Dear Editor,
This is with reference to the above article of Sri P Mohanji.
In the illustration, the benefit of INCREASE in lumpsum commutation
amount to be received is completely ignored whereas its impact on Net
Pension is high-lighted !
To avoid consequential increase in Load on
Pension, IBA offered only 2% increase on Basic Pay of serving staff out of the 15% agreed ! But there will not be any
reduction in the Gross pension!
One of the demands of UFBU is 40% commutation.
If the same is acceded to by IBA, there will be further reduction in the Net Pension of those who retired after 1/11/2012!
Just
as this can't be called INJUSTICE, the present depletion in Net pension
can not be also called injustice as in both the cases the Gross Pension
will be higher and no one can find his Gross pension is lesser after
the Settlement!
"Grade-Pay/Speacial Allowance"
not qualifying for Pension benefit is a legitimate grievance, no doubt!
But Unions have their limitations and constraints!
But the commutation benefit is blissfully ignored by everyone!
Historically,
Bankers had an average of only about 600Points Merger but 10th BPS has
secured more than 1500Points Merger bringing Three Times higher
pensionary benefits in Commutation and Pension for those who retired
/retire in 10th BPS.
(6th BPS had 548 Points Merger, 7th BPS 536Points, 8th 604Points, 9th 548Pts,and 10th has 1604Points,the highest ever!)
In
the 7th BPS, due to paucity of Funds, the serving Unions took an
anomalous and a bizarre decision to lower the Merger at 1616 for the
Retired against 1684 offered for the serving staff which was rectified
in the 8th BPS forcing the Pensioners to lose the differential benefit
of 68Points in commutation and monthly Pension!
Such
a tragic situation has not been allowed to happen this time ;instead,
huge commutation benefit and increased Gross Pension have been secured!
Therefore,
the reduction in Net Pension consequent to higher Commutation is a
temporary phenomenon and future increase in DR can equalize/compensate
the same.
But Pensioners have far serious Issues to be resolved in this Settlement!
- About one lac pre-1/11/2002 retired pensioners are losing every month huge amount ranging from Rs3000 to Rs 9500 by way of non-restoration of 100% Neutralization!
- Three Lac pensioners are denied updation!
- About a Lakh of Family Pensioners are languishing in poverty receiving only less than Rs12000/PM
- No Medical/Hospitalization scheme!
- Bank Pensioners and their Unions have to concentrate more on the serious Issues!
- Bank Pensioners are expecting favourable outcome of the Settlement to be signed on the 25th May!
