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Annual wage increase of Rs. 4816 ( Rs. 2239 crores for officers and Rs. 2576 crores for workmen employees ) w.e.f. 1-11-2007 - AIBEA



ANNUAL WAGE INCREASE OF RS. 4816 CRORES FROM

1-11-2007


ONE MORE OPTION FOR PENSION ACHIEVED

WE DEDICATE THIS ACHIEVEMENT TO THE MEMORY OF
COM. PRABHAT KAR ON HIS 25TH DEATH ANNIVERSARY DAY

Yes, today, 27-11-2009, is the 25th death anniversary of our great leader and doyen of bank employees trade union movement, Com. Prabhat Kar. On this solemn day and during the centenary year of this father of our movement, we deem it a befitting commemoration and tribute to his life-long pioneering role in shaping up the service conditions of bank employees that the Minutes have been signed with the IBA on our wage revision demand and more importantly, securing another option for more than 3 lacs of employees/officers/retirees to get the benefit of our unique pension scheme.

Salient features:

a) Annual wage increase of Rs. 4816 ( Rs. 2239 crores for officers and Rs. 2576 crores for workmen employees ) w.e.f. 1-11-2007.

b) All the existing employees who are now in PF scheme will be given an option to join the existing pension scheme.

c) All those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.

d) Full settlement on the above to be finalized within 90 days.

Wage revision – what we have achieved:
 

 

7th BPS

8th BPS

NOW

Additional annual wage load

12.25 %

13.30 %

17.50 %

Total quantum of annual wage increase (Officers & Workmen)

 

1497 crores

 

2200 crores

 

4816 crores

Annual Average Per Capita Increase

Ø  For Workmen employees

Ø  For Officers

 

12,550

24,025

 

23,300

43,600

 

56,200

91,800


ONE MORE OPTION TO JOIN PENSION SCHEME

– A UNIQUE ACHIEVEMENT:

In 1993, after bitter struggles and against all odds, AIBEA and AIBOA achieved pension scheme for bank employees. Today, once again, with the leading role of AIBEA and AIBOA, another milestone has been anchored. More than 3 lacs bank employees, officers and retirees will now get another option to join the pension scheme to insulate themselves with this unique social security benefit. It is a very commendable achievement indeed.

Dear comrades, with the signing of this Minutes, the main understandings have been reached. Now the UFBU will be taking steps to expedite the final settlement with revised pay scales, allowances and other improvements and thereafter for implementation of the same and payment of arrears to the employees.

Dear comrades, on this happy occasion, it is necessary to remind ourselves that these achievements were preceded by persistent efforts and protracted negotiations by the leadership of UFBU and backed up by the exemplary unity of the bank employees and officers and their successful participation in the strike actions. It is the result of our unity, militancy and perseverance.

OUR CONGRATULATIONS AND WARM GREETINGS TO ALL OUR UNITS AND MEMBERS.



Source:AIBEA

PSU banks defer strike, sign MoU



The two-day PSU bank strike, which was set to begin on Monday, has been called off. The Indian Banks Association and the United Forum of Bank Unions (UFBU) have signed a memorandum of understanding (MoU) agreeing to revive talks on March 3 on issues relating to pension, resumption of compassionate recruitment, ban on outsourcing of banking activities and consolidation of banks.

As per the consensus, these issues would be sorted out within a specified timeframe. “The IBA has agreed to look into these issues in a bid to find an amicable solution,” CH Venkatachalam, convenor, UFBU told FE. It is learnt that the IBA has also agreed to provide a second option to bank employees to move towards pension benefits in lieu of PF. Venkatachalam also pointed out that the issue of compassionate and general recruitment would be looked into. Earlier, finance minister P Chidambaram and chief labour commissioner SK Mukhopadhyay held talks with the representatives of the trade unions.
Source: Financial Express

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