Saturday, 25 July 2020
Arogya Sanjeevani Policy allowed to be offered as a group policy
Arogya Sanjeevani Policy allowed to be offered as a group policy: 1. IRDAI stipulated to all general and health insu.... Click here to view the full Article
Letter to FM on LIC IPO
FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS
President : N.P. Bali 705, Sur, Veena Saaz, Thakur Complex, Kandivali (East), Mumbai - 400 101 Mob : 9820324213 Email Id - npbali@hotmail.com | General Secretary : D Krishnan No.6/1, Sreshta Riverside Apartments, Wood Creek Road, Nandambakkam, Chennai - 600089 Tel : 9176635967 / 044 42850049. Email Id - dkrishnan1@gmail.com |
E circular No.DK/33 24-07-2020,
Friends
Letter to Finance Minister ...
This Circular , DK --33 , is issued mainly to tell you that the Letter to the FM, Smt Nirmala Sitharaman has been sent by E-mail today. The copy of the letter is the main purpose of this Circular.. .. So here it is :
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FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS
24-07-2020
Respected Madam Nirmalaji,
Reg: Govt. Decision on LIC _ IPO
We the Retired Class I Officers of LIC Would like to submit, that the Decision taken by the Govt. of India, to dilute the ownership of LIC by offering Shares in the open market, is not a well conceived step. The Retired Officers feel strongly on this matter, since this Organization has done extremely well over the years, and is rightly referred to as the jewel in the Crown of the Public Sector in India.
Changing its ownership structure at this stage, is to virtually disregard the excellent standards built up by successive Teams of staff and field workers to make LIC a 'Kamdhenu' or 'Kalpavruksha' for the Govt. of India, at all times. It has yielded to the coffers of the country, disproportionately high returns in terms of yearly Profits, on the small investment made into it. The LIC has acted as an effective handle to the Govt. at the Centre to balance the odd movements in the Stock Market. Its Investments are practically of the order of budgeted Plan expenditures, covering all sectors of the Indian Economy. If its Assets in Book value terms alone, amounts to more than 35 lakh crores, it shows how solid an Organization LIC is.
By trying to dilute the ownership of LIC now, ceding thereby the advantage built over the years, into private hands, which have not participated in building this great edifice of public Trust , there is sincere apprehension in our minds, that its hallowed past and Customer goodwill , built with dedicated efforts over the years, may be wiped out of memory, through unbridled commercialism. It is like trying to sell the Taj Mahal, the Kohinoor or a valuable family heirloom, as a matter of sheer expediency, for commercial exploitation.
At least in that area of Buildings, the country has protective legislation to safeguard Heritage Property, which LIC , as a true jewel in the Crown of the Public Sector in India, does not enjoy. There is so much of emotional sense of belonging on the part of those like us, who built this Great Wall of Security, for the society at large, that turning it into another shop of private convenience, sounds unfair, nay unacceptable.
Incidentally, we the retirees are yet to get some of our important Pension related matters sorted out over nearly two decades, while LIC still remains a Govt. Owned Unit, and we are terribly concerned as to what might happen to such issues, if the basic ownership character of LIC gets altered meanwhile.
If, for all this cry against desecrating this holy temple of Social Security, the Govt. in any case, would not care to retrace its steps on the decision made, then, please do at least think of reserving a part of the Public Offer for the LIC Family, past and present. Those of us whose life was spent building this institution, would be proud to possess a small part of that symbolic ownership, of the world class Corporate monument we built. It will be for keep-sake for all time to come.
But our first and most ardent request still is, for the Govt. not to go ahead with the move, to bring in Private participants into the ownership ring of LIC, which will tantamount to killing the proverbial Goose that lays the golden eggs.
Thanking you,
D.Krishnan,
General Secretary
My Greetings to all
D.Krishnan.
Friday, 24 July 2020
UFBU Circular on MOU
Thursday, July 23, 2020
UFBU circular on MOU:
Earlier on 21 July night, a virtual meeting of the UFBU was held and viewpoints of all constituent unions were enlisted to adopt a common approach.
During the discussions with 1BA, Shri Rajkiran Rai explained the constraints faced by the Banks and the challenges that are emerging before the Banks consequent to covid19 which are limiting the capacity of the Banks to incur additional load under establishment expense/wage expenses.
Hence he urged upon the UFBU to conclude the issue with their offer of pay slip component 15%.
From our side, while reiterating our viewpoints made in the earlier round of discussions, pointed out that the additional loading factor after merger of DA at 6352 points should be satisfactorily resolved so that an MoU could be signed.
