Further to the last round of discussions held with IBA on 15-12-2008, a round of Small Committee-level discussions took place on 24-12-2008 in Mumbai. In this meeting tentative calculations on the possible impact of wage revision demands, index point for merger of DA, etc were exchanged besides the ways and means to work out the manner and possibilities for funding the additional pension cost, etc. The IBA informed us that as per the details received by them, there are 64,250 past retirees (PF optees) between the date of Pension Regulations in 1996 and 31-3-2008 and that the Banks’ PF contributions paid to them amount to Rs. 1,718 crores. To work out the cost of pension option to these retirees, these details have been referred to the panel of common Actuaries and would be taken up for discussions on receipt of the same.
It was decided to continue the discussions in the first week of January, 2009 along with a meeting of the Negotiation Committee.
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