The MOU signed between bank working class unions and IBA does not have mention of following demands of existing pensioners
1. 100% neutralisation of DA - The Eighth Bi-partite settlement introduced 100% D.A. neutralisation in the banking industry also like government retirees . Unlike in the case of government retirees where all retirees are covered, here, the retirees who retired prior to 1-11-2002 have been denied 100%DA neutralization without any reason or logic. In the settlement D.A neutralization is calculated @100% for all serving employees and the same % of neutralization is applied in respect of DA paid on basic pension paid/ payable on pension for employees retiring after 1st November 2002 i.e. date of implementation of both the settlement and the joint note, with effect from 01-02-2005. The pensioners who retired prior to this date, i.e 01-11- 2002 are being denied this benefit and paid D A at the tapered rates as paid hitherto even after 01-05-2005.
2. Updation of pension- In the case of government pensioners , whenever pay comission updates pay scales of government servants, basic pension of the government pensioners is also updated in some proprotion to the increase in basic of the existing govt servants. The pension of all the retirees is updated by notional fixation of their pay by adopting the same formula as for the serving employees. In the case of bank pensioner, their pension is not updated when there is a salary revision of existing employees.
3. Restrospective updation of basic pension which was updated prospectively only w.e.f 1/5/2005. The basic should be updated with retrospective effect and the retirees be paid arrears and difference in commutation amount due to them.
Can bank pensioners expect these issues to be resolved in this settlement itself ?