Shri _____________________________,
M.D. & C.E.O.,
________________ BANK,
Head Office,
_________________________________,
_________________________________,
_________________________________.
Dear Sir,
Sub : DEMAND FOR PENSION UPDATION.
I, _____________________ the undersigned had retired/voluntarily retired from the service of our Bank on ______________ with designation as ______________and my Basic Pension was fixed as Rs.__________ as per rules of Pension Regulation Act, 1995.
I wish to submit that my Basic Pension has never been revised till date after retirement whereas the Pension of Central Government Employees is revised automatically at the time of pay revision recommended by Pay Commission.
I wish to reiterate as an aggrieved person that my Basic Pension has never been revised till date after my retirement, whereas:-
A) During the course of negotiations on service conditions of the Workmen Employees in February 1990 the Indian Banks Association (IBA) agreed to introduce Pension Scheme in Banks for the Workmen Employees in lieu of employees contributions of Provident Fund. The Pension Scheme agreed by IBA was to be broadly on Central Government/the Reserve Bank of India pattern. Details of the scheme were to be worked out."
B) In terms of Memorandum of Settlement dt.29-10-1993, Provisions were to be made a scheme, to be negotiated and settled between the parties to this Settlement by 31st December 1993 for applicability, qualifying service, amounts of pension, payment of pension, commutation of pension, family pension, updating and other general conditions, etc, on the lines as are in force in Reserve Bank of India.
C) The terms and conditions of Memorandum of Settlement of 1993 continue to govern and bind the parties until the Settlement is terminated by either party giving to the other a statutory notice as prescribed in law at the material time.
D) Copies of the Memorandum of Settlement were jointly forwarded by the parties to the authorities listed in Rule 58 of the Industrial Disputes (Central) Rules, 1957 so that terms and conditions thereof are binding on the parties as provided in law.
Pursuant to the Settlement / Joint Note on Pension signed by IBA with the Workmen Unions/Officers Organisations on 29th October 1993, a small committee consisting of representatives from IBA and major unions was formed in which representatives of BEFI and INBEF were included subsequently, to go into the details of the Pension Regulations covering applicability, qualifying service, amount of pension, payment of pension, commutation, family pension, updating and other general conditions. The terms of reference for the committee was to formulate regulations to be adopted by individual Boards of the Banks for setting up Pension Fund. This was to be done on similar lines as Reserve Bank of India Pension Regulations applicable to Reserve Bank of India employees and Central Civil Services (Pension) Rules applicable to Central Government employees, by making suitable modifications in relation to its applicability to the banking industry. The committee consisting of IBA representatives and Workmen Unions deliberated on the draft regulations prepared by the IBA Secretariat on 8th/9th December 1993, 18th/19th January 1994, 25th February 1994.
In accordance with this Settlement another meeting was held on 26.03.1994 between IBA and UFBU constituents to formulate the Regulations to be adopted by individual Boards of Banks for setting up Pension Funds and this was to be done on similar lines as RBI Pension Regulations and Central Civil Services (Pension) Rules 1972 applicable law to RBI and Central Govt. Employees by making suitable modifications in relation to applicability to Banking Industry. Pursuant to this Pension Agreement dated 29.10.93 between IBA and various Unions / Associations Pension Regulations were framed and notified on 29.09.1995 simultaneously in all the Banks which should have been, beyond doubt on the lines of Central Civil Services (Pension) Rules 1972 and Reserve Bank of India Pension Regulations.
In this meeting held on 26-3-1994 it was also discussed and agreed that Formula for Updating Pension should be on the lines of the same given in the Reserve Bank Pension Scheme. Any change therein should be introduced only after mutual agreement.
