IBA has been informing UFBU that they are working out the revised cost of pension on account of the proposed wage revision so that the sharing of such a cost can be finalised and IBA proposed the sharing on 50:50 basis over and above the 10% of cost of pension.
It will be recalled that in the 7th Bipartite Settlement, the pension cost of 26.5% was shared at 10% + 8.25% from out of wage revision and balance 8. 25% additionally by banks. In 8th Bipartite Settlement, the pension cost of 30.5% was shared at 10% + 9.25% from out of wage revision and balance 11.25% by banks.
IBA has been asked to expedite the working of the estimated cost of pension consequent to wage revision so that the issue can be sorted out between IBA and UFBU. They have assured to expedite the same. Once this exercise is completed, the decks will be cleared for reaching an understanding.
In the meantime, the IBA is proposing to hold the next round of Bipartite Meeting on 26th November, 2009. IBA is also proposing an MOU on the understandings. IBA has informed that they will further confirm the date.
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