Today we met the Chairman United India to thank him for sanctioning the direct payment facility to all the Pensioners of United India and placed certain other demands to improve the present facility. He was very receptive and assured us to look in to the matter favorably.
We also met Shri. Kharat GM who was instrumental in giving the facility and thanked him and also insisted upon him to improve the facility.
The meeting with the out going GM Mr.Varma was very helpful since he is going to take charge at National, where we are presurrising to implement the direct payment facility under Medi Claim for all the pensioners in National. He assured us to look in to the matter once he joins National.
We are doing our duty without fail and reaping the benefits, with all our members' overwhelming suppport we will continue to serve the pensioners.
with regards
nagarajan
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5 comments:
Dear Sir,
Thanks for the update .
The Chairman,
The Indian Banks’ Association,
Stadium House, Block II & III,
Vir Nariman Road, Church Gate,
Mumbai – 400 020.
Dear Sir,
5 YEARS’ NOTIONAL WEIGHTAGE FOR THE EMPLOYEES /
OFFICERS WHO HAD SOUGHT VOLUNTARY RETIREMENT UNDER
SPECIAL VOLUNTARY RETIREMENT SCHEME – IN TERMS OF
REGULATION 29(5) OF PENSION REGULATIONS, 1995
The employees and Officers working in the Banking Industry, who, after putting in more than 20 years of qualifying service, had sought Voluntary Retirement from the service of various Banks, under special Voluntary Retirement scheme 2000, were denied the benefit of the additional 5 years’ notional service weight age extended in terms of Regulations 29(5) of the Pension Regulations, 1995, through retrospective amendment to Reg.28 of Pension Regulations in Sept. 2002.
2. The Aggrieved employees / Officers had challenged this unfair and unjust stand of the Management in various High Courts across the country and Judgements were delivered annulling the amendment to Regulation 28 of the Pension Regulations, 1995. (As these amendments were (in contravention of the Regulations already in vogue). The judgements delivered by the High Courts were challenged by the Managements of different Banks in the Supreme Court. After hearing both the sides, the Supreme Court has delivered a Judgement and set aside the Appeals filed by the Banks vide: Appeal No. 1942 of 2009 (Arising out of SLP No. 22704/2005) in Bank of India and another ‘Appellants versus K.Mohandas and others’.
3. The Order passed by the Supreme Court has made it clear that the employees and Officers who had put in more than 20 years of service and sought Voluntary Retirement under SVRS 2000 are eligible for the additional notional service weightage of 5 years. The operative part of the order reads as under:
“We hold, as it must be, that the employees who had completed 20 years of service and were pension optees and were offered Voluntary Retirement under VRS 2000 and whose offers were accepted by the Banks are entitled to addition of five years of notional service in calculating the length of service for the purposes of that scheme, as per Regulation 29(5) of the pension Regulations 1995. The contrary views expressed by some of the High Courts do not lay down the correct legal position.”
4. The Hon’ble Supreme Court has also specifically instructed the Banks to implement the order within a period of one month from 27.03.2009 i.e., on or before 27.04.2009.
5. We request you to instruct the Banks to implement the order immediately and extend the benefit of Regulation 29(5) VRS optees within the above specified time frame.
6. We have enclosed a copy of the judgement for your perusal and necessary action.
7. Please treat the matter as most urgent.
Thanking you,
Yours faithfully,
Sd/-
(G. D. NADAF)
GENERAL SECRETARY
TEXT OF AIBOC CIRCULAR NO.26 DATED: 04.05.09
ENTITLEMENT OF 5 YEARS NOTIONAL BENEFIT
FOR PENSION
IN TERMS OF REGULATION 29(5) OF PENSION REGULATIONS
In accordance with the Regulation 29(5) of Pension Regulations, 5 years additional service are added notionally for the purpose of calculation of pension to the pension optees at the time of their Voluntary Retirement; on completion of 20 years of actual service.
2. The Board of Directors of each of the nationalized banks, with an intention to optimize the manpower, during May 2000, has adopted Voluntary Retirement Scheme. During the operation of the Scheme of VRS – 2000 at the instance of the IBA and Govt. of India, during the year 2002; Regulation 28 was amended retrospectively from 01.09.2000 inserting a proviso to cover those employees who opt to retire before attaining the age of Superannuation, but after having served for a minimum period of 15 years. Through this amendment, the benefit of 5 years notational service was extended to those having completed 15 years of qualifying service, but denied the benefit to those having completed 20 years of service and opting to retire under VRS – 2000.
3. Aggrieved by the unilateral amendments to the Pension Regulation and discriminatory treatment to those who have completed 20 years of service and opting for VRS, they filed court cases at different High courts. Contrary views were expressed by some of the High courts. The SLP was filed in Hon’ble Supreme Court of India, Civil Appeal No. 1942 of 2009; No.22704/2005, Bank of India another Appellant versus K.Mohandas & others.
4. We are glad that, Hon’ble Supreme Court has delivered its judgement on 27.03.2009 upholding the addition of 5 years notional service for pension in terms of Regulation 29(5) of Pension Regulations for those retired under VRS – 2000, after completing of 20 years of qualifying service. The justice is delayed but not denied. We congratulate the petitioners.
5. We have taken up the matter with the IBA for necessary instructions to its member Banks to recalculate superannuation benefit for those who opted for VRS after completion of 20 years of qualifying service. A copy of our communication to the Chairman IBA is enclosed for your information.
With greetings,
Sd/-
(G. D. NADAF)
GENERAL SECRETARY
thank u for the information and we have the case with us already and still we appreciate your interest and be in touch.
Genial fill someone in on and this post helped me alot in my college assignement. Thanks you as your information.
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