Our leaders have sold our future and still continue doing the same. please read the article

Today is historical day or if you ask me, I will call it black day in the history of trade union movement of Banking Industry. Its today a settlement on Pension got signed which sealed the fate of Bank Employees and became a tool for bringing them in a position which is much inferior to others.

I still remember, bank employees were divided on issue of Pension. One group led by AIBEA was demanding Pension as Second benefit in lieu of CPF whereas another group led by NCBE having support of INBEF and NOBW was demanding Pension as third benefit in line with SBI and Allahabad Bank i.e. pension over and above CPF. AIBEA was having support of 45% Bank Employees whereas NCBE was having support of 36% bank Employees. Strike calls were given by both the unions in support of their respective demand. Supremacy of AIBEA was in danger not only because of support of INBEF and NOBW but because of support from a group of employees within AIBEA too. Under these circumstances, AIBEA which is champion of playing games in connivance with management entered into a secret deal. As per deal IBA was managed to implement Pension Settlement retrospectively w.e.f. 01.01.1986. This was well planned game as

(1) It succeeded in diverting the attention of NCBE group because top leaders of NCBE too were retired during this period. They counted the benefits accruing to them by way of commutation and per month pension which was accruing to them without any contribution.

(2) Large portion of NCBE was comprised of employees from SBI to whom Pension as third benefit was already available so they were reluctant to go on strike and loose their wages.

Thus, AIBEA exploited the situation to its political advantage of maintaining supremacy and a settlement got signed on 29.10.1993. What Bank Employees lost due to selfish interest of leaders of that time?

(1) In return of implementing Pension with
retrospective effect i.e. 01.01.1986, IBA made leaders agree to link pension with profit.

(2) A clause was purposely inserted in the Settlement that participation in Strike will result in forfeiture of Pension.

(3) IBA succeeded in dividing the bank employees in three groups-(1) Employees of SBI and Allahabad Bank to whom Pension was available as third benefit (2) Employees who will opt for Pension as per settlement dated 29.10.1993 and (3) Employees who would refrain from joining the Pension Fund because of higher interest on PF.

Above settlement was condemned by NCBE, INBEF and NOBW. They circulated charts showing amount employees would get if they don't opt for Pension to prove that employees will get such a huge amount of CPF that if deposited with bank will earn more per month interest than per month pension. They also condemned insertion of Strike Clause. Because of this majority of the employees did not opt for Pension.

Now what happened thereafter? In each successive settlement IBA provided figures to show shortage in Pension Fund and made Unions agree to contribute shortfall. Such shortfall was made good from contribution from both i.e. those who had opted for pension as well as those who were not. This hidden truth became known to bank employees only when two employees from Central Bank of India filed writ before Jabalpur Bench of M. P. High Court challenging contribution in Pension Fund by those to whom benefits of Pension was not available.

History reveals that because of historical mistake of linking Pension to profit due to selfish attitude, a large portion of profits were transferred to Pension Fund thereby reducing the Fund availability for wage revision. This is perhaps the main reason behind poor growth of salary of bank employees.

Leaders committed another sin on 27.04.2010 when they agreed to keep employees joining bank on or after 01.04.2010 from the benefits of Pension Fund. Thus leaders made settlement in respect of those employees too who had not yet joined the banks and were not their members. Not only this, they agreed to contribute Rs.1800/ Crore from those who will opt Pension on account of second option.

Let young bank employees know the truth behind present pathetic condition of bank employees. Its high time that these bank employees must strive to amend the mistake committed by selfish leaders on 29th October 1993. They must demand :

(1) Uniform and equal Pension to all with a view to abolish groups and bring back the unity of Bank Employees.

(2) Delinking of Pension from profits and making payment of Pension in line with Central Government Employees i.e. through budgetary provision.

(3) Up Gradation and Revision of Pension in line with Central Govt. and other Public Sector Undertakings.

(4) Payment of Pension through Government Treasury.

Will our young bank employees think about it with support from senior retired employees who have also been cheated ?

Written by Kamalesh chaturbedi