VICTORY OF GOOD OVER EVIL

LET IS SIGNIFY THE VICTORY OF OUR UPDATION OF PENSION

HAPPY NAVRATRI / DUSSEHRA
On the auspicious occasion of Navartri / Dussehra I convey my happy greetings to you
and your family
The Ramayana is an ancient Sanskrit epic that tells the story of Rama. Thematically, the
Ramayana explores human values and the concept of Dharma or righteous action.
An important event in the Ramayana is the abduction of Rama's wife Sita by the dreaded
demon Ravana, who was known to have ten heads. Symbolically, Ravanas ten heads
represent the negative tendencies that take control of the mind which is where the seed of
action is sown. When our minds are overtaken by negative emotions, such as anger, envy,
pride, and malice, we lose control over ourselves and often perform actions that we later
regret. The negative emotions become like power centres in themselves, drowning out the
voice of wisdom, and are therefore represented as independent heads. Rama eventually
confronts Ravana in battle when their powerful armies symbolizing the forces of good,
led by Rama, face off against the evil forces, led by Ravana. After many days of incessant
battle, Rama kills Ravana and his evil forces are decisively routed by Rama's army of
Vanaras or 'monkey warriors'. Rama's victory over Ravana occurred on the tenth day of
the Hindu lunar calendar month of Ashvin, or Ashwayuja, which falls in September or
October of the Western calendar. This day is celebrated as the festival of "Dussehra",
which literally translates as "defeat of the one with ten heads", referring to the fall of
Ravana. Dussehra is an extremely popular festival that is celebrated with great fervour
throughout India, even to this day. It is also known as Vijaya Dashami or the tenth day
of victory. Rama's victory over evil is symbolic of a victory that we seek each day as we
are faced with choices and decisions about all kinds of things. What is the best path for
me to take? What should my decision be? These are dilemmas we often find ourselves
confronted with. Vishnu as Rama teaches us that any action rooted in Dharma or
righteousness, expressed as unconditional love towards all beings, is an action worth
standing up for. If action stems from weakness. fear, jealousy or any other negative
emotion, such an action is best avoided.

Many bankers has been doing splendid job in fighting against the 10 negative emotions,
such as anger, envy, pride, greed, attachment ,jealousy , malice, losing control over ego ,
scuttling dissent ,often perform actions against members interest standing in the way of
our tenth bipartite. .. Dussehra is a Sanskrit word and literally translated means Dasha
Hara or remover of bad fate. It is a festival symbolic of victory of good over bad. Ten
heads of Ravana just represent these scourges. Every time we try to cut off any vice and it
again growswe again cut, it again grows until we reaches to the source. the source is
impurity from there it gets energy
Let us hope commemorative with this Dasha Hara, THE DEMAND UPADTION OF
PENSION of ours sees light Supreme court Judgement on pension Hon Supreme Court
has spelt out clearly that Govt should avoid litigations for the sake of litigation, in recent
verdict in Civil Appeal No 1123 of 2015, Arising out of SLP(C) NO. 321 OF 2015
between State of Rajasthan and Ors. ... Appellants Versus Mahendra Nath Sharma
...Respondent and ors.
We are happy to inform all pension aspirants , that the letter submitted in the end
of July 2015, in coordination with various senior citizens and Mr. R.K.Pathak,to
CHIEF JUSTICE OF INDIA on PENSION UPDATION OF BANK PENSIONERS,
100% D.A NEUTRALIZATION TO PRE-2001 Retirees and improvement in Family
Pension .etc. In this connection, we are happy to inform you that the said letter has
been considered as PIL and allotted the Diary no. 38961 of 2016 dated 19-9-2016
THE JOURNEY SO FAR ..

