Thursday, December 12, 2019

(Edited version of a whats app message......)

*Brief History of Bipartite Settlements and Pension:*
Dear Retirees  friends,

7th BPS:

In 7th BPS for the period 01.11.1997 to 31.10.2002,

(a) the DA upto 1664 points was merged with the Basic Pay
(b) But for the purpose of payment of pension, merger upto 1616 point was
considered,which resulted in lower basic for the purpose of pension calculation.
The pension of the employees retired from 01.11.1997 till the date of settlement
(11.03.1999) was reduced from 50% to 41% due to above illegal settlement.

All the employees who retired during 01.11.1997 till the date of settlement
 were paid the revised pension from the date of settlement. ie year 2000
They were denied the arrears of revised pension. They were forced to give
undertaking that revised pension will be paid if they agree not to claim the
arrears of pension and revised commutation.

(This issue has been rectified now due to Court Judgement. Pension revised and arrears paid )

8th BPS:

The 8th BPS for the period 01.11.2002 to 31.10.2007
was signed in 02.06.2005.
The employees retired during 01.11. 2002 til the date of signing of
settlement ( i.e. upto July 2005) were denied the arrears of pension and
commutation as happened in 7th BPS.

7th 8th & 9th BPS:

UFBU agreed to share the incremental cost of pension since
7th BPS    total  16.5%   ( 8.25% from employees + 8.25% from  Management)
8th BPS    Total  18.5%   ( 9.25% from employees + 9.25% from Management )
9th BPS    Total   26%     ( 13% from  employees  + 13%  From Management  )

Do you know that this incremental cost was recovered from BPS load.
Same amount from Management has not been deposited in Pension fund.

Some Bank managements stopped depositing 10% of basic pay
each month in the pension fund as per pension regulation.
They are
manipulating the Actuarial valuation report and accordingly depositing there
share (lower amount) on quarterly/ half yearly/ yearly basis.
It is  the responsibility of the Unions to ensure that the incremental cost of
pension, so agreed, has been deposited in the pension fund.

The Banks are not depositing 10% statutory contribution every month as on 31.03.2010 as per annual report from the website.
In fact Bank withdrew Rs 57 cr from pension fund to boost the profit to 3058 crore in March 2010.
The bank has deposited employer contribution to pension
 Rs 472  crore during 2008-09
 Rs 365  crore during 2007-08
 Rs  NIL           during 2009-10
 How the employer contribution can be Nil during 2009-10.?

 The list of PSB not deposited the statutory share in pension fund is very long which includes SBI + Groups and  PSB, United Bank, UCO Bank, Central Bank Union Bank. etc.................

It is diversion / loot of employees retirement funds to boost the profits. 

RBI allow amortization of pension cost/fund  to boost the banks profit and used 19611.57 coroe from the banks pension fund and returned in 5 Installments.
Why the banks have not deposited this 19611.57 cr in one installment.
Is it not a loss to the pension fund?

The interest loss to the Pension Funds for retirees due to the amortisation of Pension cost of banks over 5 years in the IXth BPS, high loss of interest to pension fund.

10th BPS:
10th settlement signed with IBA, UFBU has agreed that DA upto 4440 index
point i.e.60.15% will be merged and Basic plus 60.15% plus 2% amouting Rs
597 cr will be used to construct the scale, meaning thereby 102% of Basic + 60.15% DA will be new basic.

The remaining 13% they utilized as grade pay /
The grade pay / ie near about 13% not counted for Pension.
Great loss of 13% to pensioners who retired on are after 01.11.2012.

Dear Friends as you know that neither the bank Managements represented by the IBA  nor the unions represented by UFBU have been serious to resolve our burning issues despite our hue and cry through various forums. 
In fact, they both have gone to the extent of saying that – we the retires cease to have any relationship with the employers and have no contractual obligations whatsoever and refused to have any dialogue with the organisations representing us for the redress of our legitimate grievances stated supra, vide their “Record Note” dated 25th May, 2015, which reminds us of the historical “Magnacarta” signed  by themselves , to leave our fates to destiny forever.

All above are facts based on past experience,  so be careful and watchful.
We think and feel that we are required to give a BIG BIG serious thought .
All above are for your information and knowledge.

