Of late there is a growing bold malicious arrogant tendency in some PS institutions managements to talk very low of their pensioners & their related issues.
To quote a few: Bank managements opined and expressed that there is no contractual relationship with Pensioners. They also felt Pension is granted as a Generosity. Another projected in an argument before a forum that pensions are paid from their money (institution's).
The facts are; In these institutions pension schemes are introduced under Statutory Pension Rules. A cut of date defined. Retirees earlier to the date are not eligible to join the scheme. Those retired subsequently and all serving employees were asked to give their option letters to join the scheme on condition that their right to employer's contribution to their pf (accumulated and all in future) is surrendered to the institution.
Those who already received full PF were asked to pay back the employer's contribution with INTEREST. The Fund thus created by these initial payments of the EMPLOYEES & RETIREES is PENSION FUND. To this fund the serving employees', PF Contribution of the employer gets added periodically.The fund management & payment of pensions responsibility is given to Institutions.
Thus we can easily see that payment of pension is an agreed contract under pension scheme offered by Employer and accepted by the employee and joined it on paying consideration as demanded by the other. Mostly pensions are paid from pension fund but certainly not from employer's money.
Then why (knowing all this) managements are making such false utterances. Because if they get takers for these views they will be able to say nobody can claim increase in bounty as a matter of right (like upgradation etc). It should nipped in bud when it is raised at any forum.
Pension is our Right but not a Bounty.
B.Sudhakar
Visakhapatnam