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Retirees Forum's Letter to UFBU Insists on Agitational Programme for Pension Revision Instead of 'Ex-Gratia’ Formula
All Kerala Bank Retirees Forum's letter to UFBU emphasises the need for pension revision over ex-gratia payments. Discover why retirees are urging for equitable treatment in the banking sector.
Author: Abhivad
Published: April 5, 2024
The All Kerala Bank Retirees Forum (AKBRF) has penned a stern letter to the United Forum of Bank Unions (UFBU), highlighting the dissatisfaction among retirees regarding the provision of ex-gratia to pensioners and family pensioners as agreed between the Indian Banks Association(IBA) and UFBU as part of the 12th Bipartite Settlement(BPS). In the missive addressed to Sanjeev K. Bandlish, the Convener of UFBU, AKBRF expressed deep concerns over undermining their longstanding demand for pension revision. The retirees forum has been opposing the ex-gratia clause right from its inception in the Memorandum of Understanding of the 12th BPS.
The retirees' forum emphasises that the allocation for ex-gratia payments disregards the genuine aspirations of pensioners and mocks their rightful demand for pension revision. They argue that the pension corpus fund is substantial enough to accommodate pension revisions in alignment with wage revisions, pointing out the disproportionate allocation and utilisation of funds by managements.
(The letter from AKBRF General Secretary M Suresh to Sanjeev K. Bandlish, the Convener of UFBU.)
AKBRF highlights two significant issues in their communication. Firstly, they criticise the practice of permanently keeping a substantial portion of the salary out of the ambit of superannuation benefits, thus limiting increases to workers during their service periods alone. This means that the increase in monthly payment drawn won’t reflect in their pension benefits post retirement. Secondly, the forum laments the sidelining of the long-pending demand for pension revision in the 12th BPS.
The retirees stress the necessity for revisiting the matter afresh and suggest the formulation of an agitational program with active participation from pensioners to achieve the overdue demand for pension revision. They advocate for aligning pension revisions with those implemented in institutions such as the Reserve Bank of India, while also addressing the exclusion of special allowances for superannuation benefits.
The letter from AKBRF underscores the urgency and importance of prioritising the welfare of retirees within the banking sector. It calls for a reevaluation of current policies and a concerted effort to ensure equitable treatment for pensioners, aligning with the principles of fairness and justice.
The UFBU is yet to respond to the concerns raised by the retirees' forum, but the letter serves as a reminder of the pressing need to address the grievances of pensioners and uphold their rights within the banking industry.