The Supreme Court Judgement delivered on 01.07.2015 in Civil Appeal No. 1123 of
2015 (Arising out of SLP (c) No. 321 of 2015). The judgement has recognized that
revision of pension and revision of pay scales are inseparable. It has also reiterated that
on revision, the basic pension cannot be less than 50% of the basic pension in the
minimum of the pay band in revised scale corresponding to the pre-revised scale. When
pension is upheld to be a right and not a bounty, as a corollary to above, upgradation of
pension is also a right and not a bounty. Because of the pre-enumerated on the
above judgement and also those in the case laws like D.S. Nakara and others, the demand
of upgradation of pension of retired employees in the banking industry should
immediately be reconsidered by the IBA and Govt. of India.
The most recent judgment delivered on 1/7/2015 on pension.

The most recent judgment delivered

Implications of SC judgment on pension

on

1/7/2015

on

pension.

Implications of the Supreme Court verdict in CIVIL APPEAL NO. 1123 OF 2015
[Arising out of SLP(C) NO. 321 OF 2015]

Highlights
The judgment has been delivered by the Bench headed by Honble Justice Deepak Misra
who has displayed a good comprehension of pension case laws including the landmark
judgment in D S Nakra case and who is heading the Bench hearing the Civil Appeals in
our cases.

The judgment has also recognized that revision of pension and revision of pay scales are
inseparable.

It has also reiterated that on revision, the basic pension cannot be less than 50% of the
basic pension in the minimum of the pay band in the revised scale corresponding to the
pre-revised scale.

When pension is upheld to be a right and not a bounty, as a corollary to 3 above,

upgradation of pension is also a right and not a bounty.

Because the principles enumerated in the above judgment and also those in case laws like
D S Nakra & others are not followed by LIC while implementing the LIC Pension Rules,
1995, a plethora of anomalies have arisen and imposed prolonged injustice on LIC
pensioners right from the date the Rules became effective

FORMATION OF UFBP
THUS IT IS PROVED THAT THE ALMIGHTY AND JUSTICE ARE ALWAYS
ON OUR SIDE WILL PUT AN END TO THIS TREACHERY GIVING US THE
COURAGE OT FIGHT AGAINST THIS SOCIAL INJUSTICE... IT IS HIGH
TIME WE TAKE A PLEDGE TO REMAIN UNITED IIN OUR FIGHT AND
FORM UNITED FORUM BANK PENSIONERS BRINGING ALL
ORGANIZATIONS ESPOUSING THE CAUSE OF PENSION UPDATION ON
ONE ROOF. and end this treachery once for all

HISTORY OF TREACHERY AGAINST PENSION FUNDS:

DECEITS AND BETRAYALS SO FAR ?

We have read many articles about how UFBU has been selling the interest of the
retired and serving bankers in last 4 BPS. However, these issues have been
discussed in parts and bankers find out it difficult to comprehend the exact
issues. An attempt is made to consolidate the same in a beautiful manner. This
will serve as an eye opener to the bankers as to how they have been cheated
under every BPS since 1997. This has not ended. Once again the ground is
being prepared to ditch the retirees again under 10th BPS. Therefore, there is a
need to be cautious and BANKERS should not wait till actual treachery
happens.
History of Act of Treachery in the past, Committed by UFBU are enumerated
below:
TREACHERY No. 1 in 7th BPS

In 7th BPS for the period 01.11.1997 to 31.10.2002,

a) the DA upto 1664 points was merged with the Basic Pay

b) But for the purpose of payment of pension, merger upto 1616 point was
considered,
Which resulted in lower basic for the purpose of pension calculation. The
pension of the employees retired from 01.11.1997 till the date of settlement
(11.03.1999) was reduced from 50% to 41% due to above illegal settlement.
The 50% pension was restored by intervention of the Supreme Court and UFBU
forced the employees to take shelter of the Court.
TREACHERY No. 2 in 7th BPS
All the employees who retired during 01.11.1997 till the date of settlement (some
time in year 2000) were paid the revised pension from the date of settlement.
They were denied the arrears of revised pension. They were forced to give
undertaking that revised pension will be paid if they agree not to claim the arrears
of pension and revised commutation.
TREACHERY No. 3 in 8th BPS
The VIIIth BPS for the period 01.11.2002 to 31.10.2007 was signed in 02.06. 2005.
The employees retired during 01.11. 2002 till the date of signing of settlement (i.e.
upto July 2005) were denied the arrears of pension and commutation as
happened in 7th BPS.
TREACHERY No. 4 in 7th 8th & 9th BPS

