HOW OUR SO CALLED SUPER HERO LEADERS WERE BEFOOLED BY IBA

Almost every banker in last few months have seen number of circulars by our union leaders wherein they have showered whole lot of praise on themselves for achieving a historical settlement. But one more example of "How they have been befooled by IBA" has come to our knowledge through one of readers. A reading of this will make you feel whether our union leaders are really capable of calculations or they go around hotels and enjoy their meals and sleep in the meetings.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...

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Meeting With Finance Minister

What is the likely impact of meeting with Finance Minister for recently retired bankers.Meeting With Finance Minister :It has been reported that UFBU leaders represented to the Finance Minister that since the Actuarial Report was based on the details of 31-3-2008, the pension option settlement should be effective from 1-4-2008, i.e. those who were on service on 1-4-2008 should be treated as existing employees for the sake of the settlement and pension payments on account of the option should be made from 1-4-2008.FM did not agree with this viewpoints. However, he stated that the effective date can be taken as 27-11-2009, i.e. the date on which we had signed the MOU.What is the impact of this...

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Background for Pension Facilities in Banking Industry in India

Background for Pension Facilities in Banking Industry in India :The present guidelines indicate that employees who have joined in the service of the bank on or after 29-09-1995 are automatically covered under the Pension Scheme. However, employees who were in the serving in the banks up to 28.09.1995 have to opt for Pension. This option was allowed as one time exercise in 1995, and employees who opted for Pension were not eligible for the bank contribution to PF.A) Various Types of PensionThe following types of Pension are normally available to employees in banks, under Employees Pension Regulations, 1995:-1. Superannuation Pension.:Granted on attaining the age of superannuation. Minimum 10...

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