Posted: in Finance by Sushil Kumar 135 Comments

AIBEA Wage Revision complete report

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AIBEA has just published the complete report on the wage revision talks. The report and the message on the wage revion talks has been published on the AIBEA website whose link has been given below.

For AIBEA Wage Revision Talk Report and Signed Agreement Details: Click Here

Here is the quote on the report:

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.

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 misinformations, orchestrated columnies and virulent propaganda against all our efforts to settle. Added to this were the attempts to undermine the organistion, decry the leadership and derail the negotiations. But overcoming this and these, we have concluded the Settlement successfully.

Hats off to your unity, patience and co-operation. You have done proud to AIBEA.

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Comments/Queries

  • piyush shah
    Apr 27, 2010 at 08:25:pm

    Congrats everyone on this great news. And thanks for all the cooperation and effort from everyone in the union.

  • babu
    Apr 27, 2010 at 08:53:pm

    finally… great to hear this one..

  • pramod
    Apr 27, 2010 at 08:08:pm

    we people are vunerable…..just cannot do anything against damn union leaders…cant they see the difference of banker salary and other PSU employee salary…are we not PSU or Govt employee.

  • B.NAGI REDDY
    Apr 27, 2010 at 08:02:pm

    Arlast is done ending the waiting employees anguish.let us see how many will appreciate it.

  • j sairam
    Apr 27, 2010 at 08:59:pm

    AT LAST AFTER PROLONGED TALKS JUSTICE HAS BEEN DONE TO PF OPTEES. I PERSONALLY CONGRATULATE ONE AND ALL FOR THE GREAT ACHIEVEMENT.

  • sreedhar
    Apr 27, 2010 at 08:01:pm

    In the history of bank wage revision, one of the worst wage revision, ever had by the
    employee. How to justify it?????

  • Geetha Mathew
    Apr 27, 2010 at 08:07:pm

    Glad to know that the Pension Benefit is extended to the earler PF Optees

  • K.RAM MOHAN RAO
    Apr 27, 2010 at 08:18:pm

    atlast we got settlement after fighting for 30 months, not so great settlement but ok. Good news for pensioners that no need to contribute from their arrears- thank god.
    K.ram mohan rao- ING VYSYA BANK, WARANGAL.

  • Sudhir D Sharma
    Apr 27, 2010 at 08:00:pm

    One of the best settlements so far.A second option of pension was a tough job.congrats to all.

  • P.SrinivasaRao
    Apr 27, 2010 at 09:59:pm

    great betrayal to millions of employees who already opted for pension sacrifised for the benefit of few retired leaders benefits. What a Trade Unionism?

  • raman
    Apr 27, 2010 at 09:00:pm

    cong.but settlement detail are awaited. whether service condition, staff shortage matter covered . in salary we are far behind any other govt or other organisation.

  • A.K.JAIN
    Apr 27, 2010 at 09:56:pm

    There is nothing to smile for bank retirees who retired between Nov 2007 to Nov 2010 since they are required to pay 156% ( basis no one knows) of CPF received by them at the time of retirement. Those retiree many years ago shall also have to pay the same %age. For above category of retirees it shall be “TAKE LESS PAY MORE”

  • A.K.JAIN
    Apr 27, 2010 at 09:42:pm

    There is nothing to smile for bank retirees who retired between Nov 2007 to Nov 2009 since they are required to pay 156% ( basis no one knows) of CPF received by them at the time of retirement. Those retiree many years ago shall also have to pay the same %age. For above category of retirees it shall be “TAKE LESS PAY MORE”

  • Mushtaq
    Apr 27, 2010 at 09:10:pm

    The settlement arrived at was much required.Congrats to all, pl display the details

  • C L MISTRY
    Apr 27, 2010 at 09:23:pm

    VERY SAD DAY FOR BANK EMPLOYEES.OUR LEADERS ARE LOOSING THEIR CONFIDENCE IN THEIR WORK FORCE. WHAT WE ARE GETTING IN COMPARISON WITH PSU AND STATE/ CENTRAL GOVERNMENT EMPLOYEES, DESPITE HARD WORKING CONDITIONS.

  • Raghavan
    Apr 27, 2010 at 09:31:pm

    The date of effect of second option pension is not mentioned anywhere.
    PF optees in service and retired are compelled to share the burden of pension fund deficit.
    The amount payable by the pf optees from arrears would be huge and seems to be hard for them to bear it.
    The shortfall in pension fund should have been provided by the Government…
    Anyway many pf optees may not be feeling happy
    Wishing all good to everyone

  • NAVANEETHA RAO
    Apr 27, 2010 at 09:40:pm

    congrats,a great relief. Finally justice is done to the employees who have already opted pension.THANK U AND A I B O A ZINDABAD.

  • Joseph
    Apr 27, 2010 at 09:14:pm

    great betrayal to millions of employees who already opted for pension sacrifised for the benefit of few retired leaders benefits. What a Trade Unionism?

  • Bhargav Mehta
    Apr 27, 2010 at 09:04:pm

    Congrates to one &all who took pain to achieve pension option benefit to earlier PF optees.Viva UNITY.

  • SURESH UPADHYAYA, SBBJ, JAIPUR
    Apr 27, 2010 at 09:21:pm

    The comments on this settlement is only a condolence to wipe off tears. We banker couldn’t got anything from this settlement except to option for PF optees. Comparing with the VI pay Commision or any other PSU….just to lighting a lamp before SUN. Let we hope that our esteemed leadership will look into the deep dissatisfaction of their blind fellowships and take care of them by reopening or rethinking about the welfare of BECHARE BANK OFFICERS. GOD BLESS THEM …..AAMIN

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