Saturday, November 16, 2019

Friday, November 15, 2019

*In today's negotiation with IBA*

We discussed various important issues like Increase in wage hike %,
Merging spl allowance with basic pay, 
Nps at 14%, PLI,
Family pension,
Retirees Medical scheme, etc.
On NPS at 14% IBA was positive.
Cost implications on other issues were discussed.
It was agreed to crystallize the cost impact  on these issues after which final decision will be taken.
On impact on pendion fund,  acturial calculations will be gone into by ufbu.
On non financial issues sub committee on officers issues will be held on 21st and on workmen issues on 28th.
Ufbu meeting will be held on 28th afternoon.
Detailed circular follows.

S K Bandlish
Convenor- UFBU -

Thursday, October 31, 2019

Two years have gone after
10th B.P.S. lapsed.


For Employees:
D.A increase from 
November 2019 to January 2020:

*Increase =3.60% (36 slabs)*
*Total D.A=71.70% (717 slabs)*

For Pensioners:
No change.

Tuesday, October 29, 2019

Latest judgement of Kerala High Court,
*on inclusion of Spl.Allow. in calculation of Pension/computation/Gratuity for those who retired after 31.10.2012.*

*It is Good news indeed.*

But, Judgement came after 4 years.
Bank management will definitely go to Supreme court.

Will final verdict be positive and delivered within our life time?

Vital portion of the Judgement is attached.

Sunday, October 20, 2019



 " One more round of Bipartite meeting was held yesterday between IBA and UFBU. 
IBA team was led by Shri. Rajkiran Rai. G (MD-CEO, Union Bank of India), Chairman of the Negotiating Committee and from UFBU representatives of our 9 unions were present. 

Continuing the discussions held in the last round of meeting on 17-9-2019, 

* The IBA stated that their offer of 12% hike in payslip cost would amount to Rs. Rs. 6,319 crores. 
They further stated that including the cost of superannuation benefits, the total cost would come upto Rs. 11,865 crore as on 31-3-2017 which is a substantial cost and hence unions should settle at this.

* Regarding 5 Day Week, IBA stated that looking to the views of some important stake holders, it may be difficult to agree for the same.

* IBA indicated that they are positive to consider improvement in the Family Pension Formula but observed that updation of pension would involve substantial cost and hence may not be possible at this stage. 

* IBA stated that our demand for merger of Special Allowance with Basic Pay would entail additional cost on superannuation benefits and hence would not be able to commit on that.

* IBA also wanted the suggestions of the UFBU on their proposal of Performance Linked Incentive Scheme and that they are open to discuss our suggestions. 

* Reacting to a court case filed in Madurai by an individual officer, IBA informed that the procedure to implement the Code on Wages is yet to be finalized by the Government and in any case it is not applicable to banking sector as wages in banking sector are already above minimum wages level. 
IBA also wanted clarification from the Unions as to whether any of our Unions are a part of the petition in the court case.

From side of the Unions, views were expressed mainly highlighting the following: 

* Wage revision settlement should be expedited and not delayed further 

* IBA's offer for 12% is not adequate to reach an understanding and hence it should be improved further. 

* As CODs submitted by Officers' organizations were devised to achieve the pay scales enjoyed by the Central Govt officers the same needs to be revisited. 

* Full mandate upto Scale VII should be given by all banks 

* Special Allowance should be merged with Basic Pay

* Suggestions/ views on PU scheme would be given in due course in the backdrop of clarification given by IBA that it would be over and above of the wage revision component. 

* For those covered by NPS, Bank's contribution should be 14% on Pay+ DA. 

* 5 Day Week should be introduced 

* Improvement in Family Pension should be considered favourably. 

* Data of pension to be shared with us to enable Unions to work the cost of revision/ updation of family pension/ pension to discuss the issue further. 
In the meantime, pension of all pensioners should be linked to common Index level of 6352 points. 

* In Madurai Court case, none of our unions are petitioners, and some unions are only respondents. 

* Efforts should be taken to reduce the premium on medical insurance scheme for retirees including waiver of GST and by grant of some subsidy from the Banks. 

We also suggested holding of the meeting of the Small Committee for Workmen and Officers on non-financial issues including disciplinary proceeding/ staff accountability policy for officers, etc. so that the concerned issues could be taken up in that meeting. IBA agreed to the same. 

We also took the opportunity to take up the issue of IBA's guidelines and consequent decisions being taken by different SLBCs on uniform business hours, cash transaction hours, increase in number of clearing Grid holidays etc. 
IBA informed that they would discuss amongst themselves and react to our viewpoints at the earliest and expressed the hope that a finality would be reached at the earliest on all the issues and demands. 

Comrades, the negotiations are entering a crucial phase. 
Maintain your calm and unity so that we bargain the best possible settlement of our demands."

