CONSOLIDATION OF EMPLOYEES IN FINANCIAL SECTOR FOR BETTER WAGE REVISION

WHETHER TIME IS RIPE FOR A JOINT APPEAL BY THE ENTIRE FINANCIAL SECTOR OFFIERS AND EMPLOYEES


I was surprised to see an insertion in THE ECONOMIC TIMES CHENNAI EDITION DT 08 MARCH 2010 BY LIC CLASS I OFFIERS ASSOCIATION informing the policy holders and others the meager offer of the government and the reality. It was a reasonable coverage highlighting the pathetic situation .
I n one or two of my earlier postings to the pay commission update blog I also made an appeal to the influential members of the banking sector to draft a suitable insertion like this in detail and circulate to various dailies including the pink papers.
The advantage of highlighting the status is as follows.
Customers can come to know where we are standing. They are thinking financil sector employees are best paid in INDIA.
They also can get a first hand information of what the VI th pay commission exactly means to central govt employees when compared to the government claim of 28%
How liberal approach the government has made when accepting the pay commission recommendations and public sector pay hike as a follow up effect at the time of general elections at a very huge debt burden.
We can put a question to the real bosses in the government language mainly CUSTOMERS that why government is shying away in extending the parity of wages.
This can be highlighted through mails to the politicians also and seeking their support

LIC is much better placed than the banks as the staff cost to total profit is a t a historical low of 6% , best among the financial sector. They can even seek parity with RBI scales considering the monopoly and undisputed position that they are enjoying in the Life insurance business.
Government is in a hurry to offer the most notorious figure of 17.5% to them also on par with bank employees which itself is running in trouble. When SBI wants to have upper hand by more or less doing same type of job except some government transactions, there is nothing wrong in LIC employees union / officers federation to break from the tradition of following the bank wages ands insist to settle a superior scale for them.

THE TIME IS RIPE FOR CONSOLIDATION AND JOINING OF ALL FINANCIAL SECTOR EMPLOYEES/OFFICER EMPLOYEES UNDER THE UMBRELLA OF ALL INDIA FORUM OF FINANCIAL SECTOR OFFICERS AND EMPLOYEES.(WITHOUT UNITY THE WORD UNITED AT PRESENT LOST ITS SIGNIFICANCE.) AND DEMAND IMMEDIATE WAGE REVISION ON PAR WITH SIXTH PAY COMMISION BY RETAINING THE EXISTING INTERNEL PARITY WITHIN THE SECTOR
AND FORCE THE GOVERNMENT TO GO FOR A SEPARATE FINANCIAL PAY COMMISSION WITH SUITABLE TERMS OF REFERENCE. PENDING THE COMMISSION REPORT AN INTERIM RELIEF OF 30% TO THE WAGES AS ON 01.11.2007 SHOULD BE ANNOUNCED. ONE MORE PENSION OPTION HAS TO BE RLEASED IMMEDIATELY AS IT IS NOT AN OPTION IN THE STRICTEST SENSE AS IT WAS DENIED EARLIER AFTER AMENDING THE PENSION REGULATIONS. THAT MISTAKE TO BE RECTIFIED WITHOUT ADDITIONAL COST BY ABSORBING THE SAME . DPRE 01.11.2002 RETIREES SHOULD ALSO BE COVERED UNDER 100% NEUTRALISATION SCHEME WIYTHOUT COST CALCULATION.NO OTHER METHOD IS GOING TO GIVE SATISFACTION TO THE OFFICERS SECTOR IN PARTICULAR AS NEITHER IBA NOR LIC MANAGEMENT ARE WILLING TO GIV E A STARTING PAY OF 15600+5400 GRADE PAY+DA +30% HRA , EVEN THOUGH IT IS GENUINELY JUSTIFIED ,WHICH IS RUPEES TEN THOUSAND MORE ON AN INITIAL STARTING BASIS.EVEN AFTER THE PROPOSED 17.5 % WAGE HIKE
WHY THE CONCERNED TRADE UNION LEADERSHIP HESITATING TO TAKE UP THE MATTER FORCEFULLY. WHY THIS SILENCE AND CASUAL APPROACH IN SETTLEMENT IS A RIDDLE KNOWN ONLY TO THE TOP ECHELONS OF POWER. POOR FINANCIAL SECTOR EMPLOYEES /PENSIONERS ARE ONLY SEEKING RELIEF WITHOUT DIRECTION OF WHAT TO DO AND BLAMING THEIR OWN FATE FOR TAKING THIS PROFESSION BY MISTAKE.

