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					                          U.P. BANK EMPLOYEES UNION
                                                         Regd. No. 538
                                                       AFFILIATED TO AIBEA
                                                         Central Office
                                        10/2, Patrika Marg, Civil lines, Allahabad- 211 001
                                   Ph. No. 0532 2607427 Fax: 0532 2601151 Mobile: 9415309219
                                     Website: www.upbeu.com Email: upbeuco@yahoo.com
Cir. No.: 241/2010/31                                                                Dated: 13.05.2010
ALL AFFILIATES & UNITS
Dear Comrades,
                                     PENSION BENEFITS ALL –
                                   PENSION ALONE BENEFITS ALL
In continuation to our Circular No.241/2010/30 dated 11.05.2010, we reproduce here below the full text of
AIBEA Circular No.26/64/2010/4 dated 12.5.2010 for information and guidance to the PF optees and Retirees
not to be misguided again and must opt pension scheme achieved with great efforts and organizational
persuasion. With greetings,




                                                                               (P.N. TEWARI)
                                                                              General Secretary
                               “Retired Employees & Pension Option
The unique feature of our Pension settlement is that not only the 2,66,000 existing employees will get an option
to join the Pension Scheme, but even those who have retired/died after 1995/1996 will be given this option.
More than 50,000 retirees/families will be benefited by this option.

Who are covered?
All those who were in the service of the Bank on the date of Pension Regulations in 1995/96 and
a)       have retired thereafter before 27.4.10
b)       or retired thereafter but died before 27.4.10
c)       or died while in service before 27.4.10
d)       or ceased to be in service under the Special VRS Scheme after 15 years of service.

How much they will pay to the Bank;
All such retirees/families who give their option to join the Pension Scheme have to refund the Bank’s
contribution to PF received by them along with additional 56% thereon.
How this formula:
    Total fund required for the option                          :       Rs. 4774 crores
    PF paid to the retirees to be refunded                      :       Rs. 1659 crores
    Balanced deficit in fund                                    :       Rs. 3115 crores
    To be contributed by Bank (70%)                             :       Rs. 2181 crores
    To be contributed by retirees (30%)                                 Rs. 934 crores
    Formula :    934 Divided by 16.59                                    56 %
Procedure:
        IBA / Banks will make an offer to the PF opted Retirees.
        Within 60 days after the offer, option letter should be given to the Bank.
        Within 30 days thereafter, Bank will inform the retiree about the amount payable by them.
        While doing so, Commutation receivable will be netted and only the balance amount is payable.
        Commutation: will be based on present age on date of commutation.
Arrears of Pension:
     For those who have retired prior to 27.11.2009, arrears of pension will be paid from 27.11.2009.
     For those who retired after 27.11.2009 (but prior to 27.4.2010), arrears of pension will be paid from date
        of retirement.
Note: These arrears will be on full basic pension + DA without commutation.


                                     Visit at our website: www.upbeu.com
                          U.P. BANK EMPLOYEES UNION
                                                            Regd. No. 538
                                                        AFFILIATED TO AIBEA
                                                         Central Office
                                        10/2, Patrika Marg, Civil lines, Allahabad- 211 001
                                                         ,
                        Ph.: 2607427 (O), Fax: 2601151(O), 2502871(R), (M) 9415309219, E-mail: upbeuco@yahoo.com

Employees Retired after 1-11-2007 (PF Optees)
    Arrears of wage revision from 1.11.2007 till date of retirement will be paid.
    Gratuity will be reworked & difference will be paid.
                                                           th
    Their Pension/Commutation will be fixed based on 9 BPS

We give below some live examples which explain the benefit of the option.

                                            Example – 1
  S. No.                                                                                    (Rs.)

    1      PF received from Bank                                                            1,25,416.00

    2      PF + 56% thereon                                                                 1,95,650.00

    3      Commutation receivable                                                           1,86,984.00

    4      Amount payable to Bank (2-3)                                                        8,666.00

           Monthly Basic Pension + DA (before commutation )            for May,
    5                                                                                          8,046.00
           2010)

           Arrears of Pension – from 27.11.2009 till commutation is
    6                                                                                         64,368.00
           received (Approx. 8 months)

    7      Net Outgo (2 – 3 - 6)                                                          ----NIL….

    8      Monthly Basic Pension after commutation                                             2,354.00

    9      Basic Pension + DA after commutation (May, 2010)                                    6,870.00

                                            Example – 2
    1      PF received from Bank                                                         6,26,181

    2      PF + 56% thereon                                                              9,76,842

    3      Commutation receivable                                                        3,02,382

    4      Amount payable to Bank (2-3)                                                  6,74,460
           Monthly Basic Pension + DA (before commutation) for May,
    5                                                                                     16,251
           2010
           Arrears of Pension – from 27.11.2009 till commutation is
    6                                                                                    1,30,008
           received (Approx. 8 months)
    7      Net Outgo ( 2 -3 -6 )                                                         5,44,452

