AllBankingSolutions.com

Latest Indian Business News Financial World - Latest Articles Latest World News

DATA ON PENSIONERS ON 31.10.2011 & IMPACT OF UPDATING PENSION

S K Mishra, Bhopal

We have received few emails, wherein the following data compiled by SK Mishra from Bhopal has been sent to us for uploading the same. The data pertains to pensioners of 25 PS Banks,as on 31-10-2011, interpolated based on available reliable figures.

After studying the various data on number of employees, CPF optees in March-2008, actuarial valuation of pension liability, total employees at year ends, pensioners number on some dates and similar other relevant data of some Banks, and particular data of three Banks obtained from reliable sources, Mr Mishra has analyzed the data and thereafter interpolated the number of retirees, pensioners, & number of family pensioners as on 31-10-2011 and also the amount of pension being paid to them by the Banks. The summary for 25 P.S. Banks, so derived, which has accuracy of approx 98%, is given hereunder-

Retirees	Employees Retired		Number	Number	Surviving	Normal Pension Rs.Lacs		Family	Family Pension Rs.Lacs
Blocks	During Period		Retired	Died	Pensioners	For Oct-11	For Parity	Pensioners	For Oct-11	For Parity
1	1-Jan-86	31-Oct-87	4244	2865	1379	128.61	137.19	1305	48.63	51.90
2	1-Nov-87	31-Oct-93	15526	8412	7114	860.74	510.46	4784	244.08	124.65
3	1-Nov-93	31-Mar-98	9642	3848	5794	734.41	382.36	2643	139.86	63.90
4	1-Apr-98	31-Oct-02	67481	14867	52614	6280.03	2860.41	12198	711.26	229.11
5	1-Nov-02	31-Oct-07	10538	2212	8326	1106.20	262.40	1850	119.31	23.31
6	1-Nov-07	31-Mar-12	35577	5764	29813	4502.40	0	5036	388.24	0
		Total	143008	37968	105040	13612.39	4152.82	27816	1651.38	492.87

It has some relevance for discussing the demands of the retirees, particularly for updating the pension and bringing the parity amongst the pensioners. The pension cost at present is around 5.2% of Net Profits of these 25 Banks in totality and increase for updating the pension as on Oct-2011, is costing Rs.4645.70 lacs.per month i.e.Rs.557.48 crores annual,for132856 pensioners. The IBA stating that Updating of pension may result in an increase between 17% to 32% depending upon the date on which the employee had retired; quoted this figure at Rs.1042 Crores which appears to have been doubled for defending the position of the Banks negating pension revision/parity. Bank-wise figures of retirees, pensioners and pension for Oct-2011 and increase in case of updating the pension is given in the chart hereunder-

S.No	Name of Bank	Retired	No. of Pensioners		Pension- Oct -11 Rs.Lacs		Profits.11	Pension Cost 11-12		For Parity Annual
		Till Oct-11	Normal	Family	Normal	Family	Rs.Crs.	Rs.Cr.	% 0f Prft	Increase	% Pr.-11
1	Allahabad Bank	5635	4139	1096	536.33	65.06	1423	72.17	5.07%	21.96	1.54%
2	Andhra Bank	3847	2826	748	366.17	44.42	1267	49.27	3.89%	15.00	1.18%
3	Bank of Baroda	10940	8035	2128	1041.35	126.33	4242	140.12	3.30%	42.65	1.01%
4	Bank of India	10625	7804	2067	1011.40	122.70	2489	136.09	5.47%	41.42	1.66%
5	Bank of Maharashtra	3675	2700	715	349.84	42.44	330	47.07	14.26%	14.33	4.34%
6	Canara Bank	11069	8130	2153	1053.60	127.82	4026	141.77	3.52%	43.15	1.07%
7	Central Bank of India	9367	6880	1822	891.61	108.17	1252	119.97	9.58%	36.51	2.92%
8	Corporation Bank	3303	2426	643	314.45	38.15	1413	42.31	2.99%	12.88	0.91%
9	Dena Bank	2832	2080	551	269.53	32.70	612	36.27	5.93%	11.04	1.80%
10	Indian Bank	5306	3897	1032	505.02	61.27	1714	67.95	3.96%	20.68	1.21%
11	Indian Overseas Bank	7394	5431	1438	703.76	85.38	1073	94.70	8.83%	28.82	2.69%
12	Oriental Bank of Com.	4133	3036	804	393.40	47.72	1503	52.93	3.52%	16.11	1.07%
13	Punjab & Sind Bank	2660	1954	517	253.19	30.72	526	34.07	6.48%	10.37	1.97%
14	Punjab National Bank	14444	10609	2809	1374.85	166.79	4433	185.00	4.17%	56.31	1.27%
15	S.B .of Bikaner & Jaipur	3289	2416	640	313.08	37.98	1048	42.13	4.02%	12.82	1.22%
16	State Bank of Hyderabad	4219	3099	821	401.57	48.72	907	54.03	5.96%	16.45	1.81%
17	State Bank of Indore	1816	1334	353	172.88	20.97	2082	23.26	1.12%	7.08	0.34%
18	State Bank of Mysore	2889	2122	562	274.97	33.36	524	37.00	7.06%	11.26	2.15%
19	State Bank of Patiala	3332	2447	648	317.17	38.48	524	42.68	8.15%	12.99	2.48%
20	State Bank of Travancore	3389	2489	659	322.61	39.14	551	43.41	7.88%	13.21	2.40%
21	Syndicate Bank	7179	5273	1396	683.34	82.90	1166	91.95	7.89%	27.99	2.40%
22	UCO Bank	6135	4506	1193	583.97	70.84	350	78.58	22.45%	23.92	6.83%
23	Union Bank of India	8294	6092	1613	789.52	95.78	501	106.24	21.21%	32.33	6.45%
24	United Bank of India	4133	3036	804	393.40	47.72	653	52.93	8.11%	16.11	2.47%
25	Vijaya Bank	3103	2279	604	295.39	35.83	728	39.75	5.46%	12.10	1.66%
	TOTAL	143008	105040	27816	13612.40	1651.39	35337	1831.65	5.18%	557.49	1.58%

PS : The readers are requested to analyse the same and give additional inputs or any corrections they can suggest based on additional facts. Union leaders are also requested to study the above data and give their own versions so that the matter can be discussed at a broad national level for the benefit of lakhs of retired bankers. This matter must be taken up when the wage revision talks for 10th Bipartite Settlment begins which is to be applicable wef November 2012