Pension issues in SBI -Pension Fund Regulations 2014:


STATE BANK OF INDIA EMPLOYEES’ PENSION FUND REGULATIONS 2014—SUPREME COURT JUDGEMENT DATED 23.02.1989–COMMITTEE’S CONSTITUTED BY M.O.F ON PENSION MATTERS OF S.B.I–ITS RECOMMENDATIONS AND IMPLEMENTATION:


KRSaini_thumb.jpgOUR PENSION ISSUES REMAIN UNRESOLVED DUE TO  ADAMANT STAND BEING ADOPTED BY THE GOVERNMENT WHICH CLEARLY SHOWS FROM THE REPORT AND RECOMMENDATIONS OF THE COMMITTEE ON PENSION MATTERS OF STATE BANK OF INDIA.FOR THIS UNDERNOTED PRECEPTION ENTERTAINED BY VARIOUS OFFICIALS OF THE GOVERNMENT NEEDS TO BE ADDRESSED.BECAUSE OF ADDITIONAL BENEFIT MADE AVAILABLE IN THE FORM OF CONTRIBUTORY PROVIDENT FUND TO ITS EMPLOYEES BY STATE BANK OF INDIA,THE PENSION BENEFITS CANNOT BE PROVIDED TO THE FULL EXTENT OF 50% OF PAY TO ALL THE ELLIGIBLE PENSIONERS.

      THE QUESTION OF THE SUPERANNUATION BENEFIT IN THE FORM OF CONTRIBUTORY PROVIDENT FUND SCHEME AND THREE RETIRAL BENEFITS PROVIDED BY STATE BANK OF INDIA HAS BEEN ACCEPTED BY THE  GOVERNMENT AT THE TIME OF VERDICT BY SUPREME COURT ON 23.02.1989 W.E.F 1.1.1986 FOR 4TH BIPARTITE RETIREES FOR A SHORT PERIOD OF 1.1.1986 TO 31.10.1987.AS OUR PENSION SCHEME IS ARCHAIC PENSION SCHEME FROM THE TIME OF IMPERIAL BANK OF INDIA AND THEN STATE BANK OF INDIA W.E.F 1.07.1955.

           our bank did not conclude any pension settlement with serving federations either along with  OR SUBSEQUENT TO THE BIPARTITE WAGE SETTLEMENTS SO FAR CONCLUDED.OUR BANK HAS BEEN TAKING A STAND THAT ITS PENSION SCHEME IS INDEPENDENT OF INDUSTRY LEVEL PENSION SCHEME AND NO CONTRIBUTION TO BE MADE BY ITS EMPLOYEES TO ITS PENSION FUND.THE  CONTRIBUTION MADE BY OUR BANK TO OUR PENSION IS NOT REQUIRED, NOT TO BE DETERMINED ON THE BASIS OF THE AMOUNT ALLOCATED FOR PENSION FUNDING PURPOSES IN THE INDUSTRY LEVEL BIPARTITE WAGE SETTLEMENTS.

        THIS CONTRIBUTION WAS THEREFORE DETERMINED AS PER ACTUARIAL ASSESSMENT AND CONTRIBUTION BY OUR BANK ACCORDINGLY.IN THIS CONNECTION PLEASE REFER TO REGULATION NO 10 OF” STATE BANK OF INDIA EMPLOYEES’ PENSION FUND REGULATIONS 2014” OUR BANK WAS JUSTIFIED IN TAKING A STAND THAT IS OBLIGED TO BUILD UP ITS PENSION FUND ADEQUATLY WITHOUT ANY UNDER FUNDING.WHILE OUR PENSION FUND RULES PROVIDE FOR A STATUARY CONTRIBUTION AT AT 10% OF BASIC PAY TO OUR  PENSION FUND,IN TERMS OF  SECTION 38 OF STATE BANK OF INDIA ACT 1955,OUR BANK HAS BEEN PROVIDING MORE THAN10% OF BASIC PAY,AS PER ACTUARIAL ASSESSMENT TO OUR PENSION FUND.

                                              ARREARS OF PENSION AT 50%/40% PAY AS PENSION  1616-1684 C.P.I=1960

     IN ORDER TO PAY LESS ARREARS CLAUSE 16 OF THE 7TH BIPARTITE RETIREES IS IMPLEMENTED WHICH IS ILLEGAL.

                  IN THIS CONNECTION PLEASE REFER TO ORDER SHEET NO 1 W.P 1317 OF 2009 OF CALCUTTA HIGH COURT IN THE MATTER OF SHRI SALIL KUMAR GHOSH V/S STATE BANK OF INDIA & OTHERS——-THIS JUDGEMENT IN FAVOUROF AN AWARD EMPLOYEE OF 7TH BIPARTITE RETIREE AND THIS CASE IS IN THE KNOWLEGE OF” STATE BANK OF INDIA PENSIONERS’ ASSOCIATION BENGAL CIRCLE” AND SHRI SUJOY GHOSH  TO WHOM I AM ALSO SENDING THIS EMAIL.

COURT OBSERVED THAT IN CASE OF 7TH BIPARTITE RETIREE PENSION HAS BEEN CALCULATED ON THE BASIS OF PAY UNDER THE 6TH BIPARTITE SETTLEMENT,WHICH IS UNJUSTIFIED THEREFORE ORDERS BE PASSED INFAVOUR OF THE 7TH BIPARTITE RETIREE AND CLEARLY SAID THAT CLAUSE 16 IS FOR” REGULATIONS 1995” FOR OTHER BANKS AND STATE BANK EMPLOYEES SHOULD BE PAID AS PER” STATE BANK OF INDIA EMPLOYEES PENSION FUND RULES 1955”.HOWEVER, BANK DID NOT ABIDE THIS JUDGEMENT .AND SHRI SALIL KUMAR GHOSH PETITIONER DIED IN 2013.

             IN ANOTHER CASE SUPREME COURT DECIDED 50% PAY AS PENSION 1616-1684 C.A NO 5604/2010 DATED 13.02..2014 FOR PAYMENT OF ARREARS FROM DATE OF RETIREMENT TO 30.04.2005 WHOSE BASIC PAY WAS TREATED AT 1616 POINTS THE PETITIONER IS CANARA BANK EMPLOYEE SHRI DALIP KUMAR DEV. KINDLY VISIT ALL INDIA CANARA BANK RETIREES FEDERATION  WEB SITE AND” ALL INDIA BANK RETIREES FEDERATION”REFERENCE NO 2014/87 DATED 31.03.2014 LETTER ADDRESSED TO I.B.A BY SHRI S.C JAIN SECRETAY .HOWEVER, SHRI DALIP KUMAR DEV GOT THE ARREARS ON 1684POINTS FROM DATE OFBRETIREMENT TO 30.04.2005 AS PER SUPREME COURT JUDGEMENTLIKE KIRAN KUMAR JAIPURIA GOT THE REVISED PENSION NOT OTHER PENSIONERS.

K.R.SAINI

 


 

 

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One thought on “Pension issues in SBI -Pension Fund Regulations 2014:”

  1. Justice delayed is justice denied! it is the case of SBI retirees. an employee retired on or before 2002 will be over 75 years of age(most have them might have passed away) Th PM says it is internal matter between SBI and it’s employees and hence they will not interfere.

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