Bipartite talks were held between IBA and UBFU on 13th March 2014, at Mumbai. Pension related issues were also discussed in the meeting. UBFU has issued a circular regarding the bipartite talks. Contents from the UFBU circular pertaining to the pension issues are reproduced below.
On our demand for improvement in the Family Pension scheme, extension of 100% DA formula to pre-2002 pensioners, etc., IBA was considerate and agreed to work out the cost implications to enable them to take a view on these demands. To our demand on periodical updation of pension on occasions of wage revision, IBA felt that the issue has to be examined, in its entirety, looking at the cost involved, outflow, etc. On reverting to old pension scheme from NPS, IBA expressed their inability to accede to our demand but we reiterated the same.