With greetings, 


Friday, October 18, 2019

Dear Friends, 

IBA Health Insurance Policy  - Renewal. 

You are aware that many  of our Retirees had discontinued the renewal of IBA Insurance Policy. Our Apex organisations - AIBPARC/CBPRO have been requesting IBA & UIICL to accord one more option for to them to rejoin the scheme. 

Very Good News!!

those retirees, who had quit/discontinued the scheme will be allowed to rejoin the scheme now.

 Such retirees will be covered from 1st December - 1 month Lock in period. 


A N Krishna Murthy 
General Secretary
CBROA Bengaluru
In today's talks with IBA we raised the following issues for taking decision.

*Early settlement, 
*Increase in their offer,
*Merger of spl allowance into basic pay,  
*5 day week,  
*Improvement in family pension, 
*Updation of pension,
*NPS at 14%, 
*PLI modalities , 
*Reduction in premium on medical insurance  for retirees,  etc.  

It was decided to clinch these issues at the earliest. 
Detailed circular follows. 

S K Bandlish, 
Convener UFBU - 
Debasish, UFBU.


Monday, October 14, 2019

AIBPARC,  Tamil  Nadu  state  committee,
visited the  office  of  United  India  Insurance  Company  at  Chennai.

The issue of higher premium for Retired employees Health Insurance Policy discussed and asked for changes as suggested by retired employees association.

The reply was
" The  General  Manager  and  the  Deputy  General  Manager  gave  a  patient  hearing  and sought  clarifications  in  respect  of Senior  Pensioners' are  getting lesser  Pension  and family  Pension  and  the  same  were  duly  clarified.  Further  they  pointed  out that  the  claim  ratio  is  high  and  the  total  amount  of claims  settled  are  higher  than the  total  Premium  received. We  responded  saying  that  this  difficulty  can  be  obviated  if  the  serving employees’ policy  and  the  Retirees'  policy  are  merged  as  one  policy.  Though  they  said  that  time is  not  available  in  the  current  year  to  go  in  for  modifications,  they  assured  to  bring  to the  notice  of  their  higher  authorities  our  views,  concerns  and  anxieties  in  the  matter."

Hence the hope for any improvements in this issue is vanished.

Decide yourselves to join the scheme or not .

Thursday, October 10, 2019

In the last BPS, in the last minute a new concept was introduced.
Yes, i.e. only 2% out of 15% increase will be loaded in Basic Pay.
This decision was not disclosed to employees till the date of signing the minutes.
Till the last meeting between UBFU and IBA no word is uttered about this proposal.
Only on releasing of signed minutes employees  came to know this decision.
That is a back stabe by a union.
Other unions said they were not aware of this,
They have to sign on the dotted lines as prescribed by the Big brother and IBA.
But, this excuse is unaccepted by the members.
Instead , a new spl.allowance was introduced which will not be taken for retirement benefits.
Thereby member's pension was reduced by Rs.3000 to 4000 every month.
Computation and Gratuity are reduced by huge amount.

This concept affects not only seniors but also New recruits after 2010.
As their NPS contribution by Bank as well as employees will be reduced by 7.5% (spl.allowance and D.A.thereon) every month.
If you calculate for 35 years of service , and future increase in wage revision, annual increments & D.A., the amount will be mind blowing.

If we assume one employee covered 7 settlements for 35 years of service.
Then Seniors retired between 2012-17 will be affected by one time only.
Those retiring  between 2017-22 will be affected 2 times only.
But, recruits after 2010 will be affected in all the 7 settlement.
Hence the loss will be higher and higher.
Runs to lakhs and lakhs of rupees.

Why I am writing this at this juncture?

There is a reason.

In the last BPS meeting the proposal was put forth by IBA again this time.
But, UFBU is tight lipped about this proposal.
Whether they are opposing or accepting this proposal?
I want to remind , In the charter of demand by UFBU , it demanded the existing special allowance to be merged with Basic Pay.

In this scenario, it is the duty of serving work force to give pressure to unions not to accept this 2% load proposal , and stick to charter of demand.

In every settlement a twist , a back stabe is done by Big Bro at the last minute, and other unions seem to be helpless and join the treachery.

This should not happen this time also.

Send your views on loading, by SMS, Whatsapp message , e-mails, and letters to your union leaders.

Commenting, scolding, cursing unions after everything goes out of hand is if no use.

Meeting with IBA on 18.10.2019 morning.

