Apex Court removed anomaly in Pension of Bank employees who retired/died between 1-4-1998 & 31-10-2002 including VRS 2000 optees

Supreme Court removed anomaly in the Pension of Bank employees/officers who retired/died after 1-4-1998 uptill 31-10-2002 including VRS 2000 optees.

For cppy of the judgement Click: http://aipnbsf.org/files/SC%20JUDGEMNT.pdf

The Payment of Gratuity(Amendment) Bill, 2018 Passed by Parliament; Gratuity Ceiling be revised to Rs.20 Lakhs w.e.f. 29.03.2018

The Payment of Gratuity(Amendment) Bill, 2018 has been passed by parliament on 22nd March 2018. The bill ensures harmony amongst employees in the private sector and Public Sector Undertakings/Autonomous Organizations under Government who are not covered under CCS (Pension) Rules. These employees will be entitled to receive higher amount of gratuity at par with their counterparts in Government sector. The bill was passed by the Rajya Sabha on 22nd March 2018 and the Lok Sabha on 15th March, 2018.

The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons. The main purpose for enacting this Act is to provide social security to workman after retirement, whether retirement is a result of superannuation, or physical disablement or impairment of vital part of the body. Therefore, the Payment of Gratuity Act, 1972 is an important social security legislation to wage earning population in industries, factories and establishments.

The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh. The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, with implementation of 7th Central Pay Commission, in case of Government servants, the ceiling has been raised to Rs. 20 Lakhs.

Therefore, considering the inflation and wage increase even in case of employees engaged in private sector, this Government decided that the entitlement of gratuity should also be revised in respect of employees who are covered under the Payment of Gratuity Act, 1972. Accordingly, the Government initiated the process for amendment to Payment of Gratuity Act, 1972 to increase the maximum limit of gratuity to such amount as may be notified by the Central Government from time to time.

In addition, the Bill also envisages to amend the provisions relating to calculation of continuous service for the purpose of gratuity in case of female employees who are on maternity leave from 'twelve weeks' to such period as may be notified by the Central Government from time to time.

After enactment of the Act, the power to notify the ceiling of the amount of gratuity under the Payment of Gratuity Act, 1972 shall stand delegated to the Central Government so that the limit can be revised from time to time keeping in view the increase in wage and inflation and future pay commissions.

This ammendment is effective from 29.03.2018. 

IBA agreed to extend 2nd option of Pension to compulsory retired employees on same terms & conditions as of BPS dated 27.04.2010

IBA agreed to extend 2nd option of Pension to compulsory retired employees/officers on the same terms & conditions as are mentioned in BPS/Joint Note dated 27.04.2010.

For IBA letter dated 16.03.2018 addressed to Chief Executives of member banks in this regard Click http://aipnbsf.org/files/IBA.pdf

National Executive of NCBE held on 7th March 2018 at Mumbai elected Com. S.C. Balaji of Indian Overseas Bank, President of NCBE

As after his retirement from the service of Bank of Baroda Comrade Vinil Kr. Saxena submitted his resignation from the post of President of NCBDE; National Executive of NCBE held on 7th March 2018 at Mumbai elected Comrade S.C. Balaji of Indian Overseas Bank as new President of NCBE.

Central Committee Meeting of NCBE will be held on 22nd April 2018 at Hotel Hycinth, Thampanoor, Thiruvananthpuram (Kerala)

Central Committee Meeting of National Confederation of Bank Employees (NCBE) will be held on 22nd April 2018 at Hotel Hycinth, Model School Junction, Near Manorama Office, Thampanoor, Thiruvananthpuram (Kerala) at 10.30 a.m.

On 21 March 2018 UFBU staged a Dharna at New Delhi and submitted Memorandums to Finance Minister on the issues of Bank Employees

On 21st March 2018 UFBU staged a successful Dharna at Jantar Mantar, New Delhi and submitted four Memorandums to Finance Minister on the issues of Bank Employees/Officers.

For Copy of Memorandum Submitted on Wage Revision in Banks Click 

http://aipnbsf.org/files/WAGE%20REVISION%20-%20Letter%20to%20FM.pdf

For Copy of Memorandum Submitted on Appointment of Workmen/Officers Directors Click 

http://aipnbsf.org/files/Workmen%20Director.pdf

For Copy of Memorandum Submitted on Staff Welfare Schemes Click 

http://aipnbsf.org/files/Letter%20to%20FM%20for%20staff%20welfare%20funds.pdf

For Copy of Memorandum Submitted on Recent Fraud in Punjab National Bank Click 

http://aipnbsf.org/files/Fraud%20in%20PNB-%20Letter%20to%20FM.pdf

DA payable to employees for the Quarter Feb. to Apr. 2018 shall be 527 slabs i.e. an increase of 11 slabs from the current level

In terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the quarter February 2018 to April 2018 shall be 52.70% of ‘Pay’ against 51.60% of ‘Pay’ applicable for the previous quarter.

Dearness Allowance w.e.f. Feb.2018

For Retirees

From February 2018 to July 2018

No. of slabs increased = 49

Average CPI =6551 

Pensioners Retired on or after 1/1/86 but upto 30/06/1993

1487 slabs over CPI 600 

Upto Rs. 1250 @ 0.67% per slab = 996.29% 

Rs. 1251 to Rs. 2000 @ 0.55% per slab = 817.85% over Rs. 12453.63

Rs. 2001 to 2130 @ 0.33% per slab = 490.71% over Rs. 18587.51 

Above Rs. 2130 @ 0.17% per slab = 252.79% over Rs. 19225.43 

Pensioners Retired on or after 1st July 1993 upto 31/03/1998

1350 slabs over CPI 1148

Upto Rs. 2400 @ 0.35% per slab = 472.5% 

Rs. 2401 to 3850 @ 0.29% per slab = 391.5% over Rs. 11340 

Rs. 3851 to 4100 @ 0.17% per slab = 229.5% over Rs. 17016.75

Above Rs. 4100 @ 0.09% per slab = 121.5% over Rs. 17590.

Pensioners Retired on or after 1/4/1998 upto 31/10/2002 

1216 slabs over CPI 1684 

Upto Rs. 3550 @ 0.24% per slab = 291.84% 

Rs. 3551 to 5650 @ 0.2% per slab = 243.2% over Rs. 10360.32 

Rs. 5651 to 6010 @ 0.12% per slab = 145.92% over Rs. 15467.52 

Above Rs. 6010 @ 0.06% per slab = 72.96% over Rs. 15992.83 

Pensioners Retired from 1/11/2002 to 31/10/2007 

1065 slabs Over CPI 2288 @ 0.18% =191.7% 

Pensioners Retired From 1/11/2007 to 31/10/2012 

928 slabs over CPI 2836 @ 0.15%= 139.2% 

Pensioners Retired after 31/10/2012 and Serving Employees

527 slabs over CPI 4440 @ 0.10% =52.7% 

Pensioners Retired Pre 1986 

1487 slabs over CPI 600 = 996.29% on Rs. 350/- 

Surviving Spouses of Pre 1986 Retirees 

1487 Slabs over CPI 600 = 996.29% on Rs. 175/-