In the MOU signed on 22.07.2920 it is stated that Employers contribution to NPS will be 14 % (enhanced from 10%) from prospective date.
i.e. from date of settlement.
Is it an achievement of UFBU?
UFBU has not at all demanded an increase in contribution to NPS in their charter of demand.
(You can even now check it, if you have a copy)
Instead UFBU asked for old Pension Sheme for all.
Then how it happened?
Central Government has increased the contribution towards NPS to 14% for their employees from 01.04.2019.
Banks implemented NPS scheme for employees joining on or after 01.04.2010, on the same terms and conditions of Central Government NPS scheme.
It is clearly spelt out in
9th Bi Partite settlement as follows:
"15. Provident Fund
(d) There shall be no Provident Fund to employees joining the services of banks on or after 1st April 2010. They shall be covered by a Defined Contributory Pension Scheme, where the employee will contribute 10% of Pay plus Dearness Allowance and the bank will make a matching contribution. The Scheme shall be governed by the provisions of the Contributory Pension Scheme as introduced for employees of Central Government with effect from 1st January 2004 and modified from time to time."
Therefore it is automatic change that should be implemented from 01.04.2019.
Whereas for Bank Employees it will be implemented from Oct, or Nov 2020 only!
Now tell me is it achievement of UFBU?
In the same way present Medical Insurance Policy for Serving as well as for Pensioners is proposed by IBA only in 10th BPS and not by UFBU.
It was not demanded in Charter of demands.
In the same way one day
"5 Day Week" will be proposed by IBA and implemented.
Let us wait for that Day!!