Centre’s delay in approving pension updation scheme irks RBI retirees | Business Line
Centre’s delay in approving pension updation scheme irks RBI retirees | Business Line
My VIEW:
My VIEW:
October
8, 2015
8, 2015
‘Tort’
liability
liability
This refers to the report
“Centre’s delay in approving pension updation scheme irks RBI retirees”
(Business Line, October 8). Although all financial transactions have a cost, if there is delay
in completion, in the case of payment of pension, the tort liability on the
establishment stands out. This is because, if the beneficiary dies before
receiving the benefit, the purpose of paying pension which is meant for
sustenance of the individual post-retirement gets lost. One is sadly aware that
civil servants are well protected from any consequence from such ‘tort’
liability as their action ‘in due performance of their duties’ (anything under
the sun can be covered here) cannot be questioned in courts.
“Centre’s delay in approving pension updation scheme irks RBI retirees”
(Business Line, October 8). Although all financial transactions have a cost, if there is delay
in completion, in the case of payment of pension, the tort liability on the
establishment stands out. This is because, if the beneficiary dies before
receiving the benefit, the purpose of paying pension which is meant for
sustenance of the individual post-retirement gets lost. One is sadly aware that
civil servants are well protected from any consequence from such ‘tort’
liability as their action ‘in due performance of their duties’ (anything under
the sun can be covered here) cannot be questioned in courts.
RBI Pension Regulations,
1990 enable RBI management to revise pension which was re-confirmed through a
circular of March 13, 1992 (quoted in the report) and pension was revised
effective November 1, 1987, 1992 and 1997. Every year pension fund corpus is
augmented taking into account the additional provisions needed on account of periodic
revisions. The institution transfers huge surpluses to GOI every year. The
earlier revisions till 1997 remain valid. In the circumstances, the demand of
the present retirees is genuine. GOI and RBI can ill-afford dragging the
working employees into confrontation on this issue(Employees across cadres are
already on war path on this issue), as already acknowledged in the RBI Annual
Report 2014-15, the employee morale in RBI is not in its pink of health.
1990 enable RBI management to revise pension which was re-confirmed through a
circular of March 13, 1992 (quoted in the report) and pension was revised
effective November 1, 1987, 1992 and 1997. Every year pension fund corpus is
augmented taking into account the additional provisions needed on account of periodic
revisions. The institution transfers huge surpluses to GOI every year. The
earlier revisions till 1997 remain valid. In the circumstances, the demand of
the present retirees is genuine. GOI and RBI can ill-afford dragging the
working employees into confrontation on this issue(Employees across cadres are
already on war path on this issue), as already acknowledged in the RBI Annual
Report 2014-15, the employee morale in RBI is not in its pink of health.
M
G Warrier, Mumbai
G Warrier, Mumbai
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