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Wednesday, Aug 28, 2002

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Bank VRS optees assn plans stir

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KOCHI, Aug. 27

THE All India Bank Voluntarily Retired Staff Association has decided to launch a nation-wide agitation to press their demand for a fresh pension option and for the rectification of the pension anomalies.

Mr Mathew Paul, Chairman of the association, said in a press release here that since the concept of VRS was not in the air at the time of pension option and deposit rates were high, many opted for (pension fund) PF and such employees could not opt for VRS. Those who had opted for PF and taken VRS incurred a heavy loss.

As the Union Governmentand the Indian Banks' Association were planning to down size the total 3.7 lakh employees of the public sector banks by half, the issue had become further important. The association, he said, demanded that any such option should be inclusive of the retired staff also. .

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