" *𝐎𝐧𝐞 𝐬𝐮𝐬𝐩𝐞𝐜𝐭𝐬 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐬 𝐰𝐚𝐢𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚𝐥𝐥 𝐛𝐚𝐧𝐤 𝐩𝐞𝐧𝐬𝐢𝐨𝐧𝐞𝐫𝐬 𝐭𝐨 𝐥𝐞𝐚𝐯𝐞 𝐭𝐡𝐢𝐬 𝐰𝐨𝐫𝐥𝐝 𝐞𝐚𝐫𝐥𝐲, 𝐬𝐨 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐡𝐮𝐠𝐞 𝐚𝐦𝐨𝐮𝐧𝐭 𝐨𝐟 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐅𝐮𝐧𝐝 (𝐨𝐟 𝐚𝐛𝐨𝐮𝐭 𝟑.𝟑𝟔 𝐥𝐚𝐤𝐡 𝐜𝐫𝐨𝐫𝐞 𝐫𝐮𝐩𝐞𝐞𝐬), 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐛𝐞𝐥𝐨𝐧𝐠𝐢𝐧𝐠 𝐭𝐨 𝐩𝐞𝐧𝐬𝐢𝐨𝐧𝐞𝐫𝐬 𝐚𝐧𝐝 𝐥𝐲𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐛𝐚𝐧𝐤𝐬, 𝐜𝐚𝐧 𝐛𝐞 𝐭𝐞𝐫𝐦𝐞𝐝 𝐚𝐬 "𝐔𝐧𝐜𝐥𝐚𝐢𝐦𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭" 𝐚𝐧𝐝 𝐭𝐡𝐞𝐧 𝐦𝐢𝐬𝐚𝐩𝐩𝐫𝐨𝐩𝐫𝐢𝐚𝐭𝐞𝐝 𝐟𝐨𝐫 𝐯𝐚𝐫𝐢𝐨𝐮𝐬 𝐮𝐧𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐯𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐬𝐜𝐡𝐞𝐦𝐞𝐬 𝐨𝐫 𝐟𝐨𝐫 𝐛𝐮𝐲𝐢𝐧𝐠 𝐯𝐨𝐭𝐞𝐬.* ".
I believe that just as in the case of LIC, the Pension Fund of SBI is administered by a Trust created for the purpose.There must be also a provision for actuarial valuation of the Fund every year to ensure adequacy of the Fund to meet the commitments to pay pension till the last pensioner governed by the Bank Pension Regulations exits the world.The huge amount of pension fund of Rs 3.36 lk cr may be adequate for a huge number of pensioners and pension optees in service even without upgradation of pension.The quantum of the Fund required will be much if upgradation has to be provided for .If legally and constitutionally upgraded pension has to be paid by the Bank by infusing the required additional contribution for the purpose notwithstanding its impact on the profits of the Bank and on the dividends payable to the shareholders,there is no escape from such liability for SBI or any public sector Bank.".
Having said that, if in any year the actuarial valuation reveals a surplus amount over the pension liabilities to be met, the Pension Fund Trust is bound to transfer such surplus funds to the Bank which can take it to its credit of the appropriate account.It cannot be termed " unclaimed deposits" and taken away from the Pension Trust. The purpose of setting up a Trust will be defeated if any misappropriation is attempted which is impossible in a giant public sector Bank ,like SBI.
I think any one writing to the Chief Justice of India should be very careful in putting the issues in proper perspective.
C H Mahadevan
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