Thursday, October 3, 2019


LETTER NO UFBU/2019/10 Date 03.10.2019


Shri V. G. Kannan,
Chief Executive,
Indian Banks’ Association,
World Trade Centre, Centre 1,6th Floor, Cuffe Parade,
MUMBAI-400 005.

Dear Sir,

Our attention has been drawn to a communication from IBA dated 1-10-2019 under your
signature to all member Banks advising them to disburse an adhoc amount equivalent to one
month’s salary to all employees and officers who were in service as on 1-11-2017 and who
continue to be in service today and to disburse 15 days’ salary for employees and officers who
joined between 1-11-2017 and 31-3-2019 pending finalization of the wage revision settlement.
You are aware of the advisory from the Finance Ministry, Government of India dated 12-1-2016 advising the Banks and Indian Banks’ Association to initiate the process of
negotiations/wage revision of the employees and to conclude it prior to the effective date i.e.
You are also aware that having regard to this Advisory, our Workmen Unions and Officers
Associations had also submitted the Charter of Demands well in advance with a request to IBA
to commence the negotiations in advance so that we may conclude it before the stipulated date.
You will also recall that when the initial round of discussion was called by the IBA on 2-5-2017, from the UFBU we had expressed our view that the discussion should be held on regular
basis and concluded at the earliest. IBA also agreed to the same. But, records will speak, that
talks were held after a lot of time gap every time and this is the main reason for the delay. This
delay is not attributable to the Unions.
Even though the negotiations commenced in May, 2017, only after a period of one year, that is
in the discussions held in May, 2018, IBA made its first offer of 2%. Thus one full year of
negotiation was without any offer from IBA. This delay is also solely on the shoulders of the
IBA and not the Unions.
Even in the communication under reference, IBA has presumed and stated that it would take
some more time to conclude the negotiations and sign the Settlement. This clearly shows that IBA wants to further delay the Settlement with a deliberate intention to frustrate the employees
and officers and to divert the wrath of the workforce against the unions.
If IBA expects further delay in the Settlement, for whatever may the reason, and hence wanted
to pay an adhoc amount, it should have been taken up with the Unions during negotiations.
Even in the last round of negotiations held on 17-9-2019, there was no inkling of what was
there in the mind of IBA and no such proposal was mooted by IBA.
Hence, the decision to pay adhoc amount, is not only unfair, unilateral and arbitrary but it is
also a deliberate attempt to undermine the role of unions and their right of collective
bargaining. This is a naked attempt to de-unionise the workforce. Such attempts are bound
to have an adverse impact on the otherwise healthy industrial relations in the banking industry.
It is unfortunate that, after negotiating with the Unions for more than two years so far, instead
of expediting the Settlement, IBA has chosen to decide to pay ad-hoc amount on its own for
the reasons best known to you.
We do not want to deal with the goodwill gesture on the part of IBA as employees and officers
of the Banks are capable of understanding the motive behind this decision. Suffice it to say
that this goodwill gesture was absent in payment of overtime wages/compensation to
employees and officers when they bore the brunt during the demonetisation period and during
the implementation of Jan Dhan Yojana scheme within a short period and such other occasions.
Even till now, many Bank managements are defaulters in this regard. We wish that such
goodwill gesture should have been shown in those times when employees and officers were
suffering under so much of stress and strain.
On behalf of all the negotiating unions, we wish to convey our strong resentment, displeasure
and protest against the unilateral decision of the IBA in this regard.
Please take note of our strong views in this regard.

Thanking you,

Yours faithfully,

Tuesday, October 1, 2019

1 message
C H VENKATACHALAM <> Tue, 1 Oct 2019 at 16:47
Dear Comrade, This has reference to you email and the IBA's Circular.
The unilateral circular issued by IBA on payment of Adhoc amount
pending settlement is to be strongly protested.
Even on 17th Sept. when the last round of talks were held, neither the Unions
nor the IBA discussed about any such proposal.
If IBA felt that there would be further delay on their part in finalising the
Settlement ,and that they would like to offer any adhoc amount,
it should have been taken up with the negotiating unions. This unilateral
decision of the IBA would not have been taken without the approval of the
Government and
hence the Government's hand in this regard is also there. All these are meant to
scuttle bilateralism and weaken collective bargaining achieved through bitter
This is also to show the unions in poor light in the eyes of the employees, when
the IBA and the Government are responsible for the delay in concluding a
Settlement. Thus it is clear attempt of de-unionisation on
the part of the government and IBA. It is also to be noted that lack of common
approach on the part of the Unions is being taken advantage
of by the Govt. and IBA. UFBU should strongly protest the IBA's unilateral
action to undermine the role of the unions.
98400 89920

First time in the history of Public Sector Banks!!
Arrears comes before settlement!!
Advance against arrears!!

