Ex-RBI employees seek FinMin approval for pension updation | Business Line

Ex-RBI employees seek FinMin approval for pension updation | Business Line

My VIEW:


January
6, 2016
RBI
pensioners
This refers to the report
“Ex-RBI employees seek FinMin approval for pension updation” (The Hindu Business Line, January 6). In
addition to the enabling provisions for revision of pension (introduced
effective January 1, 1986 and revised when wage revision was effected from
November 1, 1987), Bank had, to lure hesitant RBI employees who were weighing
the merits and demerits of pension vs CPF before exercising option in favour of
availing pension in lieu of provident fund, issued an internal circular dated
March 13, 1992 encouraging its employees listing the benefits of pension as a
better social security instrument. The advantages listed included, among
others, Dearness Relief linked to cost of living index and periodic upward
revision when wages of serving employees were revised.
Bank, for reasons not
made known to employees, did not revise pension when wages were revised effective
November 1, 1992. The benefit of 1997 revision was given to pensioners in the
first decade of this millennium and was subsequently withdrawn under GOI
pressure and was restored by a Court Order which is still valid. As on date,
the pension liability in RBI is fully funded as stated in the report. Though
there is no point in relating RBI’s surplus transfer to pension payment, the
concern at the highest level within the Bank about GOI interference was
expressed by RBI Governor in the Bank’s Annual Report 2014-15 asunder:
“Superannuation
benefits
In 2003, the Reserve Bank, with the approval of the
Central Board, had made some improvements in the monthly pension paid to
employees who retired prior to November 1, 1997. However, the government had
observed that the improvements in the pension scheme could not be effected
without suitably amending Regulation 2(2) of the RBI Pension Regulations, 1990
and requested the Reserve Bank for their withdrawal. In October 2008, these
improvements in monthly pension were withdrawn by the Central Board. This was,
however, challenged in the High Court of Judicature in Bombay, where the
Hon’ble High
Court set aside the Reserve Bank’s circular regarding
withdrawal of improvements. Since then, there has been persistent demand from
all the pensioners/retirees for improvements in pensions. However, the matter
remains unresolved till date, though the Reserve Bank and the Government are
fully engaged with the issue.”
M
G Warrier, Mumbai



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