been proved wrong).   The reasons for such an abundance caution was not the reputation of the organisation which issued that circular, rather it was the bad reputation already earned by IBA and some major unions in such matters where they try to deny and / or delay every rightful claim of the bankers.  Why they do indulge in such practices?  The answer is simple - their survival depends on such tactics.   IBA is afraid that if it yield easily,  then they will lose their importance.  By putting numerous hurdles in such matters, IBA gleefully tells its bosses (in MoF and bank management) - SEE HOW WE HAVE BEEN ABLE TO SAVE MONEY FOR YOU.  This helps them to continue their job, rather extract more from member banks!  I will soon upload a separate article on this issue under the title Why IBA, HR  People and Union Leaders Have Negative Attitude Towards Bank Employees / Officers ?  Are they Jointly Responsible for Present Mess in Banks ?   Right now let us go back to the main issue for which I am writing this article.



By now everybody knows that the circular about 2nd pension to left over bankers has disappeared from the website of the organisation which issued the same.  At this stage, I will NOT  like to blame  the organisatioon which issued this circular or people who sent SMS.   This can happen to anybody who deals with media / news / updates.   In their enthusiasm, sometime wrong updates are issued.  Tomorrow, we at can too be proved wrong on some issue,  as we also depend on various sources for our updates and every time we can not check / doubt the authenticity  of such updates.  What we are pained to notice is that they have not yet issued any clarifications.  If they have been taken for  a ride by some people, then there is no need to be apologetic as such things happen in the world.  However, they should have issued clarification and exposed the people who did this to disrepute this organisation.  OR has this been withdrawn under some pressure or  for a bigger drama to be seen soon by all of us ?

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What is more intriguing is that no major union has either confirmed or denied the contents of that circular.   Everybody is keeping silent.   This raises real doubts.  Whether such advisory was issued by GoI?   If yes, whether the same has been withdrawn or held back ?  Who are the people working behind the scene for this withdrawal or withholding ?  Have union leaders and IBA spoiled the party and our fears have been proved right?  If no, then who started this mischief and what was the motive.    This can be mainly clarified only by the people who issued the circular.  Or else time we bring the truth automatically. 


   In the mean time, a new development has taken place, the details of which have been sent to us by Mr Venkatesh Shriyan.   On 18th July, 2012, before Hon'ble Chief Labour Commissioner (Central) New Delhi, UFBU leaders and IBA met and the decision for withdrawal of strike call of 25th and 26th July, was made.  In this meeting IBA had also presented its comments on the demands of strike call.   On page 3 of the said comments, IBA has reiterated its stand in the following words :-


"(v) Issues arising out of Pension Settlement / Joint Note dated 27/04/2010:-


With regard to denial of pension option to persons opted under VRS / resigned employees, we are to state that while finalizing the draft of Pension Settlement / Joint Note jointly with Unions / Association, a threadbare discussion was held and a finality was arrived at mutually as to who are all to be covered under second option.  The categories of employees mentioned in UFBU letter are not eligible for second option in terms of the provisions of Settlement / Joint Note.  It is not fair on the part of Unions / Associations who are parties to Settlement / Joint Note to challenge the provisions of the same".



What does these developments indicate :-


  • (a) IBA is still firm on its stand that the matter was discussed with union leaders at the time of signing of Settlement / Joint Note and they were fully aware that such categories of bankers will be excluded from 2nd pension option.   On these grounds, IBA has indicated that Unions / Association do not have any right to raise these issues now which were finalised at the time of Settlement / Joint Note.


(b) In case IBA is wrong and no such settlement was reached, why UFBU leaders do not come openly and challenge the alleged wrong statement of IBA.  


(c) Although 2 years have passed since this controversy has been raging and various Court cases are pending, yet Why till date UFBU has not gone to any Court to challenge the stand taken by IBA if such an agreement / discussions never took place.   Why they have not become a part to such court cases and taken a stand against IBA.   Are these leaders so incompetent that they have to be told about these remedies by a novice person like me?


(d) When these rumors were floating around since 14th July, 2012, and IBA gave this reply on 17th July, 2012, was it not the duty of UFBU leaders to issue a clarification that no such guidelines have been issued by GoI and IBA is still firm on its stand for denial of 2nd pension option to left over bankers.



Now question arises, why these UFBU leaders, who are thriving on the subscriptions of the bankers, do not feel a need to issue a simple clarification on their website (No expenses at all).   This proves they are insensitive and inhuman and do not understand the human values.   Now our hopes are on Court pressures and decisions.   I can today guarantee, if IBA had to relent on account of court decisions / pressure, these UFBU leaders will immediately jump to arena and claim their victory on the long drawn battle (for which they have not filed a single court case).  Remember, 5 year additional benefit to bankers came only through Court decisions but still these leaders claimed the same as their Grand Victory.


Friends, the battle is still far from over.   Lot of drama is going on behind the scene for earning brownie points - union leaders and IBA,  Sufferers are senior citizens (bankers), who across the world are treated with respect.   However, in the eyes of IBA and union leaders senior citizens, who have devoted whole of their life for serving the interests of bank,  are burden on the society as they are demanding something without any present contribution to banks.  



I would request that now onwards all the serving and retired bankers to send links to these type of  articles to all their friends and colleagues so that a proper awareness is created about the activities of UFBU leaders by the time we reach negotiating table.   This will help them to shake up union leaders  from the sleep they are enjoying in 5 star comforts at the expense of bankers.   Once they realize that opinion is building against them, I am sure they will be forced to think for the welfare of the bankers and you will get an honourable 10th BPS or else you will continue to suffer as ever.  You need to be pro-active now onwards to gain something.





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