All the representatives of Constituent Unions/Associations of UFBU met the Chairman, Indian Bank’s Association on 16.11.2011 in a delegation. All the current issues and demands of Officers/Employees in the Banking Industry were explained in a threadbare manner and IBA was urged upon to resolve the same expeditiously.
In this connection, UFBU submitted a letter to the Chairman, IBA covering all the issues taken up with them. Along with the issues of serving employees pensioners' issues were also taken up. Para 8 of the said letter which has covered pension scheme issues is reproduced below.
Pension Scheme :- Bank employees’ Pension Scheme was agreed upon and introduced in 1993 exactly on the lines and basis of the Central Government Pension Scheme. Even the New Pension Scheme that has been introduced for the Government employees has been made applicable to banking industry. But the various improvements that have been made in the Government scheme as per the 5th & 6th Pay Commission Report have not yet been extended to the banking sector. Hence, issues like periodical updation of Pension Scheme along with wage revision for serving employees, 100% DA compensation for all pensioners, improvement in Pension, Commutation, Family Pension, etc. are very genuine demands that need to be resolved expeditiously. Even the Ex-Gratia Pension of Rs.300 per month being paid to the pre – 1986 retirees remained the same.