As reiterated in this blog from time to time, there is no paucity of funds to meet much overdue demand on enhancing pension once State Bank of India has a will to do it and they are so permitted by the government of India. Their cry on pension issues involving huge sum of money has no relevance in relation to availability of the requisite funds. KR Saini has been good enough to contribute most relevant a comment on the issue which explains it threadbare and readers are required to go through the same to get fully apprised of the actual picture supported by statistical factors. Readers are also advised to go through the Page on this blog as ‘NewsPage’ for time to time developments duly advised by KR Saini himself in regard to court cases on pension issue. His comment is reproduced below verbatim:
“…………….AS YOU ARE AWARE THAT THE REVISION OF OUR PENSION ON 7TH BIPARTITE PAY SCALES AND PAYMENT OF PENSION AT 50% OF THE LAST DRAWN AVERAGE PAY ARE SOME OF OUR MAJOR PENDING ISSUES,A SUM OF RS 200 CRORES PER YEAR WILL ONLY BE MADE AVAILABLE FROM OUR PENSION FUND.I HAVE MUCH DISSCUSED THESE TWO ISSUES IN THIS BLOG.IN THIS WRITE UP I AM GOING TO WRITE ON THE PENSION FUND OF STATE BANK OF INDIA.
PENSION FUND STATUS OF STATE BANK OF INDIA AS ON 31.03.2014
OPENING BALANCE (AMOUNT IN CRORES)
THE POSITION OF THE PENSION FUND IN S.B.I INDICATE THAT IT IS QUITE SOUND AND IN A POSITION TO TAKE CARE OF THE RETIREES DEMANDS OF 50% AS PENSION OF THE LAST DRAWN PAY,THE REVISION OF OUR PENSION ON 7TH BIPARTITE SCALES,100% D.A NEUTRALIZATION TO PRE 2002 RETIREES.IMPROVEMENT OF FAMILY PENSION,AND UPDATION OF PENSION.
THE 7TH BIPARTITE RETIREES ARE ABOUT 23 THOUSANDS OF WHICH SIXTY SEVEN PERCENT ARE VRS OPTEES WHO DID NOT RETIRE AT MAXIMUM PAY SCALE.THUS,THE ADDITIONAL OUTGO ON ACCOUNT OF THIS REVISION WILL NOT BE MUCH, AND WILL BE WITHIN RS 36 CRORES PER ANNUM”