“… It is learnt from reliable sources that the Governor who is keen to find a solution to the issue had a one-to-one meeting with the Honourable Finance Minister, Shri Chidambaram recently and convinced him that the additional expenditure on account of pension updation in RBI would not have an impact on its income and would be met out of the pension funds lying with the Bank.........
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3 comments:
Hope updation of pension for all eligible retirees will be a reality soon.
No doubt this is a good news. We had Rs 7184 crore in Superannuation Fund as on 30 June 2012.Keeping in view the demographic and financial structure of RBI pensioners,if we compute an annual pension of Rs 2 lakh (which is on the higher side) for 10,000 pensioners, the entire expenditure would be Rs 200 crore p.a; whereas the yield on our Superannuation Fund @ GOI Bonds would be Rs 560 crore.Even a minuscule interest component would be sufficient to cover the cost of Pension Updation. Then why should we approach GOI as a SUPPLICANT and give them a written assurance that the cost would be met by our own internal earmarked funds when their legit and otherwise expenditure play havoc with the finances of our country i.e. result in drastic increase in fiscal deficit leading to depreciation in Re,inflation, increase in interest rates etc.Anything which impacts exchange rate, interest rate,inflation, money supply i.e. variables of monetary policy, it is they who should get clearance from us.
Seventh Pay Commission announcement would be done by the year end. Prior RBI approval should be obtained for this.
Another question, why Pension should be restricted to 50% of last pay. Why can't we be flexible and fix the same at 70%,80% or 100% of last pay when Fifth Pay Commission has opined that RBI can give pension updation depending on its financial strength.We are not a burden on our country in a way Central Bureaucracy is.
This type of issues which concern handful of RBI employees where no external financial impact is there, should best be left to RBI.
When RBI is mandated to manage the monetary policy and to ensure the onerous task of maintaining the value of the Rupee and in effect to try and achieve 'Growth with Stability', is this glorious institution not capable enough to find solution on its own to a less important problem like 'Updation of Pension' of Retired Employees. I feel wiser counsels should prevail and the GOI should leave the issue to RBI Management to suitably solve the issue without raising unnecessary spoke in the wheel. Srinivasan, Cochin
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