......our answer to all your banking needs

PF OPTEES VS PENSION OPTEES

Letters From Employees Who Are at present PF Optees	Letters from Employees Who are Already Pension Optees
	Vinod Kumar Narayanapillai : "The burden should not be put on actual pension optees for accommodating the pf optees for pension." (Updated on 11/12/2009)
	Mr. PURUSHOTTAMA WAGLE writes : The 9th Settlement was spoilt by the PF optees who wanted to switch over to Pension now. When the opportunity was knocking on their doors they refused to accept it. They were lured by the thought that they would get in lakhs, earn 14% to 20% p.a on investing their amount and that the pension optees are those who cannot manage themselves not their money!. In fact I have many times encountered this argument that one should opt for pension who is too incapable of managing his money. These fence sitters when they saw that the other side is looking green wanted to jump to that side and in the process spoilt the whole show called 9th settlement. There is no logic in the argument that those who exercised option should keep on sacrificing for the fence sitters. If someone is filing a writ it is most welcome. By the way the AIBOC and SBI drama is noteworthy. The same persons on the AIBOC website congratulated for 17.5 % and on AISBOF website they claimed they have not signed the MOU! It proved that they are Not Always Dependable And Friendly to other bankmen cause and now they demand 27.5 % ! Where is the concept of equal Work Equal Pay gone. In Central Government if your basic is around 22900 you get around 80000 gross as per their New Pay. Where do the Bankers Stand.? In Central Government they did not share Pension burden byeven a rupee. When the UFBU congratulates Bankemn it is like rubbing salt to wound or insult to injury. Now they may demand LEVY also for this GREAT WORK ! The Unitedly Failed Bank Unions have become Utterly Failed Bank Unions. They have turned the age old saying " united we stand, divided we fall " - upside down! In Common Bond of 1997 the AIBOC had mentioned about the Vth Pay Commission pay and also wanted certain anamolies in the Pay Structure of Bankmen. They forgot it later. Then came the 6th CPC during the course of Bank wage negotiations. They kept silent till last couple of months when they learnt that the bench mark for them to jump was fixed at 17.5% - as they always did- they abstained but yet congratulated other Bankers ( for providing them a benchmark - a springboard - to jump from!) for that 17.5% while for themselves they demanded 27.5% !. So much for the sense of equity and justice for the leading lights of Bank officers Trade Union Movement!!! (Updated on 11/12/2009)



Mr Raguram Kannan writes as follows: DURING THE LAST BI-PARTITE AGREEMENT, CERTAIN AMOUNT WAS EARMARKED FOR EXISTING PENSIONERS, FOR WHICH THE SACRIFICE WAS DONE BY ALL THE EMPLOYEES, INCLUDING WHOSE WHO OPTED FOR PF. IF UR ARGUMENT THAT PENSION OPTEES ARE LOSERS IS JUSTIFIED NOW, THEN WHAT ABOUT THE CASE OF PF OPTEES DURING THE LAST SETTLEMENT. PL CLARIFY THIS POINT.	" The questions of youngsters remain un-answered even after the so called settlement is signed by you. This settlement is historic in the sense SBI is out of it and Pension optees are also by the side of SBI. The pension optees are being victimized in the whole issue. This position suits IBA because none of the leader represents the employees. The party to the settlement should be neutral not interested one inclined towards reducing the package and other a silent spectator. Please look in to the Banking of future. The Banking also requires talent. Please answer following. 1.Why existing Pension optees should pay incremental cost. The pension cost is no where borne by employees. 2.Why the multiplying factor is reduced for DA. 3.What is the basis for arriving at a figure of 17.50%.Is this scientifically arrived or out of the blue? Kindly answer these questions. Regards Young Bankers
Mr. MOHAN. writes as follows: First and foremost it is to be understand the back ground under which the question of 2nd option of pension came for discussion with IBA - UFBU even after 14 years. It is a genuine demand of bank employees, which can’t be rejected by IBA / Govt. For the past fourteen years the issue of granting 2nd option of pension to PF optees was not resolved . IBA as well as Govt. was not agreeable to consider the demand all these years stating that, an option, once exercised shall be final and irrevocable As per figures given by IBA and UFBU total number of retirees comes to 60,000 only. The demand for 2nd option of pension is not for retirees alone. It is for all PF optees working in bank now which comes more than2.50lakhs. It is rude to state that “They don’t even deserve to get 2nd option for pension because CPF was there conscious decision”. In fact there were important factors behind their decision to opt for PF. 1. One clause was infused in Pension Regulations 1995 providing for forfeiture of service on participation in strike. 2.The higher interest rates prevailing a that time. 3.Union also was not in favour of Pension option considering above factors or not informed their members properly once the above clause was deleted .Banks were also did not inform the fact to employees. thereby denied a chance for them to exit from their option. More than 3 lakhs plus bank staff opted for PF in 1995. Further it is to be understood that the load factor is not because of retirees. Retirees also should have to refund the Bank’s contribution with interest on SPF received at the time of retirement. .More over 30% of pension fund gap also to be paid in order to get pension. 17.5% wage hike is fixed on considering various aspects. Pension Fund is different.. Even the load factor is low IBA has never stated or agreed to consider for higher percentage of wage increase in 9th b.p. settlement.	Vikram Sinha writes : "An Appeal An appeal is made to all serving pension optee to unite & get prepared to file a writ against the pension load factor & present wage settlement. We (present employees who are pension optee) should not share pension load at any cost. Those retired in 1996 or onwards and now want to opt for pension must share the total burden. (They don’t even deserve to get 2nd option for pension because CPF was there conscious decision) We are not at fault they had taken decision to opt for CPF. They are increasing the load & as a result of which there is no compatible wage revision. Our one step forward will save our future & dignity in the banking. Let us unite and file a writ. Let us come forward."
	The Recent MOU signed by the unions for a wage hike of 17.50 percent and second pension option is nothing but a slap on the face of all pension optees who stand to lose in all spheres. The so called union leaders are demanding contribution from the hapless pension optees who opted for pension when it was introduced without using calculators dreaming of taking big purses when they go home unlike PF optees. The days of struggle for demanding justice to all pensions optees who are sizable in number should start the fight with the leaders who have cheated. Sheker

Comments : Do you feel the above comments are biased ? If so, you can send your views alongwith the facts to counter the same so that bankers can have the real factual position. However, the comments should not be of any personal nature or against a group.

You can submit your comments on : allbankingsolutions@gmail.com

Disclaimer : The views expressed here are the personal views of our readers and www.allbankingsolutions.com may not subscribe to such views. The contents or data has not been verified / re-checked. In case, any abuse is noticed, the same may be brought to our notice at allbankingsolutions@gmail.com so that we can review the same.