But unfortunately while framing the final Pension Agreement on 29.09.1995 of the Pension Regulations, 1995, it was observed later on that a few lines on Pension Updation and Family Pension which were the life line of the Pension Scheme and Bank Pensioners and were of vital significance to establish the connection between Pension Regulations of RBI and Central Government with that of Banking Industry were waved off arbitrarily and not incorporated for the reasons better known to IBA and UFBU constituents, without giving any statutory notice to each other as agreed upon in Memorandum of Settlement 1993 and subsequent meetings held later on to finalise the matter . This constitutes a breach of trust by IBA, Bank Managements and Bank Unions with the Employees for whom these negotiations were being held. Due to this anomaly and with the removal of these life lines of Pension Updation, the blockage surfaced in the heart of Pension Agreements and the demands of Pension Updation and Family Pension started declining from 1995 onwards time and again on flimsy excuses and the absence of any provision of Updation of Pension in the Pension Regulations, 1995 which is unjustified, unconstitutional, inhuman and against the principles of natural justice.
The Retirees were assured and made confident by UFBU constituents at the time of opting for Pension that the Pension will be revised with every wage settlement as is being followed in the case of Central Civil Services (Pension) Rules, 1972 but never imagined that they were being deceived and cheated by their own employer Banks to whom they have rendered their service for a long period of 30 to 40 years. It was distorted by framing defective Pension Regulations to deprive the Bank Retirees of their legitimate rights of getting the Pension and Family Pension revised with every Bipartite Settlements.
In brief, Banking pension regulation 1995 is an incomplete and defective document framed by the Banks which is in contravention to the spirit of the Memorandum of Settlement, 1993 and as such can not be imposed on the employees. I am an aggrieved to say that Bank has made me to sign the one time option letter for opting for Pension by arbitrarily waving off and hiding material facts of Memorandum of Settlement of 1993, in Pension Regulation 1995.
In other words it can be construed that since both agreements, Memorandum of Settlement of 1993 and Pension Regulations 1995 both are binding upon all parties who signed these, the benefits discussed and agreed therein are available to its beneficiaries in the form agreed therein in either of the two. Waiver means abandonment of a right and it may be either express or implied from conduct, but its basic requirement is that it's must be "an intentional act with knowledge". There can be no waiver unless the person who is said to have waived is fully informed as to his right and with full knowledge of such right, he intentionally abandons it. Waver is a question of fact and it must be properly pleaded and proved.
I reiterate that only the document of Agreement signed by the Award Staff Unions and the Joint Note signed by the Officers Unions in 1993 us still a valid document which fetched the acceptance and confidence of employees.
It is pertinent to mention that in the Pension Revision issue of RBI Pensioners, the MoF wrote a letter to RBI on 26.03.2016, the para 3 of which reads as under :
"As regards Update of Pension, any change in the manner of calculating pension is likely to result in similar demands in Public Sector Banks and Financial Institutions most of which are currently experiencing financial difficulties."
Now this letter establishes the truth hidden so far that the Pension Regulations, 1995 of PSUs and RBI Pension Scheme are interlinked, wedded with each other and have conjugal rights, according to Government version itself if Updating of Pension is done for RBI Pensioners, it is mandatory to be given to to PSB Pensioners simultaneously. Here the MOF wrongly interpreted by stating that PSBs are experiencing financial difficulties although it is in no way linked to the Pension payment to PSB Pensioners as the pension is not paid from Revenue of the Bank but from the Pension Trust Funds which are created out of the 50% of the P.F. contribution of Employees which they have surrendered along with accrued interest during their entire service in the Bank while opting for Pension. While issuing the statement MOF should have kept in mind that Banks are state in itself and pension is deferred wages and right of the employee and is not a bounty and paucity of funds cannot be attributed as reason for non updation of pension in banks.
I welcome the decision of MoF vide their letter No. F 11/5/2001-IR dated 5.3.2019 to accede and approve the demand of Updation of Pension of RBI Pensioners. This decision exhibits the sincerity of MoF in addressing the Pensioners issues duly recognising the fact that the Retirees and their families are leading their life in worst financial conditions waiting patiently for revision in their Pension and Family Pension since last 25 years. The Pensioners of PSBs, SBI and Private Banks have once again been conspicuously removed and left in the lurch to deprive of their legitimate demand of Pension Updation and Family Pension. This step motherly treatment of Govt., IBA and Banks towards Senior Citizens Pensioners is very unfortunate and constitutes an act of BREACH OF TRUST.
