Pension issues in SBI–pension Fund and Regulations:


 


If they have a frugalest possible will, both State Bank of India and the Central Government can very well afford meeting the most legitimate and highly need based demands of pensioners in SBI but most callously they are blatantly ignoring it. Feeding itself fat every day financially the Bank continues slapping a hard hand on the most ill paid pensioners who have all along been hankering for some relief for several decades but both the Bank and the Government gave a deaf ear to it. KR Saini, the veteran, has provided a brief on it which is worth being gone through thoroughly. He is away abroad in USA for rest and recuperation but still keeps himself indefatigably harnessed to the movement on pension as a mission. This is most bounden a duty for the SBI pensioners all over the country to boost him up for the cause he has so committedly takenup. His brief in two parts is given below for the close perusal of the readers.

KESHAV RAI SAINI
Nov 09, 2014 @ 22:22:05 IN STATE BANK OF INDIA PENSION REGULATIONS ARE NOTIFIED BY THE GOVERNMENT OF INDIA WITH THE CONSULTATION OF RBI ON THE RELATIVE RESOLUTIONS PASSED BY THE CENTRAL BOARD OF STATE BANK OF INDIA. AFORESAID PROCEDURE IS TO BE FOLLOWED BY ANY AMENDMENT IN THE PENSION REGULATIONS. EVEN THE RESOLUTIONS PASSED BY BANK’S CENTRAL BOARD ARE NOT STATUTORILLY BINDING ON THE GOVERNMENT OF INDIA AND GOVERNMENT OF INDIA HAS SWEEPING POWERS IN THESE REGULATIONS TO MODIFY PENSION REGULATIONS EVEN AT ITS OWN. EVERYTHING IS IN PENSION REGULATIONS NOTIFIED BY GOVERNMENT THROUGH GAZETTE NOTIFICATION. OLD PENSIONERS GET PENSION ONLY AS PER PROVISIONS OF THESE REGULATIONS AS MODIFIED FROM TIME TO TIME. TO BE CONTINUED. (Please refer the next column)
KESHAV RAI SAINI
Nov 10, 2014 @ 05:52:34IN CONTINUATION OF MY YESTERDAY WRITE UP, IN TERMS OF PENSION REGULATIONS,THERE IS PENSION TRUST IN STATE BANK OF INDIA WHICH IS A SEPARATE ENTITY DISTANT FROM BANK MANAGEMENT. THE BANK MAY CEASE TO EXIT LEGALLY IN FUTURE BUT CONCERNED PENSION TRUST WILL NOT BE A CASE TO EXIT ALONGWITH IT. PENSION TRUST IS UNDER LEGAL OBLIGATION TO PAY PENSION TO THE RETIRED ELIGIBLE EMPLOYEES AND OFFICERS. ANY SETTLEMENT BETWEEN I.B.A AND BANK UNIONS IS BINDING ON BANK BUT NOT ON PENSION LEGALLY. PENSION FUND DOES NOT CARE WITH IN THE DEFINITION OF EMPLOYER UNDER INDUSTRIAL DISPUTE ACT AND HENCE THERE CANNOT BE ANY SETTLEMENT BETWEEN UNIONS AND PENSION TRUST.
PENSION IS PAID IN ACCORDANCE WITH THE REGULATIONS DULY NOTIFIED BY GOVERNMENT OF INDIA AND AS FAR AS RETIRED EMPLOYEES AND OFFICERS ARE CONCERNED, NOT EVEN AN EXTRA RUPEE CAN BE PAID TO ANY ONE UNLESS PENSION REGULATIONS ARE AMENDED BY THE GOVERNMENT OF INDIA.
THE CORPUS OF FUND OWENED BY PENSION TRUST IS KNOWN AS CAPITAL FUND WHICH IS INVESTED IN GOVERNMENT AND OTHER SECURITIES AS PER GOVERNMENT DIRECTIONS APPLICABLE FROM TIME TO TIME. PENSION IS NOT PAID OUT OF CAPITAL FUND BUT OUT OF THE INTEREST AND EARNINGS FROM THIS CAPITAL FUND OWENED BY PENSION FUND.
IT MAY BE NOTED AT PRESENT BALANCE OF PENSION FUND IS ABOUT RS. 46000 CRORES IN STATE BANK OF INDIA AND IF GOVERNMENT WANTS TO RESOLVE THE ALL PENSION ISSUES INCLUDING UPDATION OF PENSION OF PAST RETIREES THEY CAN WELL NIGH DO IT BUT GOVERFNMENT IS ADAMANT NOT TO PROVIDE ANY BENEFITS(IMPROVEMENT IN PENSION). IN NUT SHELL,IT ALONE IS ENOUGH TO SOLVE ALL THE PENSION ISSUES OF S.B.I WITH SUFFICENT FUND IN THE PENSION FUND OF S.B.I. CONCLUDED: K.R SAINI
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Author: neelkanth

