ALL INDIA UNION BANK EMPLOYEES’ ASSOCIATION
CENTRAL OFFICE
C/o UNION BANK OF INDIA, 6TH FLR, M.S. MARG BRANCH, 66/80 M.S.MARG, MUMBAI –400023
Phone: 22629486(Bank); 22629509(U.O.); Fax: 22642785(Bank); 9819375526(M)
E-mail:aiubeaco@gmail.com
Cir No.GS 3/116/ 14 19th December, 2014
To All Units,
Dear comrades,
Sub : Out come of Pension & Gratuity Trusts and DRF Administrators Meeting.
The Annual meeting of Pension Trust, Gratuity Trust and Death Relief Fund were held yesterday at Mumbai at Bank’s Head Quarters. On behalf of our Association, the undersigned, Com A. Chidambaram Organizing Secretary & Com R. B. Saraiya Assistant Secretary being our representative on the above funds / Trust attended the meetings. The fund position & the outcome of these meetings are as under:
1) Pension Fund:
The fund position as at 31st March 2014 is as below
Item
|
Amount in Cr
|
Pension Fund
|
6249.75
|
Investments
|
6221.16
|
Cash & Bank Balance
|
28.59
|
Banks Contribution in the year
|
1107.56
|
Income yearned
|
446.57
|
Average yield.
|
7.89%
|
Bank’s contribution to fund increased from last year’s Rs 961.61 cr to Rs 1107.56 cr.. The trust has increased its investment income from Rs 338.04 Cr to Rs 446.57 Cr with improved yield.
There is no shortfall in provision other than the amount amortized as per RBI guidelines and permissions towards 2nd pension option granted in 2010. Such amount is Rs 338 cr and the same will be made good in current financial year.
It was decided to hold at least two meetings of trustees in a year.
We requested the Bank to consider the pension option of employees & officers who did not opt with in the time schedule in 2010. However Bank sighting the IBA directions has decided to not to consider the request.
2) Gratuity Fund:
The position of the fund as at 31st March 2014 is as under:
Item
|
Amount in Cr
|
Gratuity Fund
|
1092.88
|
Investments
|
1067.93
|
Cash & Bank Balance
|
24.95
|
Income earned
|
87.61
|
Bank’s Contribution
|
100.96
|
Average yield.
|
8.18%
|
The Bank has made complete provision as per acturial’s report. In fact the Bank has made excess provision of Rs38.14 Cr.
During the Financial Year 2013-14, in case of 17 employees the gratuity to the tune of Rs 1.12 cr has been forfeited. The fund has paid group gratuity amount of Rs 10000/ Per employee to the family of 92deceased employees & officers.
It was decided to hold half yearly meeting of trustees.
Death Relief Fund:
The position of the Fund as at 31st March 2014 is as under:
Items
|
Amount in Cr
|
Death Relief Fund
|
12.27
|
Investments
|
12.13
|
Tax Paid
|
0.14
|
Income Yearned
|
0.89
|
Contributions received from Members
|
3.77
|
Death Claim settled
|
3.90
|
The present fund position is mainly due to transfer of Rs 8.50 Cr during the last 2 years from Staff Welfare fund and still there is a gap between the subscriptions received and the amount of death claim settled. Hence no improvements are possible .During the year the fund has settled claim for 125 deceased employees.
Total members under the scheme are 24843 out of which 8118 are clerks and 4288 are sub-staffs. There is a need to improve the membership figure as nearly 1/3 rd of the workforce is outside the scheme. We have proposed certain amendment in the rules to increase the membership and the same is being explored by obtaining legal opinion It was also decided to explore the possibility of covering the members through a group insurance scheme with substantial relief coverage. Our units should ensure enrolling of all the new recruits to improve the viability of the scheme.
Staff Welfare committee also met and the outcome of the same will be conveyed through shortly.
All are requested to note the above and keep our members informed about it.
With warm regards,
Yours Comradely,
N. Shankar
General Secretary.
Courtesy: R.B.KISHORE,VP,AIRIEF