It is pertinent to note here that the Pension is my right as deferred payment and not a bounty and non affordability cannot be the reason to deny or delay the Pension Updation or Revision of Pension which has been confirmed by Hon'ble Supreme Court. Moreover SC has also asserted that wages and pension cannot be considered inseparable. Banks itself is a state in itself and paucity of funds cannot be attributed as a reason for denying updation of pension to me.
I would also like to assert here that in the year 1993, i.e at the time of introduction of pension scheme in banks, there were no pensioners and as such the service unions of workmen and officers signed every document for introduction of the pension scheme. But now, after 25 years, there are approximately over five lacs retirees and their participation in negotiating and deciding any issue relating to Retirees/ Pensioners, should be ensured so that they may explain their grievances to find appropriate resolution.
I also invite your attention to sub regulation 35 (1) of the captioned Pension Regulations, 1995 of the Banks which was notified in the following form:
“In respect of employees who retired between the 1st day of January, 1986 but before the 31st day of October, 1987, basic pension and additional pension will be updated as per the formulae given in Appendix I”
This regulation was later amended by the Banks as infra making updation of pension applicable to all employees irrespective of their date of retirement.
“Basic Pension and additional pension, wherever applicable, shall be updated as per the formulae given in Appendix I”
The amendment is in the form of a speaking order that Basic Pension and Additional Pension shall be updated invariably with the revision in pay bands in the scale of pay determined through the Bipartite Settlements especially as Regulation 56 of the Pension Scheme makes it abundantly clear, under ‘Residual provisions’, that ‘regard may be had to corresponding provisions of Central Civil Service Rules, 1972 or Central Civil Services (Commutation of Pension) Rules, 1981 applicable for Central Government employees’ , in case of ambiguity. Central Civil Pension Scheme provides for Revision and Updation of Pension automatically with the implementation of each Pay Commission Report. Therefore it is mandatory for Banks also to revise and update the Pension component to retired employees simultaneous with wage revisions for employees under Bipartite Settlements. The provision for Updation of Pension as narrated above is a part of Memorandum of Settlement dated 29.10.1993 as its clause 12, which is the bedrock of the Pension Scheme.
Section 56 of the Pension Regulation holds that Pension in Banks is on the premise of Central Civil Pension rules and requires Updating in tune with Bipartite Settlements as is done in case of Central Civil Pension with Pay Commission. It also provides to refer to the Pension Rules of Reserve Bank of India and Central Government Pension rules in case of dispute which impliedly confirm that the Bank Pension Scheme is framed on pattern of Central Government Pension Rules and Reserve Bank of India.
Regulation 11 of the pension regulation 1995 provides that the bank will make annual investigation of Pension Fund at the end of every year and in case of shortage , necessary contribution will be made by bank to ensure delivery of benefits under this regulation. I hope that Bank is following this rule strictly as stipulated and amount lying in pension fund will be sufficient to meet pension updation requirement. The funds lying in the Pension Fund Trust account is the sole property of the Pensioners and Bank is duty bound to ensure that this Fund is not misused in any way under any circumstances in the absence of representation of Retirees in the Board constituted for maintaining funds lying in the Pension Trust Fund account with you
Next, I wish to invite your attention once again towards the Memorandum of Settlement sigend in 1993 by the AIBEA and AIBOC and IBA which speaks unambiguously that the Pension in Banks will be implemented as per rules applicable to employees of Central Government and RBI which is rather more significant document and also is considered to be a basic document of agreement between the Unions and Banks and cannot be ignored under any circumstances as it has not been superseded by any other agreement.
It is really disgraceful that I have been continuously being denied my legitimate right when I am not physically and financially able for any legal fight ignoring the fact that I worked with all honesty and commitment during my lifetime in service of our Bank. I am being forced by bank to lead a undignified and miserable life by not making a Revision in my Pension.
