Not releasing my terminal benefit
vinayak
(Querist) 27 October 2016
This query is : Resolved
Sir,
I am a science graduate, and I worked as an officer in a nationalized bank as an officer, and now I am retired from service on 29-09-2016.
Earlier to that I was having a housing loan a/c at a co-op bank, I transferred that a/c to my bank. This I done because our bank is having facility to deduct EMI from my pension a/c and there is a HO circular to this effect.
Now I am retired and my PF and Gratuty are not released, because, they want to close my housing loan out of my terminal benefit. I put forward my representation many times to this effect, yet management could not take any decision till today, and it is an unresolved issue.
I earmarked this amt for my daughter’s marriage. Without this amt my daughter’s marriage is impossible.
I transferred this loan a/c on confirmation by our chief manager of our bank, and under his confirmation to deduct EMI from my pension a/c.
Under this circumstance please guide me what is better for me.
Mr.V.A.Todurkar.
Kumar Doab
(Expert) 27 October 2016
You have posted that:
" This I done because our bank is having facility to deduct EMI from my pension a/c and there is a HO circular to this effect...........................I transferred this loan a/c on confirmation by our chief manager of our bank, and under his confirmation to deduct EMI from my pension a/c."
Hope you have both HO Circular and Chief Manager's confirmation.
It is also believed that till retirement NO communique was supplied to you that such decision/confirmation stands withdrawn.
Confirm!
Kumar Doab
(Expert) 27 October 2016
You have posted that:
"Now I am retired and my PF and Gratuty are not released, because, they want to close my housing loan out of my terminal benefit. I put forward my representation many times to this effect, yet management could not take any decision till today, and it is an unresolved issue."
Has employer stopped payment of terminal benefits in writing?
Has it declined to deduct EMI from pension in writing?
Confirm?
Kumar Doab
(Expert) 27 October 2016
On fact is HO Circular,Chief Manager's confirmation.
Other fact is Loan, T&C of Loan that you have signed, and that lender/employer want to close the loan upon retirement.
Rajendra K Goyal
(Expert) 27 October 2016
Most of the nationalized Banks extend the home loan account continuation facility to staff after the retirement.
Not confirm why facility is refused to you?
Have you requested the sanctioning authority to allow you to continue with the loan after retirement, whether the same was approved?
Rajendra K Goyal
(Expert) 27 October 2016
Please inform:
What is the pension payable to you after retirement?
What is the loan amount outstanding at the time of retirement?
What was the EMI payable before retirement?
Whether there was any change in the EMI payable after retirement?
Kumar Doab
(Expert) 27 October 2016
I would like to put Emphasis on follwoing point raised by Mr. Goyal:
Whether there was any change in the EMI payable after retirement?
Rajendra K Goyal
(Expert) 27 October 2016
However, from the facts it seems you have not been honest in revealing the facts of the case.
Normally Bank can not deduct more than 50% of the payable pension including TDS. If your (EMI + expected TDS) was more than 50% of your monthly pension amount, Bank was under the obligation to bring this EMI below this level by adjusting excess loan to the extent from your terminal benefits, authority for which you have given to Bank in loan agreement/ in your application.
Bank cannot provide blanket facility to staff to avail loan without assessing and confirming payment capacity as per norms.
Kumar Doab
(Expert) 27 October 2016
Author may respond to the point raised by Mr. Goyal.
Sudhir Kumar, Advocate
(Expert) 28 October 2016
you have not been able to convey what you want.
All that is understood is that you resigned and do not want to refund the loan taken from employer.
Kumar Doab
(Expert) 28 October 2016
The author has posted 'This I done because our bank is having facility to deduct EMI from my pension a/c and there is a HO circular to this effect.'
The author wants EMI to be deducted from pension..
Employer wants to settle loan from terminal benefits.
The author is yet to confirm the transactions are in verbal or in writing and is yet to respond to points raised by Mr.Goyal.
Rajendra K Goyal
(Expert) 28 October 2016
Sir,
Once again it is clarified, Bank can not deduct full pension as EMI.
Bank must have asked to return loan to the extent so that new EMI can be fixed less than or equal to 50% of the pension. Bank must have not asked to return full loan.
Kumar Doab
(Expert) 28 October 2016
Sir,
I have already emphasized upon point raised by you.
I have already pointed out T&C of loan signed by author.
The author is yet to reply to the points raised.
Kumar Doab
(Expert) 28 October 2016
The author has clearly defined his query in his post.
The author has no where indicated that he does not want to pay the loan.
Rajendra K Goyal
(Expert) 28 October 2016
Even than the author has not come with clean hands informing material facts.
T. Kalaiselvan, Advocate
(Expert) 30 October 2016
Many experts here have sought further clarifications from you so that to help mitigate the crisis by giving you some valuable suggestions to overcome the crisis.
You may revert at the earliest.
Rajendra K Goyal
(Expert) 31 October 2016
Author has not provided information sought by the experts, no further advice possible.
Kumar Doab
(Expert) 31 October 2016
The author has instead initiated another thread.
In new thread also the information asked in this thread is not provided.
Rajendra K Goyal
(Expert) 31 October 2016
Repeated query:
http://www.lawyersclubindia.com/experts/Representation-of-my-earlier-query-with-add-information-621461.asp
http://www.lawyersclubindia.com/experts/Repeat-of-my-query-with-additional-information-621646.asp
http://www.lawyersclubindia.com/experts/Non-releasing-of-increment--506206.asp
Kumar Doab
(Expert) 31 October 2016
Why to repeat and repeat so many times?
Share all facts in one thread.