After prolonged discussions by all the unions and after a lot of deliberations, it was mutually agreed that the additional loading factor after merger of D.A. will be 2.5% thus paving the way for signing the MoU.
Accordingly, the MoU/Minutes of Discussions has been finalized and signed. The main features of the Understandings are as under:
The 11" Bipartite Wage revision/Joint Note for
Officers will be effective from 01-11-2017.
Increase under this Wage Revision will be Rs.7898 crores per year i.e. 15% on the wage bill of PSBs (payslip component cost) as on 31.03.2017.
New pay scales would be worked by merging DA upto 6352 points of price index with an additional loading of 2.5%.
After prolonged discussions and deliberations, it has been agreed to introduce Performance Linked Incentive(PLI) in Public Sector Banks, which will be based on Operating/Net Profit of the individual bank(optional for private & foreign banks).
The PLI is payable to all employees annually over and above the normal salary payable.
The PLI matrix decides the amount payable to the employees (in number of days of pay=Basic+DA) depending on the annual performance of the Bank. All the employees will get the number of days of pay as incentive depending on where in the matrix the Bank's performance fits in, broadly
as per Matrix under:
Sr.No. YoY
in No.of days for which Salary (Basic+DA)
Growth on Operating Profit shall be paid
<5% 5% to 10% >10% to 15% >15%
Nil 5 days 10 days* 15 days*
*3 and 4 slabs are payable only if the Bank has Net Profit. If a Bank has growth in Operating Profit of 5% & more, but there is no Net Profit, then minimum 2" slab of 5 days will be payable.
(The PLI will be applicable from FY-2020-21)
From this calendar year each employee below 55 years of age can encash PL upto 5 days per year for any one festival (7 days for those above 55 years of age).
For employees who have joined the Banks under NPs, management's contribution would be at 14% of Pay and DA against 10% now.
Improvement in service conditions discussed and agreed upon so far would be duly incorporated in the final settlement
All other pending issues including 5 days banking, updation of pension, etc. are open and would be further discussed.
The full-fledged and final settlement with revised payscales and allowances and incorporating all the agreed issues would be concluded within the next 90 days.
Thereafter Settlement will be
implemented and revised salaries would be paid accordingly.
Good news -
Improvement in Family Pension:
On conclusion and signing of the MoU, the Chairman of IBA and SBI, Shri Rajnish Kumar came in the meeting room and participated in the discussions.
During his address to all the participants, he informed that IBA agrees in principle to improve Family Pension to uniform rate of 30% for all family pensioners without any ceiling and the existing ceilings of family pension will be removed. Necessary approval of the Government would be obtained.
Addressing the participants, he expressed his satisfaction on the satisfactory signing of the MoU which includes wage increase and new schemes like PLI and encashment of privilege leave, etc.
He emphasized the need the ensure a robust banking system which is responsive to the present-day challenges facing the country and our economy and hence the importance of improving productivity, efficiency and responsiveness to the needs of the customers and other stakeholders of the banks.
He also made a special reference to the service being rendered by bank employees and officers under the present pandemic circumstances amidst all difficulties.
Government is also appreciative of the same and informed that all this could have been possible because of the positive attitude of the Finance Minister for the Bank Employees as well as Officers.
From our side, we expressed our thankfulness to him for his positive interventions during the course of negotiations which has helped in reaching the MoU.
We also assured him that the entire banking fraternity would surely rise to the occasion, as hitherto, and it would be our endeavour to improve the services, productivity and efficiency.
We also brought to the attention of the IBA, the various problems faced by bank employees and officers in discharging their duties under lockdown and Pandemic COVID-19 situation and 1BA assured to discuss and resolve these issues at their level at the earliest.
Compassionate appointments in the case of the families of the employees/officers who lost their lives due to corona infection, 1BA assured to look into the same.
Comrades, the signing of the MoU marks the culmination of the long process of our negotiations during which we had to engage ourselves in agitations including strike actions.
The unity and co-operation amongst our unions and members has resulted in achieving this satisfactory MoU amidst the present uncertainties and challenges posed by Covid19 pandemic.
We congratulate all of our unions and members for this achievement in the circumstances.
We shall now take further steps to work out the final Settlement at the earliest.
Sd.. S KBandlish, Convener, UFBU
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Thursday, 23 July 2020
Letter to FM
Dear Shri.Sahniji,
Please find the attachment and request for publication in your esteemed blog and oblige.
