UNION BANK RETIRED EMPLOYEES' ASSOCIATION
Payment of Incremental commutation and difference of
to employees retired after 1st November,'12
We had requested Shri M.K.Mundul, Deputy General Secretary of Union Bank Retired Employees' Association (Maharashtra) to inquire with the Bank's Central Office, Mumbai and let us know probable time the Bank will take for paying above dues to the entitled retirees. In reply to that, we have received an e-mail from Shri Mundul reading as under.
"Statistics reveal that out of 4350 eligible employees all over India, only 51 have not opted for incremental commutation of pension. Bank is ready with the calculations and checking is going on and will release by 31st Aug. For gratuity arrears the eligible employees are 3003 and calculations are underway"***
2. Bank of Baroda announced Insurance Linked Medical Assistance Scheme f for retired employees in terms of 10th BP Settlement
The old (existing) scheme is also continued. However, it seems that the entire premium payable to the Insurance Company will be recovered from the retirees - without subsidizing any amount by the Bank.