Pension payment my jeopardise banks?

I sincerely appreciate the summarized views presented by Mr. Vetrinichayam.See this link
http://bankers-sangharsh.com/viewtopic.php?f=4&t=234

IBA has submitted in the latest affidavit in Madras High Court that they are unable to pay pension to retirees because retirees did not refund their PF portion as per agreement in view of stay order. Hence they have prayed for vacation of stay.

It shows that banks are not in a position of paying pension to very few retirees. . What will happen when number of pension optees increases?

IBA has carved out 8.25%, 9.25% and 13% out of payable arrear to employees during 7th, 8th and 9th bipartite settlement respectively for smooth payment of existing pension optees.It means PF optees shared the burden of pension payable to pension optees.

One can imagine very well what will happen in near future when bank will ask for 20% out of payable arrear and government will put restriction on wage increase to less 20%.

Obviously future of all pension optees, existing or prospective is in danger.

Therefore one must make scrutiny of accounts of pension fund and provident fund of last 15 years in each bank to ascertain whether any fraudulent activity is going on or IBA is telling while lie in court. After all it is question of social security and it is duty of all bank employees to ascertain the truth. Pension optees in particular have to be sure whether they will get pension and their family members will be given pension after their death as they are dreaming now.

Mr. Vetrinichayam has rightly pointed out that when bank can pay 14% for new comers in pension domain why are they hesitant to pay even 10% for existing PF optees which are mandatory and which all banks are supposed to contribute.

If they are continuously paying this 10% towards pension fund why do they always need support in pension fund during bipartite settlement? What mischievous motive is behind such sharing of cost ?

Lastly why banks cannot shoulder the burden of full pension for their own employees and why the same banks sacrifice thousands of crores of rupees every year in loan waiver and compromise. What is the need of showing profit of thousand of rupees after exploiting own employees.

Our banks are called as government bank. Why government cannot share pension burden as they are providing budgetary support to other central government and state government employees?

Why is such discriminatory attitude of government towards bank employees who are participating in all government sponsored schemes even under acute shortage of manpower.

After all union leaders are doing?

Great writer Sri Munsi Prem Chand had rightly written in his noble books “Jab rakchak hi bhakchak ban jaye to vinash nischit hai”.

DANENDRA JAIN
05.10.2010