H N Sinor Letter dated 20th April, 2007

C N Venugopalan Ex-Manager,Union Bank of India	Nandanam Kesari Junction, N Parvoor, Kerala – 683 513
Phone. 0484 2447994 Mob: 9447747994 E-Mail: ceeyenvee @gmail.com

Shri. H N Sinor, 20^th April, 2007

Chairman,

Indian Banks' Association,

Mumbai.

Dear Sir,

I had, on 2^nd April, 2007 written to you soliciting your intervention to mitigate the hardships faced by those who retired from the Banking Industry through voluntary retirement and similar other schemes who remained in the PF segment at the time of retirement. Your reply or response is still awaited.

The banks had already paid pension from the ensuing month of retirement to all those who had opted for Pension Scheme notwithstanding the fact that Pension would have, in the normal course, accrued to them on attaining the age of superannuation. To take care of those who retired without Pension Benefit, banks had amended Regulation 28 of the Pension Regulations. The amendment so given effect to by publication in the Gazette of India in the case of Union Bank of India on 13^th July, 2002 is as follows:

“Superannuation Pension shall be granted to an employee who has retired on his attaining the age of superannuation specified in the Service regulations or Settlements. Provided that , with effect from 1^st day of September, 2000, pension shall also be granted to an employee who opts to retire before attaining the age of superannuation, but after rendering service for a minimum period of 15 years in terms of any scheme that may be framed for such purpose by the Board with the approval of the Government.”

The above amendment had no relevance in the case of those who went out through VRS while remaining in the Pension Segment as they were already in receipt of Pension from the ensuing month of retirement. It is therefore meant for the benefit of those who retired, remaining in the PF stream of employees who were not paid Pension after retirement. The amendment categorically states Pension also shall be paid to such employees who retired under the special scheme formulated by the Board of the Bank and approved by the Government. It further follows that they are entitled to Pension besides all the benefits offered to them under the special scheme in consideration of the sacrifice and forbearance of their future service while co-operating with the organizations in their endeavour to trim the staff size. The amendment has retrospective effect from 01 09 2000.

It is dismaying to note that in spite of the above amendment, the bank (Union Bank) has not given me the Pension Payable to me and is contemplating breach of agreement. Breaking of rules especially through illegal and arbitrary action is a common phenomenon with banking industry. The various rules and regulations are the premises upon which institutions and officials are able to function and as such any irrelevance to them is quite unwarranted. As the Chief Executive of the progressive and forward-looking organization of the Bankers, you will be very much interested in ensuring proper functioning of the different banks by advising them to honor all legal commitments and refrain from untoward omissions. Hence I request you to please do the needful in the matter at the earliest so that Union bank of India pays me the Pension from May, 2001 along with the interest payable on the delay.

Waiting to hear from You, I remain.

Yours faithfully,

C N Venugopalan