Certainly not a celebrity but do have inquisitiveness to know things, realise them and live them to the extent possible. My interest in History, Art of Living and behavioural science is an element that inspires me.Am a poet,an author,a consultant, an advisor on computers and behavioural science.Served as Director in Central Board of State Bank of India.Remained associated with trade union activities and industrial relations as President,All India State Bank of India Staff Federation.Led a delegation on computers to several countries abroad number of times as from State Bank of India/ Banking Industry. Was twice accorded with NATIONAL AWARD FOR EXCELLENCE by All India Freelance Journalists Association, Chennai (India). My email address is: neelkanthshahi@gmail.com

17 thoughts on “Pension issues in SBI–pension Fund and Regulations:”

  1. The talk about NPA is redundant to pension payment>while the NPA is provided out of profit ,the pension fund as rightly stated by ShriSaini is indepenent Trust and created for payment of pension out of it and its earnings.The earning of the fund is so much it can cover all the pension demand s with no linkage to profitsof the Bank.

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  2. PENSION IN S.B.I IS A SERIOUS CONCERN.EVEN NOW IT IS A SERIOUS CONCERN BECAUSE OF MESS CREATED BY THE TOP OFFICIALS OF MINISTRY OF FINANCE.THERE ARE MANY EX-UNION LEADERS(RETIRED IN THE CURRENCY OF 5TH,6TH ,7TH AND 8TH BIPARTITE SETTLEMENTS).I WONDER WHY THEY ARE NOT TAKING LEAD TO FIGHT THE INJUSTICE DONE TO PENSIONERS,THE EMPLOYEES RETIRED IN THE CURRENCY OF 7TH BIPARTITE ARE STILL DRAWING THE PENSION ON THE SALARY DURING THE 6TH BIPARTITE SETTLEMENT.THE DEMAND FOR PENSION AT 50% HAS BEEN PENDING FOR THE LAST 15 YEARS IN THE SUPREME COURT/HIGH COURT. K.R.SAINI

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  3. THOUGH DAYS A HEAD FOR BANK EMPLOYEES/RETIREES.THE MAN MADE LAWS ARE SUCH THAT THEY COULD BE SUBJECTED TO THE MANIPULATIONS BY MIGHTY AND POWERFUL.THE AGED S.B.I PENSIONERS CAN NEVER MATCH THE MIGHTY AND POWERFUL OF THE RESPONDENTS OF THEIR WRIT PETITIONS..WE ARE FACING INSUMOUNTABLE HURDLES AND INORDINATE DELAYS EVEN IN SECURING JUSTICE FROM THE JUDICIAL SYSTEM.WE ARE MUCH AGITATED OVER THE IN ORDINATE DELAY IN SECURING JUSTICE. UNFORTUNATELY,WE CANNOT HAVE OUR WAYS AS WE WISH.EFFORTS ARE IN OUR HANDS,BUT RESULTS ARE NOT IN OUR HANDS.WE ARE,HOWEVER,HOPEFUL THAT OUR JUDICIAL WOULD RENDER JUSTICE TO US WITHOUT FURTHER DELAY,IN VIEW OF THE DIRECTIONS ISSUED BY THE SUPREME COURT FOR DISPOSAL OF OUR WRIT PETITION WITHIN SIX MONTHS. K.R SAINI

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  4. IN THE CASE OF PENSION SCHEME IN S.B.I,THE BASIS FOR COMPUTATION OF PENSION DETERMINED BY THE BANK,THE BANK CNNOT THEREFORE GO BACK ON ITS PROMISE OR ALTER THE BASIS OF COMPUTATION OF PENSION,WHICH THE BANK HAS BEEN FOLLOWED FOR THE TIME OF IMPERIAL BANK OF INDIA AND THEN IN STATE BANK OF INDIA FROM THE YEAR 1955 (SEE RULE 18 OF IMPERIAL BANK OF INDIA EMPLOYEES PENSION NFUND RULES AND THEN RULE NO 23 OF STATE BANK OF INDIA EMPLOYEES PENSIONFUND RULES.)
    IN THIS CONNECTION,KINDLY REFER TO STATE BANK OF INDIA EMPLOYEES PENSION FUND RULES- RULE 23(1) WHICH SAYS PENSION PAYABLE AT THEVRATE OF ONE-SIXTIETH PART OF EVERY YEAR’S PENSIONABLE SERVICE OF THE AVERAGE MONTHLY SUBSTANTIVE SALARY DURING THE LAST 12 MONTHS.THE VERDICT OF KERALA HIGH COURT IN THE YEAR 2010 IS ALSO ON THE BASIS OF RULE 23(!) AND DECISION IN FAVOUR OF ALL S.B.I PENSIONERS INCLUDING PETITIONERS.BUT HEARING OF THIS COURT CASE IS NOT COMING UP BEFORE DOUBLE BENCH FOR THE LAST 4 YEARS.ORGINALY THIS COURT CASE WAS FILED IN 2003 IN THE KERALA HIGH COURT BEFORE A SINGLE JUDGE.AND THIS IS FATE OF THIS CASE AFTER 11 YEARS..
    LEGAL RECOURSE IS THAT THE PENSION SCHEME ONCE FRAMED COULD NOT BE MODIFIED WITHOUT ISSUES OF NOTICES TO THE MEMBERS OF THE PENSION FUNDI.E PENSIONERS.IN THIS CASE FORMULA FOR CALCULATION OF PENSION ONTHE BASIS OF 50%/40% FORMULA WAS INTRODUCED WIRHOUT ANY NOTICES TO THE PENSIONERS/MEMBERS OF THE PENSION FUND. K.R.SAINI