UFBU agreed to share the incremental cost of pension since 7thBPS and violated
the pension regulations. This caused huge loss of wages to employees

o The incremental cost of pension was 16.5% p.m. as per 7 th BPS and shared
equally @8.25% by employees and their wages were reduced by 16.5%;

o The incremental cost of pension was 18.5% p.m. as per -8th- BPS and
shared equally @9.25% by employees;

o The incremental cost of pension which was 26% as per -9th- BPS and
shared equally @13%p.m. by employees ;
DO YOU KNOW THAT THIS INCREMENTAL COST WAS RECOVERED
ROM THE EMPLOYEES AND EQUAL MANAGEMENT SHARE HAS NOT
BEEN DEPOSITED IN THE PENSION FUND TRUST? ARE YOU AWARE
AOF THIS SCAM PERPETUATED BY UFBU AND BANK MANAGEMENT?
Is it not the responsibility of the Unions to ensure that the incremental cost of
pension, so agreed, has been deposited in the pension fund?
TREACHERY No. 5 SINCE LONG
Do you know that the Bank management stopped depositing 10% of basic pay
each month in the pension fund as per pension regulation? They are
manipulating the Actuarial valuation report and accordingly depositing there
share (lower amount) on quarterly/ half yearly/ yearly basis. Is it not the
responsibility of the Unions to ensure that the incremental cost of pension, so
agreed, has been deposited in the pension fund?
TREACHERY No 6 SINCE LONG
The wages of the PF optees were reduced to the extent of incremental cost of
pension in successive wage settlement since 01.11.1997. How there wage can be

reduced when they are not the beneficiary of the pension fund trust? Can you be
forced to contribute toward pension of Prime Minister of India?.
Proof of not deposited even 10% in pension fund
a) SBI CMD transferred Rs 7927.41 crs from General reserve to Pension Fund
as on 31.03.2011. Central Statutory Auditors clearly certified that this
amount arisen because inadequate funds were transferred in the previous
years. Hence previous year balance sheet was falsified to this extent.

b) Bank of Baroda Chairman not deposited 10% statutory contribution every

month as on 31.03.2010. See their annual report from the website. In fact he
withdrew Rs 57 cr from pension fund to boost the profit to 3058 crore in
March 2010.The bank has deposited Rs 472 crore during 2008-09 and 365
crore during 2007-08 but during 2009-10 employer contribution to pension
fund is NIL. How the employer contribution can be Nil during 2009-10.?

c) The list of PSB not deposited the statutory share in pension fund is very long
which includes PSB, United Bank, UCO Bank, Central Bank Union Bank.
Central Bank sponsored Common wealth game (Rs 50cr) by employees
pension fund and showed their inability to deposit their 10% statutory due
in pension fund.

d) It is diversion / loot of employees retirement funds to boost the profits and

claim incentive of Rs 8 lacs from the Bank on the basis of falsified balance
sheet. The amount involved is more than one lac crores which has been
laundered since 01.11.1997.
TREACHERY No 7 Scam on bank employees pension fund in the name
of Amortization of the pension cost.

o RBI circular No DBOD.No.BP.BC:80/21.04.018/2010-11 dated

09.02.2011 permitted amortization of enhanced expenditure of
pension liability on account of new pension option under 9th BPS
and amendment of Payment of Gratuity Act 1972 to banks, at the
request of IBA vide guidelines on Prudential Regulatory Treatment.

