New Pension scheme to be introduced for new employees

Late in the evening around 11-00 PM yesterday, IBA Chairman informed us they are ready to offer a revised package as under:

Wage revision may be offered at 17.5%;

New Pension scheme to be introduced for new employees;

PF optees may be given option to get the existing pension scheme provided Unions agree that the additional cost of pension should valued every year and the extra cost over and above 10% should be shared by the employees at 33% and management at 67%. Compassionate appointment scheme to be dealt with separately.

The IBA Chairman appealed to UFBU to accept this offer and withdraw the strike

During this late hour meeting with IBA Chairman, the UFBU while taking note that IBA is reversing the reduced offer, however felt that the changed offer on pension option is altogether a new proposal and in deviation of whatever we have discussed so far. It was also felt that the compassionate appointment scheme cannot be totally delinked from the issues.

Hence UFBU felt that the revised proposals cannot be accepted and our agitational programmes should be continued.

It was further decided that UFBU meeting be held in Chennai on 11th August, 2009 (instead of 9th ) to take stock of the situation and to decide further course of action.

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