RBI staff, Retirees to hold 'Mahaa Dharna' on Mar 6

Hyderabad, Mar 3: The employees of Reserve Bank of India (RBI) and retirees will be organising a 'Mahaa Dharna' at RBI premises here on March 6 as part of call given by the United Forum of Reserve Bank Officers and employees (UFRBOE) demanding Pension Updation, Pension Option and Additional Provident Fund (APF) Scheme for post-2012 Recruits.
The staff of RBI were demanding Pension Scheme for quite a long time and launched many a struggle in pursuit of the demand. Ultimately, RBI introduced Pension Scheme in 1990 for the Staff in lieu of Contributory Provident Fund (CPF) effective from January 1, 1986 on the lines of the Central Government Pension Scheme, said Reserve Bank of India Employees Association (RBIEA), Hyderabad said in a statement here on Saturday.
The PF contribution in RBI was 10 per cent of Pay as against 8. 33 per cent elsewhere. 
After introducing Pension Scheme, the Bank has sanctioned three updations, in 1987, 1992 and 1997 keeping pace with the wage revisions of the inside RBI staff.
The government directive to withdraw updation to pre-1997 retirees unilaterally and it directed the Bank in 2007 to recover the updation amount as the the latter was given without prior sanction of Government of India, it said.
As the Government Order is apparently unprecedented and inhuman, the Bank tried to persuade the Government. The Government did not relent and finally forced the Bank to withdraw updation even though the pre-1997 retirees were drawing revised pension since last four years by then. 
This implied that these retirees would be drawing lesser pensions in future than they had been drawing earlier. This danger was averted with judicial intervention but unfortunately there have not been subsequent updations during last 15 years, the statement said. 
The employees opting for Pension Scheme have to return to RBI their entire contribution accrued to them along with 6 per cent interest thereon during the entire period under CPF. The total such non-optees are now less than 2500. 
The Government is not still relenting to our demands though the financial condition is extremely well comprising of Rs 15,359.97 crore with an annual interest 1,350.87 crore while annual pension requirement is only Rs. 845.37 crore, as per (2016-17 figures), the Association said.
There are uncertainities faced by Post 2012 Recruits in the Bank as New Pension Scheme (NPS) which is entirely market driven subject to enormous fluctuations and consequently risky. 
We have demanded the Bank’s Additional Provident Fund (APF) Scheme be extended to them and they may appropriately safe-guarded against potential loss for their future savings, it said.
During this entire period of 15 years, we have been on innumerable agitations including strikes, mass casual leaves and other forms of agitation. 
The Report on RBI Pension Regulations, 1990 by the Committee on Subordinate Legislation – 2017 (Lok Sabha) was unanimous and meets the demand of Pension Option and Updation. The Government is still rigid and not favourably responding. 
Therefore, there is no alternative except to escalate the agitation beginning with Mahaa Dharna on March 6 at RBI Premises, the statement added. UNI