Bank Union 9 and Covid 19

फोरम आफ बैंक पेंशनर एक्टिविस्टस्

 Forum of Bank Pensioner Activists

                  PRAYAGRAJ

 कामये दु:खताप्तानां प्राणिनाम् आर्तिनाशनम् ।

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BE PREPARED MENTALLY

TO BEAR THE SHOCKS...

UNIONS-9 have pose serious threats to BankMen. UNIONS-9, more fatal than COVID-19. 

COVID- 19 may end ...., but 

UNIONS-9 are interminable termite for bank men.." 

Since, Bank Pension has never been revised along with wages in past, now it is accumulated baggage for Banks. Naturally, there will be a fall out for Banks, in revising pension, but it's their contractual obligation, from which they can't shirk. Yes, it can't be agreed that existing Pension Funds are good enough to bear the financial burden of revision, as contended by many. At best, it can be called their ignorance. However, on the other side the propagation of Rs.90000/60000 additional fund requirements in revision case was not in ignorance, but done full sense with deliberate intention to deflect bank men attention from issue in question. Neither there is any calculation nor such report from any reliable source. It's just hypothetical, gossip or gimmick- call it be called by any name. It's just a trick to ward off and put the demand at bay. But, such additional funding will be required as may result in surplus matching to increase in pension outgo is a reality.

However, we take Funding as ownership issue. Revision is a 'contractual obligations' that Bankers are suppose to honor. Fundings of Pension Funds are defined in Agreement, 1993 & Regulations, 1995. Pensioners/ Pension Optees & their Banks obligations are defined in this regard. Pensioners had complied & optees still in job are complying their obligations towards Fund. Banks should also comply their obligations. But, very cunningly Banks have been evading in tacit support of operating Unions till now. As far revision is concerned, it's well laid down in Agreement/ Regulations from day one, i.e. 1st Jan., 1986, under which revision for due period from 1.1.1986 to 31.10.1987 had been done. The concept of Pension in Banking is derived from Central govt pension rules. Pension is subject to revision whenever wages are revised. Pension revision is inseparable from wage revision. Highest court of the land, Hon'ble Supreme Court, had ruled it as inseparable from wages and not a bounty. Revisions have been happening in Central/State governments in every Pay Commission.. 

Banks have had saved a lot, by denying revisions so far, but it can't taken as precedence. Happened that happened, but now it cannot be tolerated any more. After great fight it is done in In RBI. Regrettable aspect is: where RBI Unions unitedly fought from street to courts, there Bank Unions not only failed, but joined IBA tirade against Pension Revision. Why haven't other Banks' Unions followed RBI Unions foot steps, better they explain banking fraternity.  

While objecting RBI revision, GOI stated on affidavit before Hon'ble Mumbai High Court that if RBI revision is granted, similar demand would arise in other Banks. Govt has very clear opinion in this regard, but matter being bilateral is hanging other side. It's entangled in IBA- Unions equations. They are holding revision for uncalled reasons. It's most unfortunate situation, where Unions, are supposed to protect the interest of pensioners, they are real hurdle in pension revision. They are neither serious nor sincere. 

Unions-9 have posed serious threats to Banking fraternity, be it working or retired. Shouldn't we take them more fatal than COVID-19?. COVID-19 may end in coming few months, but Unions-9 are pandemic to continue while working and after retirement!

From last several years, Banks are irregular in depositing their part of Providend Fund in Pension Trusts. They wait annual actuary reports and make good only when it reports inadequacy. This way, natural adequacies have been abondoned. Unions compromised with managements.

As far IBA is concerned, it was not agreeable even in 1990s to give pension as existed in govt. Now, how IBA could be expected to restore abondobed old  Pension Scheme. Even if govt restores, we think, these Unions shall not be able to achieve any more.

JNShukla/PRAYAGRAJ/12.5.2020