o Accordingly -19- PSB amortized Rs 19611.57 crore as on March

2011. This amount of Rs 19611.57 will be deposited in -5- yearly
installments ending 2015 in the pension fund trust.

o When existing employees have deposited their 2.8 times of basic pay
and retired employees have refunded 100% of provident fund and
addition 56% cost in one installment, why the banks have not
deposited this 19611.57 cr in one installment.

o Is it not a loss to the pension fund?. The 9% average return on

amortized pension cost of Rs 19611.57 will add to pension kitty by
1765.04 cr per year.

o When our Annual wage rise was Rs. 4816 (Rs. 2239 crores for
officers and Rs. 2,577 crores for award staff) w.e.f. 1-112007 agreed as per 9th BPS (CIRCULAR NO. 85 dated 29 / 11 / 2009
of AIBOC). Loss of interest of Rs 1765.04 cr to pension fund is
equal to 40% of wage rise offered in 9 thBPS. Will you allow such
crime/loot on your pension fund to continue?.

o Can RBI allow amortization of pension cost to boost the banks profit
and falsify the balance sheet?.

o Can RBI allow Banks to amortize interest payable on FDR of

customers and deny them the quarterly/ annual interest in the name of
amortization and allow banks to boost their profit.?

o Can RBI allow amortization of depreciation to boost the profits?. Is it

not a fraud on the pension fund? Is it not a fraud on the balance sheet
of banks?
TREACHERY No 8 in 9th BPS Loot of your pension fund
Denial of 2nd pension option to retirees/voluntary retirees/ resignee is not
treachery. Wrong interpretation of 2nd pension option by IBA.

Do you know that when a GM becomes ED, his no longer a bank

employees but a GOI nominee on the Board. He is not governed by Bank
employees Pension Regulation. In fact he has to resign but his resignation
is treated as retirement and his retirement dues are paid. He is entitled to
gratuity/ pension leave encashment PF and other retirement benefits.

GM becoming ED is entitled for pension on his resignation but normal

employees resigning after -20- years is denied the pension.

So ED gets salary fixed by GOI plus monthly pension.

 Do you know that now ED / CMD are getting -2- pensions. One pension
from parent Bank from where he was GM and 2nd pension of Chairman /
Executive Director from the Bank he retired as CMD/ ED. Your pension
fund is paying pension of ED/CMD and he has never contributed
incremental cost or 10% to the fund.?

WHY THE PENSIION FUND DETAILS ARE NOT IN PUBLIC DOMAIN.

Why Pension Fund Subscriber who have paid Rs 16-20 lacs in their whole life,
are not provided the Annual Report of the Pension Fund Trust.
Treachery in 10th BPS
As per settlement signed with IBA, UFBU has agreed that DA upto 4440 index
point i.e.60.15% will be merged and Basic plus 60.15% plus 2% amounting Rs
597 cr will be used to construct the scale, meaning thereby 102% of Basic plus
60.15% will be new basic. Where the remaining 13% will be utilized. Whether it
will be grade pay or else?. Whether it will be counted for pension purpose of
not?. These are the pit holes and UFBU may cheat you again. Therefore please
be watchful.
The various issues relating to retirees so that they can understood, the anomalies
better and in future if they wish to take up the issue with IBA, Bank
Management, Ministry of Finance, GoI or ultimately go to Court are able to get
the maximum background material. We are giving authentic links to the
material proving as to how in the past retirees have been cheated alongwith the
serving bankers, WHEREAS RETIRED CMDs AND EDs ARE NOT
AFFECTED !
In the meantime, Retired Bankers needs to organize themselves into pressure
groups and if necessary organize some protests to bring their issues in the public
domain.

