Circulars issued by AIBOC ,AIBOA and AIBEA on 9h Bapartite settlement

Click on the following links for viewing and downloading the circulars issued by AIBOC ,AIBOA and AIBEA on 9th BPS

1. AIBOC circular on 9th Bipartite Settlement
2. Details of the Pension Scheme for workmen
3. Salient features of  9th Bipartite Settlement - AIBEA
4. Full Text of 9th Bipartite Settlement - for workmen
5. Joint note on Wage revision for Officers - AIBOA
6. Joint note on Pension for Officers - AIBOA

9th Bipartite Settlement signed with one more pension option for CPF optees

PRESS RELEASE by IBA

HIGHLIGHTS OF SETTLEMENTS DATED 27.4.2010 SIGNED WITH WORKMEN UNIONS & JOINT NOTE DATED 27.4.2010 SIGNED WITH OFFICERS’ ASSOCIATION ON WAGE/SALARY REVISION AND ONE MORE OPTION OF PENSION

Today IBA has signed industry wide wage agreement with 6 Workmen unions and 4 Officers’ Associations.  The salient features of the Settlement are as under :

Ø Total no. of employees covered under the Settlement – 5 lakhs workmen employees and 2.5 lakh officers working in 26 Public Sector Banks, 12 Old Private Sector Banks and 8 Foreign Banks.

Ø The wage revision is effective from 1.11.2007.

ØTotal wage increase of Rs.4816 crores representing 17.5% increase on the establishment expenses of Rs.27520 crores as on 31.3.2007.

Ø The pay scales of Officers are Rs.14500-Rs.52000.

Ø The pay scales for Clerical staff : Rs.6200-23900

Ø The pay scales for subordinate staff : Rs.5500-13800

ØTotal wage increase for officers and award staff is  Rs.4816 crores.

Ø DA is payable for every rise or fall of 4 points over 2836 points in the quarterly average of All India Average Working Class Consumer Price Index (General) Base 1960 = 100 at 0.15% of Pay.

Ø Rationalisation of Special Pay posts - All the existing special pay posts are rationalized and only three categories will remain – (i) Single Window Operator – A and Single Window Operator-B; (ii) Head Cashier and (iii) Special Assistant.

Ø All part-time employees (lump sum) will be brought to 1/3^rd scale wages w.e.f. 01.05.2010.

Ø Pension: Another option of pension will be given to all existing employees who did not opt earlier and also who have retired/died after pension regulations 1995/96; A defined contributory retirement benefit scheme as governed by the “contributory pension scheme introduced for employees of Central Government with effect from 1.1.2004”  will be introduced  for workmen/officers joining the services of banks on or after 1.4.2010.  There shall be no separate contributory provident fund in respect of these workmen/officers.

Source - IBA Website

Meeting of UFBU ledears with Finance Minister - AIBOC circular

We reproduce below circular issued by AIBOC regarding the meeting of  UFBU leaders with FM on 21/04/2010.

"Members are aware that the date of effect of Pension to CPF Optees was not resolved at IBA level, hence, UFBU requested for intervention of Hon’ble Minister of Finance, Govt. of India.  Accordingly, leaders of UFBU met Hon’ble Finance Minister on 21.04.2010 at New Delhi and forcefully presented the views of the UFBU on the effective date of Pension to CPF optees, from 1^st April 2008, as additional cost required for 2^nd Option on Pension was assessed by the common Actuaries based on the details made available as on 31.03.2008. 

2.       But the Hon’ble Finance Minister did not agree with the argument as IBA was of the view that, Pension has to be effective from the date of signing the final settlement on Pension. However, he suggested that, effective date may be from the date of signing the MoU i.e. 27^th November, 2009. 

3.       The UFBU will meet on 26^th April, 2010 at Mumbai, to take a final view of the issue connected with pension, new pension scheme, outsourcing etc.

4.       The IBA has called for a meeting with the UFBU on 27^th April, 2010, at Mumbai, with a view to sign the final settlement on Pension and Salary revision.  We shall advise the further developments later.

With warm greetings,

   (G.D.NADAF)         

 GENERAL SECRETARY  "

Source -  AIBOC Website

Bank unions-IBA wage pact likely next week

Bank unions and the Indian Banks' Association (IBA) are likely to ink the final settlement of the industry-level wage revision on April 27 in Mumbai. The wage revision for the banking industry is due from November 2007.

The decks have been cleared for the final settlement after a delegation of the United Forum of Bank Unions (UFBU), led by its convenor Mr C. H.Venkatachalam, met the Union Finance Minister, Mr Pranab Mukherjee, at North Block on Wednesday, sources privy to the developments said.

In November 2009, the UFBU and IBA had agreed for a 17.5 per cent increase in wages under the proposed ninth bipartite settlement, which would span five years until October 2012. It was also agreed to give both existing as well as certain retired employees another chance to opt for pension benefits.

As many as 7.75 lakh employees from 26 public sector, 12 private and eight foreign banks would benefit from the final wage settlement.

The annual wage bill for the public sector banks, including the State Bank of India Group, was Rs 27,500 crore for the year ended March 31, 2007. This ninth bipartite settlement would lead to an additional annual outgo of Rs 4,816 crore for the public sector banks and Rs 400 crore for private and foreign banks.

About 2.6 lakh existing (non SBI) employees are to get another chance to switch to pension from Provident Fund as a retirement benefit. Also, about 60,000 retired employees, who are PF optees, will now be given another chance to switch to pension benefits.

Public sector bank employees can currently avail themselves of only two retirement benefits — pension or provident fund and gratuity. In the eighth bipartite wage settlement, the bank unions had settled for 13.25 per cent hike.

Source :  The Hindu Business Line

Wage talks - What has emerged so far for pensioners - NOTHING

W.e.f. 1.5.2005 pension to officers retired during the period 1st April 1998 to 31.10.2002 will be refixed on pay definition in terms of Joint Note dated 14.12.1999 – No arrears / commutation in respect of this will be paid
 

      Similarly officers who retired in service during 1.11.2002 to 30.4.2005, Pension will be refixed pay as per Joint Note dated 2.6.2005. No arrears or commutation will be payable.

Source - AIBOA  website

Above referred refixation is already done in case of existing pensioners  in  2005  itself .  As such there is nothing for the pensioners in this settlement.