Apr 292010

All India Bank Employees Association (AIBEA) is the largest and oldest national trade union centre of bank employees in India and it was established on 20th April, 1946 in Kolkata. In India, it is one of the premier trade unions. It is a Trade Union organization with a Social Vision. AS per the AIBEA Wage Revision Latest News, AIBEA has released the complete report and the message on the wage revision talks. The report on the wage revision talks has been published on the official website of AIBEA. On 27th April, 2010, the settlements on wage revision and pension option have been signed with the IBA to achieve another landmark in its trade union movement. The bank 9th successive Bipartite is all set to be signed with new revised wage rate and option for pension with 17.5% walk in salary.

Bankunionaibea.in – AIBEA website for wage revision latest news

Virtually 3.20 lakh public sector bankers are about to get another chance to go for a monthly pension with the signing of this agreement, which had been silently wanted by them for years. Some 60,000-odd retired bankers are included by group. Retired bankers willing to switch over to the pension plan will have to surrender 56% of the PF and also the interest on it, decided by the United Forum of Bank Unions and the bank management’s association IBA. Almost 46 Banks (26 Public Sector Banks, 12 Private Sector Banks and 8 Foreign Banks) are covered in this settlement and it would benefit 4,77,000 workmen employees and 2,75,000 officers. The banks would be cost an additional increase in wages by Rs.5, 200 crores per year by this settlement. From November 2007 to October 2012, the Settlement will be effective.

All remaining employees and officers who are now covered by CPF would be given a chance to join the Pension Scheme under the Settlement – long time demand of the Unions. Retired people 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.

A senior banker said, “Around 50% of bank employees had opted for monthly pension and it has proved to be a better choice. All provident fund optees are now expected to go for pension.” Existing bank employees will have to share 30% of the additional pension burden while banks will shoulder the balance, decided by them.

From the wage revision, nearly 2.44 lakh officers and 4.68 lakh workmenemployees will benefit. Basic pay for officers at the entry level is likely to be Rs 14,500 a month compared with Rs 10,000 under the eight bipartite as according to the distribution of the enhanced kitty goes. The basic pay for clerical staffers is likely to be Rs 7,000 a month from Rs 4,840 earlier and for subordinate staffs it will be Rs 5,500 per month against Rs 4,060.

For more information, Visit the official website www.bankunionaibea.in.

  3 Responses to “Bankunionaibea.in – AIBEA website for wage revision latest news”

  1. Very cool, and nice site by the way. The call center industry is taking in Billions now and they say by 2011 it will increase by another 15% thats staggering compared to any other industry, is it not?

  2. The decision of the UFBU leadership to make the PF OPTEES ALONE to contribute to the PENSION FUND is based on the legaL opinion obtained by IBA. If the leadership think that the legal opinion is correct, I appeal to the leadership to place a demand on the IBA for the refund of the pension contribution made by the PFOPTEES to the PENSION FUND during the vi vii and viii th Bi-partite settlements.This discriminative decision is not good for the ORGANISATION.

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