It has been noted that the Government bureaucrats who implement the financial policies are always helpful to their Retirees for awarding best of Pension, Free Medical Care, LFC, Family Pension and other service conditions whereas it is quite contrary in banks where our Executives always try to curtail the benefits and plan for tough negotiation to give minimum to its Retirees contending non affordability when things can be accomplished by just rectification of anomalies and compliance with the statutory requirements. This has resulted in not keeping the wages in Banks at par or rather much below as compared to their counterparts in Central Govt. and RBI etc. These wages used to be higher when I joined the Bank Services.
I also invite your attention towards the approval of Updation of Pension by the Board of Directors of RBI which was later on approved by Central Government after passing orders by Bombay High Court.
It is pertinent to note that the text of Pension Regulation of Banks and RBI are similar and as such there is no legal impediment to pass a resolution by the Board of our Bank.
Sir, if any Union has not put any demand for Revision of Pension for such a long time, it does not mean that the rules of the Pension Regulation should not be followed by the Bank. It is the duty and responsibility of management to ensure that all rules and regulations framed for Retirees are strictly adhered considering their age and principles of natural justice.
While concluding, it is urged upon you to take appropriate steps for approval of Updation of Pension without any further loss of time and in future Periodical Revision is also ensured keeping in view the opinion of Hon'ble Supreme Court that wages and pension cannot be considered inseparable. Pension is not a bounty but the right of the Pensioner as deferred wages for which he contributed as per rules. Since Non-Revision of Pension in derogation of Pension Regulations 35 (1) and 56 is a serious offence thwarting the statutory Pension Regulations, I make a fervent appeal to you to Update the Pension in the Bank at the earliest so as to make the Bank compliant with the Pension Regulations in force in letter and spirit.
Hence I as an aggrieved person claim my legitimate right and raise a demand to make necessary Updation/ Revision in my Pension to lead a dignified life in my old age.
Keeping all above in view I also demand that necessary mandate be given to IBA to settle this dispute of Updation of Pension before finalisation of 11th Bipartite Settlement in Banking Industry. It is also humbly requested that till some decision is taken on finalisation of Pension Updation by Bank the signing of 11th Bipartite Settlement may please be held in abeyance. The representations received from all individuals may please be taken or treated as demand of a Retirees Union/Assotiation for which I am giving my mandate here.
It is further humbly requested that Bank’s Board are duty bound to give a due consideration to my demand and pass a resolution to said effect and forward the same to all concerned quarters for favourable considerations.
Keeping above circumstance in view I once again request that Pension in Bank be Updated in accordance with the pay scales which arose out of the Bipartite Settlements concluded after retirement dates of individuals. Kindly let me know on this in a month.
Yours faithfully
(_____signature_________)
Name :
Staff/PF No.:
Address :
Date. :
Shri Ashok Kumar Pradhan,
M.D. & C.E.O.,
UNITED BANK OF INDIA,
Head Office,
United Tower,
11, Hemanta Basu Sarani,
KOLKATA - 700 001.
md@unitedbank.co.in
-----------------
Shri S. Harisankar,
M.D. & C.E.O.,
PUNJAB & SIND BANK,
Head Office
4th Floor, PSB Building,
T. Sohanlal Marg,
21, Rajendra Place,
NEW DELHI - 110 008.
cmd@psb.co.in
------------------------------
Smt. P. V. Bharathi,
M.D. &. C.E.O.,
CORPORATION BANK,
Head Office,
Mangaldevi Temple Road,
Pandeshwar,
MANGALORE - 575 001.
md@corpbank.co.in
-----------------------------------
Shri R. Subramania Kumar,
M.D. &. C.E.O.,
INDIAN OVERSEAS BANK,
Head Office,
763, Anna Salai,
CHENNAI - 600 002.
rskumar@iob.in
---------------------------
Smt. Padmaja Chunduru,
M.D. &. C.E.O.,
INDIAN BANK,
Head Office,
254 - 260,
Avai Shanmugam Salai,
ROYAPETTAH,
CHENNAI - 600 014
cmdsec@indianbank.co.in
--------------------------------
Shri P. S. Jayakumar,
M.D. &. C.E.O.,
BANK OF BARODA.,
Head Office,
Baroda Corporate Centre,
C - 26, G Block,
Bandra Kurla Complex,
BANDRA (EAST),
MUMBAI - 400 051.
md&ceo@bankofbaroda.com
------------------------------
Shri Dinabandhu Mohapatra,
M.D. & C.E.O.,
BANK OF INDIA,
Head Office,
Star House,
C - 5, G - Block,
Bandra Kurla Complex,
BANDRA (EAST),
MUMBAI - 400 051.
md.ceo@bankofindia.co.in
------------------------------
Shri S. S. Mallikarjuna Rao,
M.D. & C.E.O.
