As quoted on AIBEA's webpage
Another round of discussion was held today between IBA and UFBU. The IBA was led by Mr. M. V. Nair, Chairman of the Negotiating Committee, while UFBU was represented by our constituent unions.
1. Pension Option : In today’s meeting IBA informed that the report of the common actuaries relating to the additional cost for extending pension option to the past retirees from 1996 has been received which has identified an additional net liability of around Rs. 3,000 crores. IBA indicated that the issue can be resolved on the same basis as will be finalised for the existing PF optees who are in the banks’ service. It was decided to discuss the issue further.
However, IBA insisted that the new employees who will henceforth join the banks should be governed by the new pension scheme as has been implemented by the Government for new employees from 2004. From UFBU, we vehemently objected to this condition and demanded that the future employees should also be governed by the existing pension scheme.
In view of the divergent views on the matter, it was decided to discuss the matter further in the next round of meeting.
Regarding sharing of the additional cost, from UFBU we maintained our earlier stand that Rs. 1,500 crores can be borne by us while the balance by the banks. The IBA, while informing that they would like to resolve the issue by discussion, did not indicate any further offer than that was made in the last meeting.
2. Wage Revision : In this meeting, from UFBU we emphasized the need for a substantial increase in the offer made by the IBA. After discussion, IBA came forward to offer an increase in wages of Rs. 3,600 crores for the employees and officers put together as against Rs. 2,750 crores offered in the last round of discussion. We stated that the offer of IBA needs to be further improved substantially.
Preceding this discussion, in the morning session the IBA had another round of discussion with the workmen unions regarding streamlining the Special Pay Post in the emerging context of CBS system in the bank branches. It was agreed to discuss the matter further. Regarding IBA’s demand for a provision to dispense with the employees above the age of 50 years without holding any departmental enquiry in public interest, the same was rejected by the unions and IBA agreed not to insist on the same.
It has been decided that very shortly further round of discussions will take place on the above issues with a view to find an early and amicable resolution of our demands.
With greetings,
Yours Comradely,
Sd/-
C.H. VENKATACHALAM
CONVENER
1. Pension Option : In today’s meeting IBA informed that the report of the common actuaries relating to the additional cost for extending pension option to the past retirees from 1996 has been received which has identified an additional net liability of around Rs. 3,000 crores. IBA indicated that the issue can be resolved on the same basis as will be finalised for the existing PF optees who are in the banks’ service. It was decided to discuss the issue further.
However, IBA insisted that the new employees who will henceforth join the banks should be governed by the new pension scheme as has been implemented by the Government for new employees from 2004. From UFBU, we vehemently objected to this condition and demanded that the future employees should also be governed by the existing pension scheme.
In view of the divergent views on the matter, it was decided to discuss the matter further in the next round of meeting.
Regarding sharing of the additional cost, from UFBU we maintained our earlier stand that Rs. 1,500 crores can be borne by us while the balance by the banks. The IBA, while informing that they would like to resolve the issue by discussion, did not indicate any further offer than that was made in the last meeting.
2. Wage Revision : In this meeting, from UFBU we emphasized the need for a substantial increase in the offer made by the IBA. After discussion, IBA came forward to offer an increase in wages of Rs. 3,600 crores for the employees and officers put together as against Rs. 2,750 crores offered in the last round of discussion. We stated that the offer of IBA needs to be further improved substantially.
Preceding this discussion, in the morning session the IBA had another round of discussion with the workmen unions regarding streamlining the Special Pay Post in the emerging context of CBS system in the bank branches. It was agreed to discuss the matter further. Regarding IBA’s demand for a provision to dispense with the employees above the age of 50 years without holding any departmental enquiry in public interest, the same was rejected by the unions and IBA agreed not to insist on the same.
It has been decided that very shortly further round of discussions will take place on the above issues with a view to find an early and amicable resolution of our demands.
With greetings,
Yours Comradely,
Sd/-
C.H. VENKATACHALAM
CONVENER
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