AIBOC issued its circular No. 73 dated 25.07.2011 on pension to officers who retired under “The Voluntary Retirement Scheme of the Banks or The Exit Option Scheme introduced in the subsidiary banks of state bank of India. We are reproducing the same here for our readers.
CIRCULAR NO.73 25.07.2011
TO ALL AFFILIATES/MEMBERS:
PENSION TO OFFICERS WHO RETIRED UNDER “THE VOLUNTARY RETIREMENT SCHEME OF THE BANKS” OR “THE EXIT OPTION SCHEME” INTRODUCED IN THE SUBSIDIARY BANKS OF STATE BANK OF INDIA
The issue of denial of another option to join the Pension Scheme implemented in the Banking Industry in the wake of Joint Note dated 27.04.2010, to the Officers who retired under the “Voluntary Retirement Scheme of the Banks” as envisaged under OSR: 19(1) to 19(7) or under the “Exit Option Scheme” introduced in subsidiary Banks, has been under our vigorous follow-up. Notwithstanding our repeated reminders to IBA to settle the issue immediately, there is no any positive response from IBA, thereby putting the interests of the VRS Optees to jeopardy. Hence, we have no other go than giving an ultimatum to the IBA to resolve this issue, failing which we will be seeking legal remedy by fling a case in the Court of Law.
A copy of the letter addressed to the Chairman IBA, which is self-explicit, is annexed.
We will keep you informed of the further developments.
With warm greetings,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
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 BANKS” OR “THE EXIT OPTION SCHEME” INTRODUCED IN THE SUBSIDIARY BANKS OF STATE BANK OF INDIA
We draw your kind attention to our correspondence resting with you vide Letter Nos. (i) 1452/302/10 dated 28.05.2010
(ii) 1452/482/10 dated 29.12.2010
(iii) 1452/156/11 dated 09.03.2011
(iv) 1452/229/11 dated 30.05.2011
Wherein we have made out a case for granting another option to those officers who sought “Voluntary Retirement” from the service of the Bank as provided in OSR 19(1) to 19(7) or who retired under the “Exit Scheme” introduced in Associate Banks, to join the Pension Scheme, as many of this category of Officers had not opted for Pension earlier, due to various reasons, including the draconian negative clause of forfeiture of service for participating in an illegal strike as provided under Regulation 22(4) (b) of Bank Employees’ Pension Regulations 1995. The said penal clause was ultimately removed as per the notification issued by the Ministry of Finance, Government of India in the year 1998.
While implementing the Pension Option in the wake of the Joint Note signed on 27.04.2010 by IBA and AIBOC along with other Officers’ Organisations, vide IBA letter No. CIR/HR&IR/G-2/665/90/2010-11/999 dated 10.08.2010, the Officers who retired under ‘Voluntary Retirement Scheme of Banks” or “Exit Policy” of the subsidiary Banks, have been excluded from the eligibility for joining the Pension Scheme. This was a totally arbitrary, unilateral decision on part of IBA as the exclusion is in gross violation of the Officers’ service Regulations as well as the Bank Employees’ Pension Regulations. We wish to reiterate that, at no stage of our negotiation with IBA, any indication of excluding the above category of Officers was given and when IBA had circulated the draft Joint Note for corrections/modifications etc., we had made it abundantly clear that ‘retirement’ means and includes, Officers who have retired under Superannuation, Voluntary Retirement Scheme of the Bank/Exit Policy of the Subsidiary Banks, under special Voluntary Retirement Scheme – 2000 and also Officers who were imposed with the punishment of “Compulsory Retirement” or “Removal” or “Dismissal” from service of the Bank. This is very much part and parcel of the Officers’ service Regulations vide Regulation No.19(1) to 19(7).
During the year 2006-2007 State Bank of India
In view of the foregoing legal position IBA’s act in refusing another option to join the Pension Scheme, is illegal, ultravires the Officers’ service Regulations 1978.
Therefore, we have been pursuing with IBA for considering another option for pension to the above category of Officers and we have invoked the Provisions under clause No.14 of the Joint Note dated 27.04.2010 to have a comprehensive discussion on the issue. But to our dismay, IBA has not shown the minimum courtesy of acknowledging our letters leave alone resolving the issue which is the unwarranted creation of IBA.
In view of the foregoing we are compelled to give an ultimatum to IBA to resolved the issue at the earliest, failing which we will have no other go than seeking legal remedy. We have waited patiently for more than one year hoping that IBA will resolve the issue at the earliest, but by maintaining rock silence on the issue, IBA has been virtually testing our patience and if there is no positive response within a period of 10 days from the date of receipt of this letter, but positively on or before 10.08.2011, we will be constrained to knock the doors of the Court, seeking justice for the above category of Officers, who have become victims of mal-implementation of the Joint Note dated 27.10.2010. The issue will also figure in our future agitations.
We hope you will not give scope for such extreme steps and we as a responsible organisation of Officers, wish that the issue is resolved through bilateral discussions, which is the bedrock of our relationship hitherto.
We request your kind indulgence in the issues raised by us and we thank you for your pro-active and positive role in this regard. We firmly believe in the adage that there is no problem, which defies a solution, and considering another option for pension will be an exercise in restoring justice to the Officers for which they are entitled morally and legally.
A word in reply will be highly appreciated.
Thanking you,
Yours faithfully,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY
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