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11th Bipartite Settlement latest Update as on 15th November 2019

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11th Bipartite Settlement latest Update as on 15th November 2019
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 XI BIPARTITE SETTLEMENT
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Talks on Friday, 15 Nov 2019
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The gist of Discussions :


1.  IBA informed that yet two banks have not given the mandate for Negotiations up to scale VII. But they will get it.

2.  PLI: That is "Performance Linked Incentive". Unions asked IBA to decide about parameters on which PLI will be fixed. But they have given In Principle consent to implementation of PLI.

3.  Pension related issues were discussed. With the same quantum of Pension, Load on a/c of it has risen substantially. Because of an increase in Life Expectancy. It has gone up to 80 to 84 years on average. IBA informed.

4.  Spl Allow: If Spl Allow is merged with Basic, Contribution to Pension Fund by banks goes up substantially. It increases Loading amt.

5.  An increase in Family Pension increases the load factor due to the same reasons as Pension. Hence Pension provision needs fresh calculations. It needs the appointment of professional Actuaries. Unions are requested to suggest two Actuaries on their behalf. IBA has also given papers of fresh calculations for provisions on a/c of Pension.

5.  There was a suggestion from Unions on shifting of Base of Index for DA calculations. Price Index Series should be the latest.

6. PL Demand for an increase in PL accumulation and encashment on superannuation level was taken up. No conclusion.

7.  Medical Insurance Premium for Pensioners was discussed.

8. New Pension Scheme: Suggestions to make it more attractive were discussed.

9. Small Committee Meetings: are scheduled 
For Officers  21st November 2019
For Workmen 27th/28th November 2019

In these meetings, certain issues will be finalized and then taken up in Main Meeting subsequently.

Thank you. 

VILAS GHUGARE 
General Secretary


(Source: Whatsapp Message)

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