UFBU protested to IBA against proposed hike in premiums of Medical Insurance, suggested extension up to Dec & to discuss further

In the Meeting with IBA on Medical Insurance held on 8th August 2018, UFBU strrongly protested against proposed steep hike in premium rates, suggested extension  of both the policies up to December 2018 and to discuss the issue further.

Meeting of IBA Core Group(workmen) with Core Group of UFBU for workmen unions will be held on 18th Aug 2018 at 2.30 pm at Mumbai

Meeting of IBA Core Group (workmen) with the representatives of Core Group formed by UFBU for workmen Unions will be held on Saturday, 18th August 2018 at 2.30 p.m. in the Committee Room of IBA, World Trade Centre, Cuffe Parade, Mumbai.

DA payable to employees for the Quarter August to Oct 2018 shall be 541 slabs i.e. an increase of 12 slabs from 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 applicable for the quarter August 2018 to October 2018 shall be 54.10% of ‘Pay’ against 52.90% of ‘Pay’ for the previous quarter.

 

For Bank Retirees

From August 2018 to January 2019

No. of slabs increased = 14

PNB has decided to celebrate September as Hindi Month and to organize two competitions for its staff members at All India Level

PNB has decided to celebrate the month of September as Hindi Month and to organize Two competitions for its staff members at All India Level, on this occasion:-

A. Hindi Story Writing Competition-2018

B. Hindi Poetry (comic-satire) Writing Competition-2018

Rules of the Hindi Story Writing Competition-2018 are as under:-

Based on mother tongue, 3 categories have been defined and the following cash prizes will be given separately for each category :-

- Category "A" mother tongue Hindi

- Category "B" mother tongue Punjabi, Marathi, Gujarati, Sindhi & Urdu

- Category "C" mother tongue other than category "A" & "B" as stated above.

Cash prizes of `3000/-, `2000/-, `1500/- & consolation (two) `500/- each shall be awarded to the best five entries respectively under each category.

One participant can send only one entry.

Rules of the Hindi Poetry (comic-satire) Writing Competition-2018 are as under:-

Cash prizes of `3000/-, `2000/-, `1500/-, `1000/-, `750/- & consolation (two) `500/- each shall be awarded to the best seven entries respectively in this competition.

One participant can send only one entry of Hindi poetry (comic-satire).

Story/poetry (comic-satire) should reach under a separate sealed cover to the following address by hand/post or courier latest by 20th August, 2018:-

The Chief Manager

Punjab National Bank

Official Language Deptt., Head Office

Plot No.04 (Ground Floor) B Wing

Sector 10, Dwarka

New Delhi – 110 075

In talks held on 30th July 2018, IBA Chairman revised their offer from 2% to 6% hike in Wage Bill. UFBU declined the offer.

In talks held on 30th July 2018, IBA  Chairman revised and improved their offer from earler 2% to 6% hike in Wage Bill. UFBU declined the offer as it did not satisfy our expectations.

For detailed Circular Click:http://aipnbsf.org/files/NCBE%20Cir.%2020.pdf

Govt May Infuse Rs 11,336 Crore in 5 PSBs i.e. Allahabad Bk, Andhra Bk, Corporation Bk,Punjab National Bk and Indian Overseas Bk

Government May Infuse Rs 11,336 Crore in 5 Public Sector Banks

The government may infuse Rs 11,336 crore in five state-owned banks in a week’s time to help them make interest payments due on some bonds.

The infusion in the five lenders of which three are under the central bank’s prompt corrective action framework may be done using recapitalisation bonds.
The infusion would be part of remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years. The government had announced bank recapitalisation in October last year to provide capital to public sector banks saddled with mounting bad loans.
According to the latest proposal, here’s how much each of the five banks will get:
  Allahabad Bank: Rs 1,790 crore
  Andhra Bank: Rs 2,019 crore  
  Corporation Bank: Rs 2,555 crore
  Punjab National Bank: Rs 2,816 crore 
  Indian Overseas Bank: Rs 2,157 crore
Some of these banks are under pressure to make interest payments, due in July and August, on bonds issued earlier. The amount that government infuses will ensure that they meet capital adequacy ratio of 9 percent and service their debt capital instruments.
Coupon payments of about Rs 99 crore on additional tier 1 bonds are due for Andhra Bank in August 2018, while interest liability of PNB is about Rs 135 crore this month.   Banks raise capital through AT1 bonds, which are perpetual in nature and therefore provide higher interest rates to investors.

While Allahabad Bank, Indian Overseas Bank and Corporation Bank recalled their AT1 bonds after coming under the prompt corrective action, they have to service coupon payments on upper tier 1 and upper tier 2 bonds.

PNB has entered into PAN India Tie Up With Dr. Lal Pathlabs for Pathology Services and Delhi NCR Network for Radiology Services

Punjab National Bank has taken up with Dr LAL Path lab for discounts to PNB staff including retirees and in context after detailed discussion they have agreed to provide 20% Cash Rate discount for all serving and retired employees of PNB and their dependents on PAN India network of Dr. Lal Path Lab for pathology services and on Delhi NCR network for Radiology services.

For detaied Circular Click: http://aipnbsf.org/files/PAN%20India%20Tie%20Up%20With%20Dr%20Lal%20Pathlabs.pdf

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. 

PNB issued circular for 2nd option of Pension to compulsory retired employees in terms of IBA Letter dated 16.03.2018

PNB issued PF & Pension Fund Deptt. Circular No. 06/2018 dated 07.06.2018 for 2nd option of Pension to compulsory retired employees on the same terms and conditions as signed in BPS dated 27.04.2010.

1. Date of Submission of option letters by compulsory retired employees/family members of the deceased employees who are eligible for pension option: 15.06.2018 to 13.08.2018 upto 5.00 P.M.

2. Refund of amount by the compulsory retired employees/family members of the deceased employees: 14.08.2018 to 12.09.2018 upto 5.00 P.M. 

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

For PF & Pension Fund Deptt. Circular No. 06/2018 dated 07.06.2018 in this regard Click : https://www.pnbnet.in/RenderResource.ashx?id=56054