The Chief Secretary, IBA, Shri Ramakrishnan, attended on behalf of the management and submitted that after reconsideration IBA proposed to revise offer as a package in toto as under.
1. Increase in wage -17.5% increase in the establishment expenses over the establishment expenses of banks as on 31.03.2007.
2. New Pension Scheme to be introduced to new entrants with effect from 1.4.2010.
3. The existing PF optees may be given another option for pension as per understanding reached between IBA and UFBU on June 9, 2009 when it was agreed that the employees would share Rs.1800 crores out of Rs.6000 crores funding gap identified in the joint actuarial valuation subject to the condition that at the time of the next settlement again another actuarial valuation will be carried out and the funding gap so arrived at would be shared in the ratio 30% by the employees and 70% by the management. The representatives of the management added that compassionate appointment issue will be discussed separately.
Convenor of UFBU submitted on behalf of the UFBU that while taking the note of the offer of the management, the constituent unions need further clarifications on certain issues. UFBU suggested that IBA may fix up a Bipartite meeting at the earliest for the purpose.
CLC[C] suggested that parties may hold a Bipartite discussion as early as possible. The next date of conciliation proceedings will be fixed after hearing from the parties.
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Sharing of Pension burden by employees is ridiculous. Supreme Court has held that Pension is deferred wages and an inalienable right earned by employees with the sweat of their brow. Constitution of Pension Fund vividly states that banks would contribute 10 percent of the pay of each employee to Pension Fund every month. This has not been done after 1995 post transfer of the CPF of those who joined Pension Scheme. After swindling the establishment expenditure for past 14 years, banks are asking employees to share Pension burden. The leaders have not raised the point. With the deletion of the forfeiture of service clause in February, 1999 from the Regulations, Option was to be given to all those who could not opt earlier when the deleted term was present in the Regulations. Neither Unions nor Directors representing employees claimed the right. Pension is an already given benefit and Unions now ask for fresh option as if it is a new benefit. Employees are made gullible. Unions further failed to get the MOU of 25th February, 2008 to settle Pension Option issue within three months from then. If this independent issue was settled in 2008 without allowing IBA to mix it up with wage revision bank men could have secured a better eal in wage revision too.
ReplyDeleteEven as banks are posting excellent working results, IBA say they have no money to pay Pension. They are pimping for the politicians by deceiving their own people. They lack self-respect. Let them place a charity box at CST and Church Gate if they have no money to meet the establishment expenditure.
C N Venugopalan Ex-Manager UBI, Nandanam, Kesari Junction N Paravoor- 683 513 Phone 09447747994, 0484 2447994 E-mail ceeyenvee at gmail.com