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  5. IT ISVERY MUCH CLEAR FROM THESE RULES/REGULATIONS THAT THE RESOLUTION OF ALL OUR PENSION ISSUES ARE IN HAND OF GOVERNMENT OF INDIA OR ANY VERDICT BY THE APEX COURT(SUPREME COURT).HOWEVER,OUR PENSION ISSUES DOES NOT INVOLVE COMPLICATED LEGAL ISSUES.THERE ARE STATUTORY RULES FOR PROVIDING PENSION UNDER THE STATE BANK OF INDIA PENSION FUND RULES .THE LAWS IN THIS REGARD IS WELL SETTLED BY VARIOUS PRONOUNCEMENTS BY THE SUPREME COURT.BUT GOVERNMENT ‘S REGID ATTITUDE NOT TO PROVIDE ANY IMPROVEMENT IN PENSION TO S.B.I PENSIONERS IS THE MAIN REASON THAT OUR PENSION ISSUES ARE PENDING FOR A LONG PERIOD.HOWEVER,THE FIGHT BETWEEN INDIVIDUALS AND THE GOVERNMENT/BANK BY ANY STRETCH AN UNEQUAL BATTLE.THEINDIVIDUALS(PENSIONERS) WITH BLIMITED RESOURCES CANNEVER MATCH THE UNLIMITED RESOURCES OF GOVERNMENT/BANK AND THIS CONTEST IS ALWAYS UNEQUAL ONE.THIS MAY BE ONE REASON THAT PENSIONERS HAVE NOW LOST PATIENCE DUE TOBLONG DELAY IN BRESULATION OF OUR PENSIONBISSUES. K.R SAINI

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  6. IN THE WRIT PETITION No.1875 OF 2013 BEFORE THE HON’BLE SUPREMENT COURT THE FEDERATION’S ADVOCATES SUBMITTED THAT PENSION FUND RULES HAVE BEEN MODIFIED WITH EFFECT FROM 01.07.1955 AND THE SAME HAS BEEN PUBLISHED IN THE GOVERNMENT OF INDIA GAZETTE DATED 15.09.2015. AS MENTIONED BY THE LEARNED SHRI SAINI AND MANY OTHERS WHO HAVE PUT FORTH THEIR VIEWS IN THESE VALUED COLUMNS IT IS THE INHUMAN , EGOISTIC AND VENGEFUL ATTITUDE OF THE OFFICIALS OF THE FINANCE MINISTRY THAT ARE MAKING THINGS WORSE.
    IN SO FAR AS THE CASE WILL NOW COME UP FOR FINAL HEARING ON 6TH MAY 2015, LET US WAIT PATIENTLY. i, FOR ONE, AM PREPARED TO STAGE A FAST UNTO DEATH AGITATION. THOSE WHO SUBSCRIBE TO MY IDEA MAY KINDLY CONTACT ME IN THE BELOW NOTED ADDRESS/E-MAILID.

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    1. I feel proud of the fact that there are people like you amongst the pensioners who can lay down their life for a cause. I am so very thankful to you for such a great gesture.

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  7. Mr.Iyer
    We appreciate your feelings and sure you will get full and wholehearted support of sbi pensioners of those who are directy affected, eventhough they come under d age group of +seventy
    Anyway let us hope for d best
    and pray to God for a good result

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  8. I appreciate to have a comprehensive details of the pension issues prolonging in high courts for decades. I will be too happy if I get the latest details of the cases pending in Supreme Court/Delhi High court and other high courts

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  9. THE INFORMATION GIVEN BY SHRI PARTHASARATHY THAT ON 31.3.2015 THE GOVERNMENT OF INDIA HAVE PERMITTED STATE BANK OF INDIA TO RECTIFY THE PENSION ANOMALIES OF 5TH, 6TH AND 7TH BPS RETIREES BY EXERCISING THE POWERS VESTED IN IT BY THE PROVISIONS OF THE STATE BANK OF INDIA PENSION FUND REGULATIONS IS IN INSTANCE IN POINT. THIS DEMONSTRATES THE CROCODILE TEARS SHED BY OUR CHAIRMAN WHEN OUR FEDERATION LEADERS MET HER. SHE HAS EXPRESSED “CONCERN” WHICH IS MERELY A LIP SYMPATHY WITHOUT ANY PRACTICAL USE. WE HAVE TO SOMETHING TO GET OUR GRIEVANCES REDRESSED WITHOUT FURTHER LOSS OF TIME. THE FEDERATION LEADERS SHOULD READ THE WRITINGS ON THE WALL AND RISE TO THE OCCASION.

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