    8      Monthly Basic Pension after commutation                                         6,420

    9      Basic Pension + DA after commutation (May, 2010)                               13,041

   10      Monthly Interest @9% on Rs. 544,452 (Col. 7)                                    4,083
                                            Example – 3
    1      PF received from Bank                                                               1,99,856




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                    U.P. BANK EMPLOYEES UNION
                                                      Regd. No. 538
                                                  AFFILIATED TO AIBEA
                                                   Central Office
                                  10/2, Patrika Marg, Civil lines, Allahabad- 211 001
                                                   ,
                  Ph.: 2607427 (O), Fax: 2601151(O), 2502871(R), (M) 9415309219, E-mail: upbeuco@yahoo.com


2    PF + 56% thereon                                                                    3,11,775

3    Commutation receivable                                                              1,09,837

4    Amount payable to Bank (2-3)                                                        2,01,938
     Monthly Basic Pension + DA (before commutation) for May,
5                                                                                            5,903
     2010
     Arrears of Pension – from 27.11.2009 till commutation is
6                                                                                           47,224
     received (Approx. 8 months)
7    Net Outgo ( 2 -3 -6 )                                                               1,54,714

8    Monthly Basic Pension after commutation                                                 2,332

9    Basic Pension + DA after commutation (May, 2010)                                        4,737

10   Monthly Interest @ 9% on Rs. 154,714 (Col. 7)                                           1,160
                                      Example – 4
1    PF received from Bank                                                                359,869

2    PF + 56% thereon                                                                     561,396

3    Commutation receivable                                                               266,814

4    Amount payable to Bank (2-3)                                                         294,582
     Monthly Basic Pension + DA (before commutation) for May,
5                                                                                           14,709
     2010
     Arrears of Pension – from 27.11.2009 till commutation is
6                                                                                         117,672
     received (Approx. 8 months)
7    Net Outgo ( 2 -3 -6 )                                                                176,910

8    Monthly Basic Pension after commutation                                                  4860

9    Basic Pension + DA after commutation (May, 2010)                                       12,279

10   Monthly Interest @9% on Rs. 176,910         (Col. 7)                                    1,326
                                      Example – 5
1    PF received from Bank                                                                577,750

2    PF + 56% thereon                                                                     901,300

3    Commutation receivable                                                               391,700

4    Amount payable to Bank (2-3)                                                         509,600
     Monthly Basic Pension + DA (before commutation) for May,
5                                                                                           18,700
     2010
     Arrears of Pension – from 27.11.2009 till commutation is
6                                                                                         149,600
     received (Approx. 8 months)
7    Net Outgo ( 2 -3 -6 )                                                                360,000




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                                                                                                             3
                          U.P. BANK EMPLOYEES UNION
                                                            Regd. No. 538
                                                        AFFILIATED TO AIBEA
                                                         Central Office
                                        10/2, Patrika Marg, Civil lines, Allahabad- 211 001
                                                         ,
                        Ph.: 2607427 (O), Fax: 2601151(O), 2502871(R), (M) 9415309219, E-mail: upbeuco@yahoo.com


    8      Monthly Basic Pension after commutation                                                 7,400

    9      Basic Pension + DA after commutation (May, 2010)                                       15,000

   10      Monthly Interest @9% on Rs. 360,000 (Col. 7)                                            2,700
                                            Example – 6
    1      PF received from Bank                                                                819,019

    2      PF + 56% thereon                                                                   12,77,670

    3      Commutation receivable                                                               441,725

    4      Amount payable to Bank (2-3)                                                         835,945
           Monthly Basic Pension + DA (before commutation) for May,
    5                                                                                             20,369
           2010
           Arrears of Pension – from 27.11.2009 till commutation is
    6                                                                                           162,952
           received (Approx. 8 months)
    7      Net Outgo ( 2 -3 -6 )                                                                672,993

    8      Monthly Basic Pension after commutation                                                 8,047

    9      Basic Pension + DA after commutation (May, 2010)                                       16,346

   10      Monthly Interest @9% on Rs. 672,993 (Col. 7)                                            5,047
                                            Example – 7
    1      PF received from Bank                                                                190,000

    2      PF + 56% thereon                                                                     296,400

    3      Commutation receivable                                                               229,542

    4      Amount payable to Bank (2-3)                                                           68,858
           Monthly Basic Pension + DA (before commutation) for May,
    5                                                                                             11,140
           2010
           Arrears of Pension – from 27.11.2009 till commutation is
    6                                                                                             89,120
           received (Approx. 8 months)
    7      Net Outgo ( 2 -3 -6 )                                                             …NIL…

    8      Monthly Basic Pension after commutation                                                 3,351

    9      Basic Pension + DA after commutation (May, 2010)                                        9,465
All our Unions should take steps to contact the retirees (PF Optees) and advise them of these benefits so that
they can OPT for the pension scheme for which they have been longing for.
                                                                                            Yours Comradely,



                                                                                           C.H. VENKATACHALAM
                                                                                           GENERAL SECRETARY




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