AIBOC CIRCULAR NO. 56 DATED 31.05.2011

AIBOC issued its circular No. 56 dated 31.05.2011 on pension to officers who “retired under the voluntary retirement scheme of the Bank” or “Retired under Exit Option Scheme” introduced in subsidiary banks. We are reproducing the same here for our readers.

CIRCULAR NO.56                                                         31.05.2011

TO ALL AFFILIATES/MEMBERS:

PENSION TO OFFICERS WHO “RETIRED UNDER THE VOLUNTARY RETIREMENT SCHEME OF THE BANK” OR “RETIRED UNDER EXIT OPTION SCHEME” INTRODUCED IN SUBSIDIARY BANKS

We have again written a letter to IBA stressing the need for considering one more option to join the Pension Scheme to those officers who have retired under “Voluntary Retirement Scheme” as enshrined in Officers’ Service Regulations 19(1) to 19(7) or under “Exit Option Scheme” introduced in Associate Banks, who did not opt for pension scheme earlier due to various reasons.  We have already highlighted the injustice meted out to this section of officers and urged upon IBA to set right the injustice done to them.

The issue is under our vigorous follow-up and we will keep our members informed of the further developments.

A copy of the letter addressed to IBA is annexed.

With greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY

No.1452/229/11                                                            30.05.2011

To,

Shri M.D.Mallya,

Chairman,

The Indian Banks’ Association,

World Trade Centre Complex,

Centre 1, 6th Floor, Cuffe Parade,

MUMBAI – 400 005.

Dear Sir,

PENSION TO OFFICERS WHO “RETIRED UNDER THE VOLUNTARY RETIREMENT SCHEME OF THE BANK” OR “RETIRED UNDER EXIT OPTION SCHEME” INTRODUCED IN SUBSIDIARY BANKS

We draw your kind attention to our letter No. 1452/156/11 dated 09.03.2011 wherein we have made out a case for granting another option to join the Pension Scheme to those officers who sought Voluntary Retirement from service of the Bank as provided in OSR 19(1) to 19(7) and who did not opt for pension earlier due to various reasons. As you have not responded positively to our earlier letters i.e., Letter No. 1452/302/10 dated 28.08.2010 & Letter No.1452/482/10 dated 29.12.2010, we were compelled to invoke the provisions under clause No.14 of the Joint Note signed by IBA and AIBOC and other officers’ organisations on 27.04.2010. But to our chagrin neither you have furnished us your points of view on the issue as to how and why the above category of officers have been denied the opportunity to join the Pension Scheme nor have arranged for a Meeting to resolve the issue in an amicable manner to the satisfaction of all concerned.

While reiterating our demand for considering another option to join the Pension Scheme to all the Officer employees who have retired under “Voluntary Retirement Scheme” or the ‘Exit Scheme” in Associate Banks duly complying with the Provisions of Officers’ Service Regulations, we once again request you to arrange for a Meeting to sort out the issue. As denial of another option for pension to this category of officers is totally arbitrary, ultra vires the Officers’ Service Regulations, illegal and unjustified, in all fairness and to meet the ends of justice. We once again request you to consider the issue positively in favour of the affected officers. Interpretation of rules should be to produce just results and not to deny the legitimate entitlement of the above category of Officers.

We have the confidence that you will initiate appropriate steps to correct the error crept-in and render justice to all the affected officer employees whose number in the entire Banking Industry is insignificantly small.

A word in reply will be highly appreciated.

Thanking you,

Yours faithfully

Sd/-

(G.D. NADAF)

GENERAL SECRETARY