Letter to LIC, updation of pension

Regn No.PN 4769 (Regd under Indian T U Act, 1926)

(Affiliated to Bharateeya Mazdoor Sangh)

BMS Office, Vishwakarma Bhavan, 185, Shaniwar Peth, Pune 411030.

President: T.C. Gunesh Kumar Mob No: 9880683639

General Secretary: Ashok J. Joshi Mob No: 9561084182 & 9945104570

Date: 24-02-2024

The Chairperson, L I C of India, Central Office, "Yogakshema", Jeevan Bima Marg, MUMBAI

Dear Sir, Re: Updation of pension

This is further to our letter dtd.19-12-2023 regarding our charter of demands vis-à-vis updation of pension. Till date, we are unaware whether the charter of demands has been sent to DFS for further action, in pursuance of the conciliation agreement.

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  Here it is expedient to recapitulate the detailed discussions NOIP delegation had with the then Addl Secretary, DFS, on 23-11-2021, under the leadership of Shri. Girish Arya, Secretary & Financial Sector in Charge. After an extensive discussion on all the pension related pending issues at DFS, Addl Secretary said- "since considerable cost is involved, these demands should be part of Wage/Pension bill and should come from LIC Management during the next wage revision. The Government will not go into minute details, it will only look at HR and Actuarial aspects and overall cost."
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  From this it is evident that proposal for updation of pension and allied matters should go along with wage revision proposals.
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  We are happy that you have initiated the process of information sharing for wage revision due 1-8-2022, with the unions of in-service employees.
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  It is also pertinent here to note that the IBA has recognized in principle the need to update the pension of bank pensioners, during the ongoing negotiation of wage revision. IBA is seriously engaged in deciding the quantification of updation.
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  As such, we request you earnestly, to include the cost of updation of pension in the total outlay of current wage revision and send the proposal for updation of pension along with proposal of wage revision. This would fit into the line of thinking of the DFS.
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  To pursue the matter further, NOIP delegation would be meeting the Secretary, DFS shortly, under the leadership of BMS.

Your immediate action in the matter is highly solicited, With kind regards,

Yours Sincerely,

General Secretary