ALLAHABAD BANK,
Head Office,
2, Netaji Subhash Road,
KOLKATA - 700 001.
cmd@allahabadbank.co.in
--------------------------------
Shri Sunil Mehta,
M.D. & C.E.O.,
PUNJAB NATIONAL BANK,
Head Office,
Plot No. 4, Sector No. 10,
DWARKA,
NEW DELHI - 110 075.
md@pnb.co.in
----------------------------
Shri A. S. Rajeev,
M.D. & C.E.O.,
BANK OF MAHARASHTRA,
Head Office,
1501, Lokmangal,
Shivaji Nagar,
PUNE - 411 005.
mdceo@mahabank.co.in
------------------------------
Shri R. A. Sankara Narayanan,
M.D. &. C.E.O.,
CANARA BANK,
Head Office,
112, J. C. ROAD,
BANGALORE - 560 002.
mdceo@canarabank.com
---------------------------------
Shri Rajnish Kumar,
Chairman
STATE BANK OF INDIA,
Corporate Office,
Madame Cama Road,
MUMBAI - 400 021.
chairman@sbi.co.in
-----------------------------------
Shri J. Packirisamy,
M.D. & C.E.O.,
ANDHRA BANK,
Head Office,
5 - 9 - 11, Dr. Pattabhi Bhavan,
Secretariat Road,
SAIFABAD,
HYDERABAD - 500 004.
mdceo@andhrabank.co.in
--------------------------------------
Shri G. Rajkiran Rai,
M.D. & C.E.O.,
UNION BANK OF INDIA,
Head Office,
Union Bank Bhavan,
239, Vidhan Bhavan Marg,
NARIMAN POINT,
MUMBAI - 400 021.
cmd@unionbankofindia.com
----------------------------------
Shri Pallav Mahapatra,
M.D. & C.E.O.,
CENTRAL BANK OF INDIA,
Head Office,
Chander Mukhi,
NARIMAN POINT,
MUMBAI - 400 021.
chairman@centralbank.co.in
------------------------------------
Shri Atul Kumar Goel,
M.D. & C.E.O.,
UCO BANK,
Head Office,
10, B. T. M. Sarani,
BRABOURNE ROAD,
KOLKATA - 700 001.
md@ucobank.co.in
---------------------------------
Shri B. Sriram,
M.D. & C.E.O.,
I.D.B.I. BANK,
Head Office,
IDBI Tower,
World Trade Tower Complex,
Cuffe Parade,
COLABA,
MUMBAI - 400 005.
md.ceo@idbi.co.in
------------------------------
Shri Mruthyunjay Mahapatra
M.D. & C.E.O.
SYNDICATE BANK
Head Office
2nd Cross Road
Gandhi Nagar
BANGALORE - 560 009
md&ceosectt@syndicatebank.co.in
---------------------------------
Dear Friends,
AIBOC EC meeting was held at Bengaluru yesterday & today.
To make use of the presence of AIBOC top leadership, a team comprising Mr. Shantharaju, Mr. Sastry, Mr. Sukumar, (SBI), A N Krishna Murthy & Mr. Gajanana met AIBOC President, Mr. Debasish & GS, Mr. Soumya Dutta at the Meeting venue & prevailed upon AIBOC Leadership to pursue our issues with IBA & Govt.
We are happy to inform that, both the President & GS have reiterated their stand that AIBOC will not participate in any Wage Talks meeting unless the issue of Updation of Pension is resolved.
They also informed that AIBOC will go ahead with series of Agitational Programs across the country & sought the wholehearted support & participation of all the Retirees in all such activities.
Let's hope for the Best await.
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