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Topic : cost control ideas
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Global Economic meltdown

 
Created by : Rahul Gautam, Client Servicing/Key Account Manager, HDFC Bank  | 02 23 2009 04:14:59 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : pension cut cost
Activity:  457 views;  last activity : 07 06 2010 20:18:09 +0000

Should the pension of retirees be cut in order to cut cost?

 
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Yes Vs No
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Top Argument
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why should the retirees suffer now. Earlier when the things were going good they newer got any benefit why should they suffer now, also who knows they may already have so meagre a pensions that cutting on their funds  may really hit them hard. The thought is not serious just a passing remark and nothing practical. You are talking of people who toiled during their prime youth and got pensions which are not comparable in todays world.


By PRINCE ARVIND KUMAR HANDOO, Zonal head west, Srei insurance Broking Pvt LTD  03 22 2009 11:52:39 +0000
 
Top Argument
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It is sad that the thought process is going this way. Would you think of loosing on your life long investment just because of the recent screwup of the financials?

Pension is the way by which our former peers get recognized for what they have contributed and they are in most cases are NOT the cause of the current situation.

It is our making and we need to handle it by being more innovative in terms of efficient processes, technology, productivity etc instead of trying to fleece the money from the grandparents.

Looking at it objectively - will the reduction in pension money save the current scenario? Look at the current salary ratios of the CEO when compared to the common worker in the same organization.

You can also check this interesting link: http://filsalustri.blogspot.com/2008/11/salary-pyramid.html


By Vijay Bhaskar, COO, Divami Software Private Limited  02 26 2009 05:18:07 +0000
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Mr.Prince i certainly agree that when the times were good the company never gave them a pay hike and now when the situation is different then the first cost-cutting measure a company is taking is to cut back the pension of retirees who are in need of that money.It is certainly not right to treat company's former employees like this who have taken your company to the heights where it is now.


By Jithesh Ramesh, Actuary Manager, Tata Aig Insurance Solutions  | 04 17 2009 09:03:20 +0000
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yes agree with mr. sarakar on his view the times have changed, it was a complete different scenario and the times have surely changed now and with recession every thing has gone wrong and there is not enough funds to allocate pensions of so much amount now, it is just making sure that every body is getting some amount of pension and not getting at all.


By Suhas Deshmukh, Client Servicing/Key Account Manager, ICICI Bank  | 03 20 2009 07:28:10 +0000
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And above all the govt. is not having enough funds to pay everyone their their pension, they have decreased it so that all will get the amount though it may be less but would be enough to earn a living.


By Mohit Sethi, Account Manager, ABN Amro  | 02 23 2009 04:22:18 +0000
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Yes agreed that money was saved by them in the form of gratuity but the conditins that are prevailing now were not the same then. Things have changed and s they are also going to suffer.


By Anal Sarkar, Client Servicing/Key Account Manager, Citibank  | 02 23 2009 04:20:48 +0000
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If the recession has to fall it is going to lay its hands on everyone, no one is out of reach from this. The retirees will also have to suffer because of it.


By Rahul Gautam, Client Servicing/Key Account Manager, HDFC Bank  | 02 23 2009 04:14:59 +0000
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Defenitely NO

If we are in crisis cut down on our perks  and spendings its in our times it has affected we have to bear it, not those who have served their mite and have endured such economic crisis in their times and gone thru it painfully .

It is selfish on our part to think in those terms

 


By Charles davison, Project Manager, Douglas OHI LLC  | 09 01 2009 08:03:19 +0000
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Pension is the backbone of a retired person, if the spinal chord is cut how can he/she stand in the current situtation of inflation, raising prices, left out by children, day to day health hazards like H1N1 flu and what not in future due to global atomespheric change


By Danaseker , Insurance Advisor/Analyst, ICICI Prudential Life Insurance  | 05 06 2009 14:16:40 +0000
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Big No.. It is not fair..


By Shaju George, Facilities/Construction Manager, IBS Software Services (P) Ltd  | 04 16 2009 10:38:36 +0000
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Mr.B R LRao I completely agree with you.you just can't ignore people who have given their everything that they had for your company,the company should respect those people and instead cutting cost through their pension they should look at ways as how they can reduce their unnecessary expenses which are a real waste for the company.


By Jyoti Rath, Sr. Associate, Barclays  | 04 16 2009 10:04:03 +0000
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that is nowhere related for cost cutting concern with cut off in pension because it will make their life and their standard of living bit tough, so instead of thinking cost cutting of pension holder's think different ways for

raising the funds.............


By SUSHANT AWASTHI, Business Operations  | 04 11 2009 06:22:57 +0000
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BILKUL NAHIN BHAI ?

HUM APNE MAAN BAAP SE SAB KUCH LETE HAIN . US ZAMAANE MEIN KOI CORPORATE THORI THAA . KI 10 LAAKH PAY LEKE AARAAM YA VIRAAM SE RAHEIN.

WELL LEAVE THEM ALONE LET THEM HAVE HAPPY ENDING TO THEIR LIFE 'S MOVIE ATLEAST PENSION KE SAHAARE.

 

DON'T FORCE THEM TO BEG AND GO TO OLD AGE HOMES JUST FOR BLOODY DARN SELFISH INTERESTS OF THE YOUNG AND THE RESTLESS

 


By Ajay Ziz, Dy. Registrar,, University of Jammu  | 03 20 2009 12:35:01 +0000
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Yes i agree with Mr. Rao and Vijay here that it should not cut the pension of retirees, as they have worked all their life in an single organization whether in government or a Private one, not like the present generation where they move from one organization to another within a year, we are talking about people who gave everything for the organization, and these are the savings which will be useful for their future, and Government should not cut the pension of the retirees in order to cut the cost. This will be really shameful.


By Nand Jha, Construction-Heavy, Sobha Developers  | 03 20 2009 07:19:42 +0000
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It is the prerogative of any company to take care of their retired employees because they have strived hard during their prime age period for the betterment of the organisation.  Earlier generation people use to work till their retirement in the same organisation unlike present situation.  Hence what ever the growth the organisation achieved is purely because of their sincere and hard working


By B R LRAO, Credit Analyst, EX-STATE BANK OF HYDERABAD  | 03 20 2009 06:19:43 +0000
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No way....

Why target those who have already done their work ???


By Dharmesh Panchal, Client Servicing/Key Account Manager, Royal Bank of Scotland  | 02 26 2009 10:50:33 +0000
1
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I do not think it is better and I am strongly against govt.'s point of view. These are the people who have done their jobs and mean while saved for their living when they would not be able to earn, govt. is only paying their money back to them then  why they should suffer from the slowdown. It is with the simple fact that it is their money aand they want it back.


By Pankaj Gautam, Client Servicing/Key Account Manager, ICICI Bank  | 02 23 2009 04:18:12 +0000
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