Monday, September 23, 2019

*Bank Officers' Strike deferred!!*

Today a delegation of four officers'  organisations met Shri Rajeev Kumar,  Finance Secretary
and had a threadbare discussion on various issues related to our strike call on 26th & 27th September'19.

All of the undersigned attended the meeting.

 It was assured that a high power committee will be formed to look into the issues related to mergers and the issue of retaining their identity.

We also discussed our  *Wage Revision,*
*5 day week,*
*Reduction of Cash transaction hours,*
*Issues of Retirees,*
*issues related to* *cross selling etc.*

Shri Rajeev Kumar assured us that all the issues will be addressed.

The issue of clear mandate upto Scale 7 was cleared.

On behalf of DFS , it was requested to revisit our decision of the strike.

In view of the positive commitments, it is felt that we should defer our strike decision.

Sunil Kumar Chairman
Debasis Ghosh President
Soumya Datta General Secretary

Thursday, September 19, 2019

Meeting held with CLC(C) at Delhi today.
Major issues discussed
a) Proposed Amalgamation/Merger of Banks
b)Unconditional Wage Revision
c)Pension and other related issues as per our strike notice.
No concrete commitment was made by representatives of IBA and DFS.
Circular follows.

*Strike stands*


UFBU Circular No. 8 dated 17-9-2019:

One more round of Bipartite Talks were held today at IBA office in Mumbai between IBA and UFBU.

IBA team was led by
Shri Rajkiran G. (MD & CEO, Union Bank of India), Chairman of the Negotiating Committee.
From UFBU representatives of our 9 constituent unions were present.

**Performance Linked Incentive Scheme:

IBA made a presentation of the
Performance Linked Incentive Scheme proposed by them.
This scheme envisages
payment of additional annual incentive payable in addition to and over and above the mutually agreed wage revision quantum and the quantum of incentive would depend on growth in Operating profits and Return on Assets of each Bank each year after the declaration of annual results.
IBA informed that the Performance Linked Incentive compensation will be over and above the settled pay structure as the wage revision is based on the negotiations and not linked to Bank’s performance.
The IBA further informed that they are open to discuss about their proposal on PLI in all respects including parameters and amount to be paid as incentive.
IBA informed that the cost of such incentive would be exclusive of the cost of revision being discussed and finalized.
IBA clarified that the scheme would be based on the performance of the Banks each year and not on the performance of the individual employees/officers.
IBA wanted the views
and inputs of the UFBU for finalizing the performance measures formula.
From UFBU it was informed to them that since the Scheme and its cost are over and above the wage revision, we agree in principle to discuss the scheme further and would
give our suggestions during the further course of discussions.

**Mandate issue:
On the mandate issue to cover all officers upto Scale VII, IBA informed that since the UFBU has agreed in principle to discuss the PLI scheme, they would reconsider their earlier stand and take a positive decision after consulting the Boards of
the concerned Banks regarding the revised mandate from those Banks who had given the fractured mandate.

**IBA’s improved offer:

 During the discussions, IBA improved their offer from 10 % to 12 % hike in the pay slip cost of the wage bill.
From our side, while welcoming their improved offer, we informed that this is insignificant as per the expectations of the
employees and officers in general so we are not able to accept it and requested them to improve their offer over and above what was settled in the last wage revision to discuss and decide the final quantum for the wage revision.
Finally, we requested the IBA to
improve their offer to at least to the level where it was settled in the last wage revision to take the talks to the logical conclusion.

**5 Day Banking:

To our demand for introduction of 5 Day Banking, IBA informed that they are seized of the issue and have taken up the issue with the concerned authorities
and decision can be taken only after taking into account the viewpoints of various stake-holders connected with the issue. We urged upon them to expedite their decision.

**Improvement in Family Pension and updation of Pension:

We reiterated our
demand for improving the present formula of Family Pension. IBA informed that they are equally sympathetic on this issue and would further proceed in the matter after considering the additional cost involved, approval from higher authorities, etc.
As regards updation of pension, IBA stated this also would entail additional provision to
the Pension Fund which needs to be examined in detail. We requested the IBA to provide
us the details of the necessary data, so that the unions may also work out the cost implications through actuaries before discussing further on the issue.
Increase in Ex-Gratia of Pre-1986 Retirees: We urged upon the IBA to recommend to the Government for increase in the Ex-gratia amount being paid to the pre-1986 retirees. IBA agreed to examine the matter.