In case any discrepancy is noticed in these facts, union leaders, IBA or other
officials can freely write in comments columns, the authentic links / data so that
these can be included here and TRUTH prevails as our aim is to spread
TRUTH.
/////////////////////
Annexures Giving Links to Background Material to Prove as to How UFBU
Has Cheated in the Past
1. SBI CMD Interview wherein he admitted that they have not deposited the
due amount in pension fund to inflate the profit. [You can read the details
at
the
link
given
below
: http://articles.economictimes.indiatimes.com/2013-0925/news/42394698_1_pratip-chaudhuri-state-bank-balance-sheet]

2. BOB Annual report of 2010 showing NIL contribution in pension fund

during
March
2010.
(Folio
114)

http://www.bankofbaroda.co.in/download/Annualreport2009-10.pdf ]

3. Circular no.85 dated 29.11.2009 of AIBOC communicating the recovery of

cost of pension from employees by reducing their wages by 23% of
incremental cost of pension.
4. CIRCULAR NO.64 dated 12.05.2010 of AIBOC confirming the above
naked truth
5. SBI Union circular no.1 dated 27.01.2011 on pension cost balancing and
its payment to SBI employees as Special Balancing Allowance of 6.5%

6. AIRBF letter of August 2013 to Union for taking issues relating to

management of pension funds

7. Payment of pension to ED /CMD April 2012 -MOF Notification

8. Pensionery benefit to whole time Directors of PSBs Jan 2013-MOF

Notification

Treachery in 10 bipartite Loss by not taking Spl.Allowance of

7.75% for Retirement Benefit!!
(See attachment)

REALISTIC SUGGESTION: A WAY FORWRAD

A WORKING ON THE 100% DA FOR ALL RETIREES PRIOR
TO 01.11.2002 AND UPDATION OF PENSION FOR ALL
RETIREES UPTO 31.10.2007 RETIREES DURING THE
PERIOD 01.11.1987 TO 31.10.1992
Basic Pay Pension
Pension + If 100%
50%
40%
DA
DA is paid Updation Updation
Pension + Pension +

DA
DA
1670
835
6581
6581
10680
8544
3220
1610
12244
12688
19148
14773
4520
2260
15765
17359
24594
19675
5050
2525
16493
19394
27572
22058
5650
2825
17316
21698
32508
26007
7000
3500
19170
26883
44252
35402
RETIREES DURING THE PERIOD 01.11.1992 TO 31.10.1997
6420
3210
12777
13209
19148
15318
9200
4600
16597
18929
25274
20220
10450
5225
17723
21501
30806
24645
12650
6325
19704
26027
39827
31861
14000
7000
20920
28805
44252
35402
RETIREES DURING THE PERIOD 01.11.1997 TO 31.10.2002
5850
2925
8232
8232
11361
11361
10880
5440
14739
15310
19828
15863
14240
7120
17566
20038
25275
20220
15760
7880
18671
22177
28338
22671
17280
8640
19776
24316
33444
26755
21300
10650
22698
29973
44252
35402
The above table is prepared on an illustrative basis and hence not exhaustive. We have in
fact made working for all the 36 possible stages on which retirement normally takes place
in all cadres from subordinate staff to General Manager cadre and based on the August
2012 month DA paid to the bank retirees, after one completes the minimum full
qualifying service of 33 years in order to get full basic pension of 50% of last drawn
basic pay. Only the basic pay has been taken into account and the FPP, PQP, SPECIAL
PAY & Educational allowances drawn by the retiree at the time of retirement have not
been reckoned. The columns above are: Basic pay drawn at the time of retirement, basic
pension at 50%, the present basic pension + DA drawn, if 100% DA is conceded, what
would be the amount of basic pension + DA @ 100%, updation of basic pension at 50%
of the IX Bipartite/joint note effective from 01.11.2007 for all retirees upto that period
and the assumption that if the updation is done for past retirees at 40% of the basic pay of
01.11.2007 on the lines of the central government CCS Rules governing Pension.
The working has been done taking into account approximately 1,23,500 retirees upto
31.10.2007 from the inception of pension implementation i.e. all those who have retired
after 01.01.1986.

