AIBOC CIRCULAR NO. 20 DATED 03.03.2011

AIBOC issued its circular No. 20 dated 03.03.2011 on 2nd Option on Pension. We are reproducing the same here for our readers.

CIRCULAR NO.20                           DATE: 03.03.2011

TO ALL AFFILIATES /MEMBERS:

2ND OPTION ON PENSION

We have addressed a letter to the Chairman, Indian Banks’ Association, wherein we have highlighted the injustice done to the officers, who were in the service of the Banks as on 27.04.2010 and subsequently sought Voluntary Retirement from the service of the Bank, in consonance with the Officers’ Service Regulations, and have been denied an opportunity to opt for pension for which they are rightfully entitled.

The text of the letter is annexed and is self-explicit.

Further developments in the matter will be informed.

With greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY

No./1452/147/11                                                          03.03.2011

To,

The Chairman,

The Indian Banks’ Association,

World Trade Centre Complex,

Centre 1, 6th Floor, Cuffe Parade,

MUMBAI – 400 005.

Dear Sir,

2ND OPTION ON PENSION

We have been receiving representations from our affiliates and members regarding the implementation of the 2nd Option on Pension Scheme. As per the settlement reached between the Unions in the Banking Industry and the IBA on 27.11.2009, adopted by the respective Banks in regard to the interpretation of the eligibility in respect of officers, who had remained in service on the date of the agreement, subsequently retired under voluntary retirement provisions of the service rule, are eligible for pension option. They submitted the applications along with the necessary remittance seeking the membership of the pension scheme. However, the applications of these members have been rejected by the Managements of some of the Banks, reportedly at the intervention of the Indian Banks’ Association. 

Different banks have been adopting different yardsticks and thereby causing hardship to a number of eligible candidates. Our information reveals that, all the Banks, except Syndicate Bank, Allahabad Bank, have permitted all such applications, have enrolled them as members of the Pension Scheme, and have already passed on the Pension benefits to them, since they have gone by the spirit of the agreement reached at the industry level.  

We therefore, request you to kindly issue suitable instructions to all those Banks who have unreasonably and unilaterally denied the pension scheme to the employees on a wrong interpretation, against the spirit of the understandings.

Please treat the matter as urgent.

Thanking you,

Yours faithfully,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY