IBA and United Forum of Bank Unions have agreed to meet together

The Indian Banks’ Association (IBA) and United Forum of Bank Unions have agreed to meet on Nov 27 to take the wage bipartite talks forward.Over 7 lakh public sector bank employees will keenly wait for the outcome of the meeting. Wage revision for them is due from November 2007.

Incidentally, both negotiating parties have agreed on a 17.5% wage hike. They have also in principle agreed to offer monthly pension to 2.66 bank employees, who did not opt for it in 1993. But their last meeting in the final week of September remained inconclusive as they could not arrive at the accounting methodology of pension.

"Issues like accounting for the cost of pension and the cost sharing arrangement between bank management and employees, the proposed introduction of New Pension Scheme (NPS) and variable pay are some issues that need to be resolved," said All India Bank Employees Association (AIBEA) president Rajen Nagar.

UFBU -- the umbrella organisation for nine leading bank unions -- is not also comfortable with IBA’s proposal to introduce NPS for bankers joining after April 2010.

IBA and UFBU jointly finalise the pay hike plans for public sector bank employees. Talks on the eighth bipartite meeting has been on for quite sometime now. Public sector banks including State Bank of India have 2.44 lakh officers and 4.68 lakh workmen employees who are awaiting a wage revision now.

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