I MYSELF RESIGNED IN 1976 FROM A LECTURER POST IN A UNIVERSITY TO TAKE UP CLERICL JOB AND I CLIMBED UPO SCALE III LEVEL AND\ TOOK VRS UNER VRS 2000 SCHEME AND OPTED FOR PENSION.25 year sservice completed.

From 4940 pension in 2001 just at the time of VRS , now I am getting a pension of 12300 . Courtesy Supreme court for 5 years addition plus DA increase of 90 slabs now . No PENSION UPDATION.No 100% NEUTRALISATION. Everywhere there is a pit fall and UFBU mishandling and messing the entire thing since 2001.

Had I continued as a lecturer I would have drawn a basic of around 39100+ grade pay of 8000 maximum as an asst professor and ended with a pension of nearly 23000+plus DA . which may 150% more. No promotion was assumed . Only ill luck and cruelty of fate. Majority of the 1976 batch consists of post graduates who preferred clerical position to teaching position. Such was the attraction of the job at that time.

WILL THE AUTHORITIES CONECRNED CAN GIVE LIBERAL WAGE REVISION TO THE ENTIRE FINANCIAL SECTOR AND RECTIFY THE MISTAKE THAT THEY ARE DELIBERATELY COMMITTING BY OFFERING 17.5% MEAGER INCRESE AND SPOILING THE FINANCIAL SECTOR AS A WHOLE
.IN EVERY CAMPUS SELECTION THE FINANCIAL SECTORS ARE PAY MASTERS . BUT OUR IBA / MINSITRY OF FINANCE WANTS TO TREAT THE SECTOR SHABBILY.
CA C AMPUS SALARY IS AROUND 6 TO 7 LAKHS. GOING UPTO 12 LAKHS. WHETHER BANKS CAN AFFORD TO GET CA S TO MANAGE THE AUDIT DEPARTMENT BY OFFREING A SALARY OF MORE THAN THAT OF THEIR DGMS OR GMS.

SOMETHING WRONG IS GOING ON SOME WHERE AFFECTING THE ENTIRE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS. THAT BLACK SHEEP WHO IS PREVENTING THE JUSTIFIED INCREASE TO THE FINANCIAL SECTOR EMPLOYEES AND PENSIONERS HAS TO BE IDENTIFIED AND ORGANISATIONALLY FIGHT IT OUT. THEN ONLY THESE EMPLOYEES ALSO CAN GET GOOD SALARY .
NO POLITICAL CLOUT.
TILL THAT TIME PRAY YOUR ISHTA DEIVAM/KULA DEIVAM . NO OTHER WAY.

K BALASUBRAMANIAN

A NEW METHOD FOR PENSION WAGE REVISION

ANALYSIS AND REMEDIES SUGGESTED SCALES EXACTLY ON PAR WITH THE PRESENT SCALES UPTO SCALE VI LEVEL
SCALE I 15000-800(6)-19800-900(3)-22500-1000(7)-29500
SCALEII 21600-900-22500-1000(10)-32500
SCALEIII 29500-1000(5)-34500-1100(2)-36700
SCALE IV 33500-1000(1)-34500-1100(5)-40000
SCALE V 40000-1100(4)-44400
SCALE VI 44400-1200(4)-49200
SCALE VII 49200-1200(2)-51600--1400(2)-54400

STAGNATION INCREMENTS
AT PRESENT THERE IS AUTOMATIC MOVEMENT FREOM ONE SCALE TO OTHER
THAT MEANS THREE NOTIONAL INCREMENTS ARE AVILABLE FOR SCALE I
FOUR NOTIONAL INCREMENTS ARE AVILABLE FOR SCALE II
LEAVE SCALE I , II AS SUCH
DEMAND A LATERAL MOVEMENT FROM SCALE III TO SCALE IV ALSO IE 3 STAGES
EXTENDING THE SCALES FURTHER CAN BE TAKEN UP IN NEXT SETTLEMENT THIS IBA MAY ACCEPT