Based on the working for the entire number of retirees who have to get the advantage of
100% DA, updation of pension till 31.10.2007, costing exercise has been undertaken. It is
found that if 100% DA is to be paid to all retirees upto 31.10.2002 for the entire basic
pension instead of the present system of DA compensation which is based on four slabs
of 100% for a small part of pay for officers, 82.5% for a part, 50% for another small part
and for a major part at 25% compensation of DA [Since all retirees after 1.11.2002 are
being paid 100% DA on full basic pension with single slab of DA @ 0.18% for all from
sub staff to General Manager] then the annual costing of implementation of 100% for all
past retirees comes to Rs.291 crores.
In respect of updation of pension at 40% updation, on the lines of central government
pension rules for retirees prior to the date of the present pay commission period, upto the
retirees of the period i.e. 31.10.2002 and 50% updation for the retirees after 01.11.2002
[since for them 100% DA has already been implemented and the 40% updation for them
would be adverse] the annual costing comes to Rs.431 crores.
If pension updation is done at 50% of the notional pay taking all retirees basic pay to the
equivalent stage in the present scale of pay effective from 01.11.2007, then the annual
cost of pension updation for the 1,23,500 retirees comes to about Rs.1082 crores.
Calculations have been done on exact basis though the number of retirees from sub staff
cadre to the General Manager cadre in respect of all the retirees from 01.01.1986 may
vary based on certain number in each stage of retiral level. It can very confidently be said
that the cost mentioned cannot be more than the above working and hence cannot go
beyond this amount. In fact, cost would be less only.
For information of all concerned, it is stated that the total establishment expenses in the
banking industry as of 31.03.2012 for the entire in-service employees and officers numbering about 8,00,000 - as has been furnished to the Negotiating Unions for the X
Bipartite Settlement/Officers wage revision - has been given as Rs.56292 crores. Under
this circumstance, conceding the 100% to the entire about 1,23,500 retirees comes to just
Rs.291crores which would be just a meager 0.55% of the total establishment expenses.
Similarly for 40% updation of pension upto 31.10.2002 and 50% for retirees during
1.11.2002 to 31.10.2007, it comes to Rs.431 crores i.e. 0.76% of the establishment
expenses as of 31.03.2012.

For 50% updation of pension which is our demand as well as that of the Bank Retirees
Federation, if conceded for all the retirees upto 31.10.2007, then the annual costing which
is estimated at Rs.1082 crores is just 1.92%.

PLEDGE ACTION PLAN

Dasha Hara

Retirees : Act Now or Perish - This is the Time for Appealing to Highest Court
of Land As All Other Authorities Have Either Ignored Pleas of Retirees or
Have Played Active Role in Cheating Them

S.NO NAME BANK

DATE OF
EMPLOYE
RETIREMENT E NUMBER

SIGNATUR
E

TREACHERY CONTINUES
UNITE TO FORM
UNITED FORUM OF ALL BANK PENSIONERS ORGANISATIONS
(UFBP)

AND ENSURE VICTORY OVER EVIL FORCES AGAINST UPDATION OF

OUR
JUST PENSION!

Retirees : Act Now or Perish - This is the Time for Appealing to Highest Court
of Land As All Other Authorities Have Either Ignored Pleas of Retirees or
Have Played Active Role in Cheating Them

We would like all the retirees who are in agreement with the contents of the
letter to form small groups at their local levels and sign as a group (2 or more
persons) the letter addressed to CJI, and send the same to CJI along with
Exhibits. The letter to CJI and Exhibits can be downloaded by clicking on the
links given below:-

(a) Draft Letter addressed to CJI That Can Be Downloaded and Signed by
a Group (2 or more persons) of Retired persons;
http://www.allbankingsolutions.com/Wage-Revision/LegalCases/Appeal-to-SC-by-retirees.htm

(b) Download the PDF file containing all the 10 Exhibits (i.e. Annexures) to
the draft letter addressed to CJI as mentioned above;
http://www.allbankingsolutions.com/Wage-Revision/LegalCases/Exhibits.pdf

Love
S.Srinivasan