**Exempted Pension Trust for private banks:

We pointed out that while public sector banks have exempted and own Pension Trusts, the private banks who are covered by our Pension Settlement are not being permitted to have their own Bank-wise exempted
Pension Trusts. We suggested that at least for all the private Banks together a common exempted pension trust should be permitted. IBA agreed to examine our request.

**Medical Insurance Scheme for the retirees:

We requested the IBA to take up with the United India Insurance Company for considering the reduction in the premium on the policy relating to retirees. IBA informed that the same may be taken up with UIIC provided we can suggest suitable changes in the coverage, ceiling on bed charges, etc.
which would result in reduction in claim ratio and premium. IBA wanted the views from the UFBU in this regard.

**Exemption of GST on premium on medical insurance policies:

We pointed out
while the premium for medical insurance policy itself is becoming unaffordable by the
retirees, the 18% GST on such premium is adding further burden on them and hence IBA should take up the matter with the Government to remove GST on medical insurance policy at least for the retirees. IBA agreed to pursue the matter with the Government.”

Wednesday, September 4, 2019

A new scale in officer grade is introduced in banking sector.
Chief General Manager=>Scale VIII

Thursday, August 29, 2019

In today's meeting with IBA,
AIBOC was represented by Com. Debasis Ghosh, President and Com. Soumya Datta, General Secretary.
The following points were raised by  AIBOC during the talks:

1) The mandate issue has to be resolved.

2) 5 day Banking and reduction of cash presentation hours.

3) Updation of Pension and revision of Family Pension.

4) Ramification of the Codes of Wage Act, 2019.

5) Ramification of the recent instructions of DFS on granting permission to CBI under Section 17(A) of PC Act, 2018.

6)  Reference to the Madurai Court Case.
The talks were inconclusive. IBA insisted on introduction of PLP( Performance based Pay).

UFBU will meet on 11th September'19.

Sunil Kumar, Chairman
Debasis Ghosh, President
Soumya Datta, General Secretary

In today's meeting,
 IBA has not increased its earlier offer but proposed discussion on "Performance Linked Pay (PLP)"
 by forming a sub-committee.
UFBU decided to meet on 11th Sept
to deliberate on this and take a view.
--Bandlish, Convenor, UFBU.

Wednesday, July 31, 2019

For Employees:
D.A increase from
August 2019 to October 2019:

Increase =3.6% (36 slabs)
Total D.A=68.1%(681 slabs)

For Pensioners:
D.A increase from
August 2019 to January 2020:

(Retired after 01.11.2012)
Increase =7.0%(70 slabs)
Total D.A=68.1%(681 slabs)

(Retired after 01.11.2007)
Increase=10.5%(70 slabs)

(Retired after 01.11.2002)
Increase=12.6%(70 slabs)

=>Kumar Periyasamy


D.A. rate from Aug 2019 to Jan 2019 for Pensioners....

Wednesday, June 19, 2019

Today meeting with IBA concluded.We have discussed mandate issues upto scale 7 n served a letter to IBA.Since AIBOC n NOBO did  not participate ,hence they have told Award unions to continue the discussion.We have also discussed five days week,regarding pension revision ,medical insurance for which they have told to discuss in MC which will held on 24th June n will intimate separately.After lunch a short committee of IBA discussed on medical insurance on problems n suggestions so that problems can be resolved n next insurance should be more transparent.In the meantime a separate meeting of UFBU of award staff held for these issues .We hope next negotiating meeting will be held shortly.


Wednesday, April 24, 2019

Pension Updation

AIBEA has issued a circular previously to inform how much benefit will be , if updation of pension is done.
(Based on RBI pension updation).
In that circular they have done some basic error and the resultant increase also lesser percentage.
I have commented on the circular for the mistake.
Now they have rectified and issued a fresh circular.
Pl. note that this is only an explanation circular for pension updation.
We retired bank employees have to go a long way to achieve the demand of pension updation.
Let us hope it will come within our lifetime.
If updation is achieved for Public sector Banks,
Increase in example 3 will not be 14%.
It will be around 2% only (!)
As out of 15 % increase only 2% is given effect for retirement benefit.

For those who retire after 31.10.2012 , increase will depend on the outcome of 11 th BPS.