Tuesday, August 03, 2010

Bank employees Unity at stake

IBA writ is listed for hearing on 3rd of August, but what about writ of Canara Bank workers which has been languishing for hearing since 6th of July 2010. It is surprising that writ filed much later by IBA has come so quickly for hearing whereas older one of Canara bank workers has been repeatedly shifted for next date.

It is learnt that IBA has raised emotional issue in its writ petition filed in Madras High Court and listed for hearing in clause list of 3rd August 2010. IBA has also raised the issue of financial crisis. It is learnt that IBA has raised emotional issue. IBA has also raised the issue of financial crisis. Government waived loan worth 75000 crores of rupees and banks sacrificed altogether 25000 crores of rupees during last 3 years. It means bank lost one lac crores rupees in last three years. But bank is not in a position to pay pension to retired employees which creates hardly a burden equivalent of 5% of amount sacrificed in loan waiver and hardly 1% of actual bad debts hiding in books of accounts of banks. Banks are proud of growth in profit but by curtailing expenses only on staff who works day and night for growth of business. Shame Shame , indeed it is a shameful situation for bank employees.

There is a proverb "Sau Chuhe mar kar Billi Haz ko chali" Ya one can say " Gau mar kar Juta Dan"

IBA along with Union leaders annoyed and victimized three lacs PF optees by recovering 2.8 times of November 2007 salary. In this way bank is supposed to garner Rs1800 crores. Now in the name of retired employees IBA is pleading before Court that if retired employees do not refund the accumulated amount of PF they will not be in a position to release pension to retired employees. Obviously IBA is raising emotional issue and again attempting to divide PF optees in different segment, retired PF optees, serving PF optees and resigned or expelled PF optees. It is astonishing that cries of three lac PF optees are not reaching the ears of IBA but they have heard the voice of retired employees which are hardly a few thousand in number, not more than 10% of actual serving PF optees. It is crystal clear that IBA is not only trying to save the face but diplomatically breaking the unity of PF optees as also trying to gain the favourable order of vacating stay order from learned judge.

Another point which surfaced out of these submissions by IBA in their fresh writ listed for hearing on Today is that IBA is facing money shortage to pay pension to even existing employees and hence trying to recover the money from PF optees as soon as possible. One can imagine very easily that in near future IBA will again make similar excuse of shortage of fund when thousands of new pensioners will be added and obviously the more dangerous crisis will erupt. No doubt to me that pension optees will not be given pension in coming years so easily by bank. It is rightly said that pension optees are also living in dreamland and sitting on volcano. Pension opttes are able to see temporary gain in arrear but apparently unable to visualize the probable crisis in future. Obviously IBA is trying to trap them in their net. I remember old teaching “ Sikari Ayega, Dana dalega,, Jal Bichayega, Bhul se usme phasna nahin”

I have been expressing my apprehension since long that bank is not making any contribution to pension fund. Had they contributed equal share, there could not be shortage of fund at all keeping in view refund of accumulated PF fund. Banks use to make 10% contribution every month in case of PF optees which is equal to employees share. As soon as PF optees opted for pension in 1993 banks saved this contribution and hence they talked of financial crisis with union leaders while finalizing 7th and 8th bipartite settlement. Since 1993 0r 1995 all employees are necessarily in pension domain and hence banks have completely left making provision in quest of higher and higher profit. What is the guarantee that bank will bear the 70% cost of funds promised in MOU and 9th BS will be really contributed by bank? It may be possible that when Rs.1800 crores is consumed by bank they will ask for fresh sharing of pension cost in next Bipartite Settlement. Only then pensioner will be awakened from their deep slumber, it appears to me. Bank management on the other hand will get bed of roses from Ministry.

It is therefore very much necessary to inspect and assess the pension fund account and PF fund account of a bank and ascertain the fact wherefrom crisis of fund is erupting.

Is it a case of artificial crisis to win the heart of judge in High court?

Why IBA is shedding crocodile’s tears for retired employees and forgetting serving employees.

Why union leaders are bent upon making illegal recovery from PF optees and hence advising their members to submit letter voluntarily for withholding recovery?

Why bankers who assess the lacs of balance sheet of lacs of customers are getting it difficult to assess the balance sheet of PF trustees or pension fund?

Why writ in various courts are getting delayed, why FM or PM or President of India or RBI or banking division is silent spectator of dictatorial attitude of IBA and union leaders. Are bank employees so much helpless?

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