Tuesday, April 27, 2010
Finally signed!!!
The wage revision and pension option have been signed today with the IBA, by the Unions. The Pension option Settlement has also been signed Under the banner of UFBU, all the 9 unions have signed the Agreements covering both employees and officers. 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. More than 50,000 retirees will also get the option to join the pension scheme. The Settlement is preceded by 30 months of negotiations between the IBA and the unions. |
posted by ak at 9:58 PM
