Let us go through this example :
(A) WHAT IS THE RECOVERY AMOUNT FOR PENSION FUND AS PER IBA VERSION :
Total amount to be recovered for pension fund = Rs.1,800.00 Crore
(B) WHAT IS THE TOTAL BURDEN DUE TO INCREASE IN SALARIES AS PER IBA VERSION :
Total Amount of increase per year as on 1-11-07 : Rs.4816.00 Crore
( in other words total amount of increase per month : Rs.401.33 Crore)
Thus, all the bankers are required to pay the arrears for 4.485 (say 4½) months only to fully pay the gap of Rs.1800 crs agreed to be recovered from the existing employees.
(C ) WHAT IS ACTUALLY BEING PAID BY THE EXISTING EMPLOYEES :
With lot of negotiations and as a biggest gesture, IBA has agreed that all existing employees will pay 1.6 times of the New Salary as on November, 2007.
Now, question arises whether 1.6 times of the new salary as on November, 2007 is less than or equal to the 4½ months arrear?
Let anybody calculate his gross arrears as on November, 2007, and multiply the same by
4½ and they see what he is asked to contribute towards pension fund.
The CAT IS OUT of the BAG. This contribution ranges from 7.42 to 13.07 months salary for Scale I, II and III officers (it varies depending on what %age of HRA you are entitlede). It ranges from 5.75% to 8.92 months gross increase in salary for Scale IV and V officers. Thus, on an average, it appears officers are contributing almost double of the amount that was required as per above calculations to collect Rs.1,800 crores.