Posted: in News India by Manish Kumar 11 Comments

9th bipartite settlement latest news

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This is great news. The 9th bipartite settlement has been signed today and the completed details on the settlement has been posted on the AIBEA website whose link we have given below.

We have already posted a note on the AIBEA wage revision talked held today with the sole purpose of signing the 9th bipartite settlement. The AIBEA has published the report on their website (report here).

For AIBEA official website, please visit here. Here is the discussion on the 9th bipartite settlement signed report. The meeting was held between IBEA and UFBU and as per the decision taken on the IBEA wage revision talked held on April 21, the settlement was signed today.

Please continue the discussion here.

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Comments/Queries

  • V S MURTHY
    Apr 27, 2010 at 10:38:pm

    Going by what is being reported the settlement seems to be a sell out. It appears that only the retired leaders are going to benefit from this settlement at the cost of the employees in service. It is strange that the unions which do not have mandate for representing retired employees went out of the way just to help the retired leaders who otherwise do not have any stake in the settlement.

  • S. BALASUBRAMANIAN
    Apr 29, 2010 at 01:38:pm

    Congratulations on getting one more pension option.
    Congrats on getting the settlement signed with lots of benefits to lakhs of bank
    employees.
    May we know the site from which we can get the arrear chart?

    Best wishes

    AIBOC ZINDABAD

  • Sudarshan Karmakar
    May 01, 2010 at 01:36:pm

    Pension option should not be tagged with wage settlement. It is a seperate issue. In a democratic country the management / iba can not misrepresent their employees what they did earlier .As per my understanding, the existing pension agreement stands on a vague agreement, if it is contested in a court of law, it would be a void agreement ab-initio. Any change afterwards invites fresh option. In the pension agreement, right to strike to the employees was struck down. A lot of employees did not put their option in faviour of pension . Afterwards that clause was withdrawn, but option not given.
    I belive the option to either side should be an open ended scheme. A few leaders commited mistake and for that reason the IBA would behave undemocratic and opportunist. IBA is consisted of lerned people and professionals , side by side leaders hold very low profile . In future we should be rational and not be a Chess-game.
    Thank you.

  • JAGAT SINGH MEENA
    May 05, 2010 at 09:06:am

    this settlement totally xxxxxxxxxxxxxxxxx bank unions fool……..new employees not benfit much more……….i say all of us this settlement totally disguss………plz psu employees stay this settlement on court……………new recruit clerks total of wages salary approx 1200 rs……………..you guess this settlement good / poor ? plz stay this settlement on court.

  • d k
    May 14, 2010 at 02:38:pm

    9th bipartite settlement is the top most settlement of the decade

  • kumar m
    May 14, 2010 at 02:06:pm

    congratulations IBA, UNITED FORUM of bank employees for signing of 9th bipartite settlement in banks ,GREATEST of all .

  • dee kay
    May 14, 2010 at 02:54:pm

    9th bipartite settlement in banks is the greatest of all settlements in INDIA

  • DKM
    May 14, 2010 at 02:20:pm

    long live IBA,long live UNITED form of BANK employees fo signing 9th bipartite settlement in banks

  • P.VIJAYARAGHAVAN
    May 15, 2010 at 10:44:am

    massage received….

    please publish….

    THE ATROCIOUS PENSION OPTION FOR RETIRED PF OPTEES
    After more than 35 years of service as an officer, I retired from the bank on 31.7.2009 as Senior Manager. At the time of introduction of pension in the banks, unfortunately I opted CPF based on the wise advice of wise leaders of our Association.
    Though I was in service on the start of effective date of this 9th bipartite settlement, I am considered as retired PF optee for the latest pension option. Accordingly as per the settlement I have to refund the entire PF and interest (bank share) I have received at the time of retirement plus a whopping 56.00% of that amount. It comes to around Rs15.60 lakh (PF and interest received Rs 10 lakh + my additional contribution Rs 5.60)
    Apart from the atrocity, unfairness, discrimination and injustice involved in such a stipulation, its sheer arithmetic also baffles me to no end. As every one is engrossed in the injustice of shelling out 2.8 times of monthly salary for PF optees in service, no one is seen giving any attention to this.
    Further one leader was seen advising the serving PF optees to take comfort in the fact that they are shelling out only 15% of their accumulated PF whereas retirees are shelling out 56% due to their historic settlement. The baffling arithmetic will be evident from the following
    As per the IBA minutes released the arithmetic involved is as follows.
    1.No of retired PF optees 60,000.
    2.Banks total liability to offer pension option to those retirees
    as arrived at by actuarial valuation 4774 crore
    3.PF accumulation of those retirees as on 31.3.2008 1657 crore
    4.Balance liability 3116 crore
    5.30% of this liability to be shared by employees 934.95 crore
    6.This comes to 56.42% of PF accumulation of Rs1657 crores ———–
    7.If this 934.95 crore contribution required is shared by all the
    60,000 retirees it comes to per head contribution of only… 1.55 lakh
    8.Then how come that I need to shell out Rs 5.65 lakh as my
    additional contribution
    9.If the banks insist on 56.00% of PF and interest received irrespective
    of the quantum and if at least 1/3 rd of 60,000 retirees contribute at
    this rate and remaining 2/3 with a lesser contribution of Rs 2lakh
    the amount collected will be double of the deficit at…………………..1920 crore
    10.Who is going to watch on those collections? These hapless retirees or
    their insincere leaders.
    11.I even have doubts about the PF accumulation figure provided.
    12.If IBA can come up with such atrocious conditions one can also
    doubt those figures.
    13.Hence my suggestion in this regard is – 60000 retired PF optees will
    share the deficit of Rs 935 crores at the rate of Rs1.56 lakh per head
    or 56.00 % of PF which ever is lower. This will make the refund
    transparent ,will clear the confusion and will prevent excess
    recovery.
    16.Please bring this mail to the attention of all the retirees for their opinion and
    action.

    Quote : “An economist is an expert who will know tomorow why the things he predicted yesterday didn’t happen today”. Laurence J. Peter

  • bishwajeet kumar
    May 21, 2010 at 11:59:pm

    my father was working in canara bank .he was died on 4.4.2010 due to road accident ,i want to know about the possibility of job or pension for his family ,he already close the pension option when he was alive,his job left was 14 year ,how to reopen the pension plan plz give some option to me,………………
    in new 9th bipartitc settelment there was new option for reopening the closed pension plan again untile the emloyee was alive but my father died on 4th april & new settlement was announcent on 27th april……..is there any way to open it again by his family member

  • satyendra bansal
    May 31, 2010 at 08:18:pm

    settlement was delayed a lot, before signing.
    Now further delayed for want of government clearance.
    It appears that IBA as well as unions are not serious to
    find out a solution for early implementation of the settlement of officer’s and pension option, for various reasons better known to them. Employees are in dark as they are being informed to keep patience at every day.Thanks to them.

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