COMMERCIAL BANKS RETIRED EMPLOYEES ASSOCIATION
An organisation for the retirees of Bankmen
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Dated: 05-02-2010
 

Commercial Banks Retired Employees Association

Office: 87, 4th Main Road, Gandhi Nagar,

(Adjacent to Malar Hospital)

Adyar, Chennai - 600020

Dear Friends,
 
POST 5 YEAR BENEFIT - AFTER RECEIVING THE ARREARS & REVISED PENSION, WHAT NEXT?
 
Every one of VRS optees drawing pension and having put in a service of 20 years and less than 33 years of service are a happy lot to-day as they got substantial amount as arrears. Never in their career they have received such an amount as arrears.
 
Our Association started in the year 2001 repeatedly emphasized the issues and among them 5 year benefit was one.  We have won half the battle.  Many retirees are feeling that it is a bonanza which they have not at all expected.  In addition a hike in monthly pension that too for life time ( family pension will also be hiked) and so all smiles.
 
Fine.  What for our association to continue after getting 5 year benefit?  Members may recall our earlier circulars as well as the first page of this website wherein we have started our Association to espouse the various issues like:
 
        01.  Payment of arrears based on last drawn 10  months   
               average pay since the date of retirement uptill               
               01-05-2005.
 
         02. Revised calculation of commutation as on the date of
               retirement based last drawn 10 months average pay.
 
         03. Payment of arrears of dearness relief as per Pension
               Regulations, 1995
 
         04. Taking into account rotational special allowances
               (now spl.pay) and acting pay for calculation of pension
 
          05. 5 year benefit under Reg 29(5)
 
        From the above it is clear, only one issue is resolved and others remain.  Rough estimate is one to get another dose of more than a lac of rupees as arrears.  For the purpose we are collecting legal fund and all members are expected to pay.  8 years we toiled and we deliver goods.  Imagine entering Supreme Court by an ordinary bank VRS optee is a herculean task.
 
Legal fund contributions have to be made within a month of receiving arrears.  Failure on the part of members will make the association handicapped and hence their membership is liable to be removed from the Association. 
 
This serves as a notice to defaulters. Our association talk Law to Bankers & plead Law in the Court so also to our members.
 
We seek your co-operation.
 
Last but not the least, we thank all members who have contributed legal fund as per the decision of the latest General Meeting held on 20th Sept., 2009.
 
 
All the best,

V Vasudevan

Secretary