AIBEA 2010-AIBEA Bank Wage Revision-AIBEA achieves Pension again and Pension for all-Banks, Unions Ink Wage Hike Deal

The much-awaited Settlements on wage revision and pension option have been signed today with the IBA, achieving another landmark in our trade union movement.

The 9th successive Bipartite Settlement has been signed and the wages and service conditions of bank employees have been improved. The Pension option Settlement has also been signed today which enables all the remaining employees to be covered by the D.A. linked Defined Benefit Pension Scheme, which is the best social security measure in the post-retiral life of employees.

AIBEA 2010 AIBEA Bank Wage Revision AIBEA achieves Pension again and Pension for all Banks, Unions Ink Wage Hike Deal

We are happy that under the banner of UFBU, all the 9 unions have simultaneously signed the Agreements covering both employees and officers, manifesting the true spirit of the UFBU.

The Settlement covers 46 Banks (26 Public Sector Banks, 12 Private Sector Banks and 8 Foreign Banks) and would benefit 4,77,000 workmen employees and 2,75,000 officers. The Settlement would cost the Banks an additional increase in wages by Rs.5,200 crores per year (Rs.4,816 crores for Public Sector Banks and around Rs.400 crores for private and Foreign Banks). The Settlement will be effective from November 2007 to October 2012.

Under the Settlement all the remaining 2,60,000 employees and officers who are now covered by CPF would be given a chance to join the Pension Scheme – a long time demand of the Unions. More than 50,000 retirees will also get the option to join the pension scheme.

The Settlement is preceded by 30 months of protracted negotiations between the IBA and the unions, and was backed by various agitational programmes and strike actions, which were enthusiastically implemented by the members. There were many anxious moments during this period coupled with loads of misinformation’s, orchestrated columnies and virulent propaganda against all our efforts to settle. Added to this were the attempts to undermine the organization, decry the leadership and derail the negotiations. But overcoming this and these, we have concluded the Settlement successfully.

More: http://www.bankunionaibea.in/html/newseve.html

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About Saurabh Pal

I have keen interest in Sports, Cricket & News and with my experience in creative content writing , I try to research more & provide you with concise, useful & enjoyable News

4 thoughts on “AIBEA 2010-AIBEA Bank Wage Revision-AIBEA achieves Pension again and Pension for all-Banks, Unions Ink Wage Hike Deal

  1. NARINDER KUMAR MEHMI

    DEAR SIR
    THERE are many calculator s of wage revision but all are differents from one another please tell us which software is correct. all are puzzle about the calculations of wage revisions.please issue one software of wage revision as we calculate our arrears.
    why we waste time on number of softwares on the sites

    Reply
  2. Parameswaran MK

    Please intimate whether the pension of retired pension optees is also going to be revised based on the 9th bipartite agreement?

    Reply
  3. renuka ramaraju

    I joined indian bank on 24.6.1974.I took vrs Dec2000.My basic was around tenthousand at that time.Please let me know how much pension i will get

    Reply

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