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Dear friends,                                                                                                     17/3/19

After the General Body meeting, immediately we issued one circular, which was sent to all the e mail recipients, but not individually posted to members for want of time and people to help. 

As we have finalized our Curative petition and consultation with experts are in the process and many developments in the industry has come and other matters relevant to us have cropped up, it has become imminent to share with you all the information, hence this circular.

Let us go through the developments one by one.

1) The present Government has issued a note sanctioning in principle one more option for the PF optees to join the 1995 pension scheme. Now the insurance companies have to prepare a detailed note to the ministry about the mode of implementation in detail and then the ministry will come out with the Gazette notification. So this will take more time, we should wait to assess the pros and cons. 

2) The Mediclaim renewal is now due and all are requested to pay the premium before March 29 th.  One more final option for Retirees to join the Scheme is now allowed and the companies have also allowed inclusion of new members of their family whether dependent or independent.

There is also option to increase or decrease the coverage by one step, only if you have any fresh addition or deletion of family members.

3) One favorable news is that the RBI employees have achieved the pension updation prospectively but the Government has rejected one more option to the Pension Scheme. At last, the present Government has taken a good initiative to give them the long pending demand of Pension updation.  

This move of the Government has given hope to the working class in Banking and Insurance sector to get the Updation of pension. Any way, we have a pending  Case in the Division Bench of  the  Madurai  High Court for pension updation, and it is kept pending, waiting for the result in the LIC supreme court case for which the final hearing is likely to be in this month.

4) Our Association’s Court case, for those who opted for Pension but served less than 20 years, is expected to be listed in Madras High Court soon, may be later this month.  We are following it up for a favorable result. 

5) Restoration of pension for all the SVRS retirees will be done on time and all the insurance companies have almost finalized their work and National and Oriental will get their restored pension in April 2019 and for United India and New India it will be in May or June 2019 depending on their relieving date. Please note that there is no necessity to give another life certificate.  

6)Our prolonged communication with HITPA and Companies have resulted in getting online access to our data on GMP, which is very handy. We expect some more facilities in the days to come. Also we represented to the companies for some betterments in GMP to help both retiree and existing employees

Please send this circular through e mail to all the members as far as possible as we have dearth of helping members, as they are all growing old and not able to assemble at one place to send circulars individually.

Friends, one important point we would like to mention here is, when the complete administrative instruction comes out for option of pension, think twice before opting. as the money you have to pay will be huge. For those who retired after 2002 it may be beneficial, but for those who came on SVRS you have to think twice since we are governed only by the 1995 scheme. Beware, a)the commutation amount will be less as the multiplying factor is less b) for commutation, age next birth day will be taken. Now it is 15 years since we came out, most of us will be around 70.So study thoroughly and then opt for that.   Of course, we will definitely come out with a detailed circular, once the Administrative instruction comes out.

Last but most important

“Please go out and Vote to elect a new Government on the day of Election”

With regards

V.A.NAGARAJAN

GENERAL SECRETARY