ALLOW THE IBA TO GIVE GOOD PAY SCALEAS FROM SCALE V , VI AND VII AS PER THEIR WISH
IT WILL HELP US IN FUTURE
AWARD STAFF
THE PAY SCALE STRUCTURE FOR AWARD STAFF SEEMS GOOD AS GOOD INCREMENTS IN THE BEGINNING STAGES PLACES JUNIORS ALSO IN A GOOD POSITION .AWARD STAFF SCALES CAN BE ACCEPTED AS SUCH. THE CONCEPT OF 1000 PM FOR THE STAFF WHO ARE NOT RECEIVING ANY SPECIAL ALLOWANCE FROM 01.05.2010 IS AGOOD CONCEPT AND THE THE TOTAL BASIC FOR A GRADUATE WILL COME TO 6200+800+1000 =8000 INCLUDING DA AND HRA ONE CAN CROSS THE FOUR DIGIT SALARY. ACCFEPT NOW IMPROVE LATER SHOULD BE THE TARAKA MANTRA BECAUSE OF THE VEXED PENSION ISSUE

NEW IDEA ON PENSION
REQUEST IBA TO SANCTION NOTIONALLY PENSION OPTION FROM THE RETIRED DATE.CALCULATE NOTIONAL COMMUTATION. PF WITH THE RECEIVED INTEREST AS ON THAT DATE . ADJUST THE SAME NOTIONALLY. BALANCE IF ANY CAN BE PAYABLE NOW.
LET THE DATE OF ACTUAL MONETARY IMPLEMENTATION MAY BE FROM 01.04.2009 AS A VIA MEDIA INSTEAD OF 01.04.2008 BY UFBU OR 01.04.2010 BY IBA
GAIN FOR IBA : IT IS ENOUGH IF THEY PAY ARREARS FOR THE CURRENT YEAR ALONE
GAIN FOR PF OPTEES : COMMUTAION FROM THE RESPECTIVE RETIRED DATE/BETTER COMMUTAION INDEX/ SO THAT RESTORATION WILL COME FASTER
COSTING OF PENSION AND REPAYMENT BY THE PENSIONERS CAN BE ABSORBED BY IBA AS THE CONCEPT ITSELF IS RIDICULOUS .
ABSORBING THIS 1800 CRORES IS NOT AT ALL A BIG THING WHEN COMPARED TO THOUSAND OF CRORES ALLOCATION TO PENSION BY THE GOVERNMENT. EVEN THE RAILWAY BUDGET DOCUMENT ENVISAGES AN OUT LAY OF A HUGE SUM OF 55000 CRORES AS A RESULT OF SIXTH PAY COMMISSION RECOMMENDATIONS
100% DA NEUTRALISATION TO PRE 01.11.2002 PENSIONERS
RECTIFY YOUR PAST MISTAKE OF NEGLECTING /BACK STABBING YOUR OWN SENIOR CITIZENS, BY ASKING IBA TO PAY 100% DA NEUTRALISATIION TO PRE 01.11.2002 BANK PENSION OPTEES ATLEAST FROM 01.04.2009 ALONG WITH THE PROPOSED PENSION PACKAGE
BY SEEING ALL THIS WE CAN EASILY CONCLUDE THAT IBA WHICH IS ENVISAGED THE TASK OF RECOMMENDING THE COMPETITIVE WAGES BY TAKING INTO ACCOUNT THE NATURE OF JOB , RISK TAKING , RESPONSIBILITIES ETC IS NOT SINCERE ENOUGH IN PEROFRMING ITS ROLE AND THAT UFBU LEADERSHIP IS ALSO NOT SINCERE AS THE COMMITMENT AND FRAGMTISM AND VISUALISATION OF THE ERSTWHILE TALL LEADERS OF BANK UINONS IS TOTALLY MISSING.
EXCEPT PENSION UPDATION ALL MATTERS CAN BE SORTED OUT AND LIGHT OF SETTLEMENT CAN BE SEEN BEFORE 15TH OF MARCH AND MARCH SALARY SHOULD BE THE NEW SALARY IF THERE IS DETERMINATION ON ALL SIDES.
WHATEVER THE RESIDUAL DEMANDS CAN BE TAKEN UP AFTER SIGNING THIS VEXED ISSUE OF PENSION /DA NEUTRALISATION OF PRE 01.11.2002 PENSIONERS AND BIPARTITE SETTLEMENT WITHOUT FURTHER LOSS OF TIME.
ACT QUICKLY SEEK APPOINTMENT WITH MADAM SONIA GANDHI /PM/FMTHROUGH SMT JAYANTHI NATARAJAN , PARLIAMENTARY COMMITTEE MP THAT WILL BRING NECESSARY EFFECT. SETTLEMENT CAN BE SIGNE DIN THE NEXT SITTING WITHOUT MUCH TALKS.
K BALASUBRAMANIAN RETIRED SENIOR MANAGER VRS 2001 PENSION OPTEE