Ashok Joshi,
Resident Secretary, NOIP (BMS)
Mail sent to Chairman, LIC by Shri Santosh Singh
[23/07, 12:32 PM] Santosh Singh MRT: Mail Sent to Chairman, LIC of India by me 👇👇👇
[23/07, 12:32 PM] Santosh Singh MRT: Dear Sir,
With regards , I wish to draw your kind attention regarding some very important issues concerning the Pensioners and Family Pensioners in LIC of India ------
(1) You have already sent your recommendations to Government of India for Revision of FAMILY PENSION from 15 % to 30% of last drawn BASIC PAY of employee. But it is still pending perhaps there was no follow up action by your office.
(2) You had already recommended to Government for updation of Pension at the age of 80, 85, 90, 95 and100 yrs of age by increasing 20%of basic pension at every step but that too is pending at the ministry level due to lack of followup.
(3) PENSION UPDATION of Pensioners is also a long pending issue which was also once recommended by LIC Board to Government.
Sir, FAMILY PENSION has been already agreed in a MOU signed between IBA and different Employees Associations , on 22/07/2020 and two other issues of Pension Updation and increase at 80,85---yrs by 20% in Basic pension are also under consideration in theirs coming negotiations in 90 days.
Sir, I request you to kindly consider the above positive response by IBA for Bank Pensioners and please get it approved by ministry for LIC PENSIONERS also.
Sir, an early action will be appreciated.
Thanks n Regards,
Dr. Santosh Singh
V P ( AIRIEF) NCZ
PRESIDENT ( IPWA) MEERUT
Extension of EC for pensioners, Banks talks Minutes
FEDERATION OF RETIRED LIC CLASS I OFFICERS' ASSOCIATIONS
President : N.P. Bali 705, Sur, Veena Saaz, Thakur Complex, Kandivali (East), Mumbai - 400 101 Mob : 9820324213 Email Id - npbali@hotmail.com | General Secretary : D Krishnan No.6/1, Sreshta Riverside Apartments, Wood Creek Road, Nandambakkam, Chennai - 600089 Tel : 9176635967 / 044 42850049. Email Id - dkrishnan1@gmail.com |
E circular No.DK/32 23-07-2020,
Friends
Some Good tidings after all ......
Here's some sharing of news that might bring some relief into our long thirsting hearts.
1. The Instructions from CO on Existence Certificate says the returnable date is Dec 31 2020! This is exactly what we were asking for as a concession on this front, as the other minor points of relaxations that the CO E&OS circular embodied, were more in the nature of only cosmetic changes, not meeting the real problems faced in these Covid times by the Retirees. The CO Circular on this is reproduced.
2. The other happy news is that The Bank Unions have at last signed an MOU with IBA , which perhaps was helped to an extent by the pressure brought on both sides by the difficult times being gone through now. One indication that comes from the United Front of Bank Employees Unions is that the IBA has agreed for raising the Family Pension to 30% without Ceiling. I am trying to also reproduce the message on important matters included in the MOU. (enclosed as attachment)
3. There was a meeting this morning of some of my Chennai friends, who advised me to carry out the wishes of the majority of respondents on the reference made to them, on the LIC IPO issue, without waiting for all the rest of the members coming back with their vote. Accordingly, I will be drafting a letter to the Finance Minister on this matter shortly. I have also decided to push off the rest of the connected matters in that reference, made to the Executive Committee on the 15th of July 20, through a special communication, to the EC Meeting, due towards the year end.
That would obviously include the matter regarding my intended move to step down mid-term, from the office of the General Secretary. It was thought that the Federation is right now crossing through a very crucial period in its journey, and any internal issue, should not be allowed to weaken our ability as a Federation, to take full advantage of the positive changes that are likely to come by. The Family Pension hike for Bank employees , at once brings the prospect closer to us, as it remains a recommended point to the Govt. from the LIC.
With Best Wishes to all
D.Krishnan
Minutes of Discussions between IBA & Bank Unions on 22.07.2030-Scan_BKSM1.pdf
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Letter No. _243 Bipartite _Settle
Spectacular developments
Bank Pensioners to get 30 percent Basic Pay Without Ceiling,so better than RBI as rightly claimed by them
They are hopeful for PU to watch developments in next 90days time mentioned therein
Now atleast Govt shd approve both Resolutions of July & Oct 2019
RBKISHORE
PATRON,AIRIEF
Letter no_243 already posted on the blog earlier today.
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