Tuesday, August 3, 2010

UFBU meeting held on 26/07/2010 - improvements in Pension Scheme

The UFBU meeting observed that while securing another option to join the Pension Scheme is a significant achievement by the UFBU, further improvements are required to be made in the Pension Scheme having regard to the changes made in the same under the 6th Pay Commission Report.

The UFBU decided to take up with the IBA the following issues:

- Periodical updation of Pension alongwith wage revision
   for serving employees
- DA at 100% neutralization for all Pensioners
- Revising Pension at the common Price Index of 2836
- Increase in Ex-gratia payable to Pre-1986 retirees /
- Improvement in Family Pension

Implementation of Pension Option Settlement

The meeting also took note of a few Court cases in Allahabad, Delhi and Chennai including an interim stay in High Court of Madras obtained by a Union with handful of members (which is not affiliated to any UFBU constituent) attempting to stall the implementation of the pension option for which employees and officers have been waiting for the past so many years.  It was decided that UFBU should ensure the removal of such legal hurdles.  It was also decided to take up the matter with the IBA and the Chief Labour Commissioner, Government of India to ensure immediate implementation of the Pension Option Settlement by extending the offer to existing PF optees as well as to the retirees. Click on the following link to view detailed circular.


  1. does this revision apply to state bank of india retirees also or only other banks

  2. why you want to be anonymus to raise this doubt?As of now there is nothing in the 9th bps to revise PENSION in SBI.It requires an amendment of the act by the PARLIAMENT.Ironically the GENERAL SECRETARY of the AIBOC coming out with the pension improvement news is an SBI man. THEREFORE YOU ARE NOW STILL IN THE SAME POSITION AND WILL BE DRAWING PENSION ONLY IN THE OLD RATES UNLESS THIS IS SPECIFICALLY MADE APPLICABLE TO SBI ALSO.