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Latest 11th Bipartite Settlment News Dated 21.11.2019

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Latest 11th Bipartite Settlment News Dated 21.11.2019


11th Bipartite Update
21/11/2019

1.  For the first time, IBA requested Unions to help them in finishing talks preferably within about a month. This is a positive development for early settlement. 

2.  Though the idea of 5 day week is kept alive, it may not get the green signal from Govt, RBI. No likelihood. 

3.  Demand for improvement in family pension quantum is taken up with Govt by IBA. May materialize.

4.  The merger of Special Pay with Basic under consideration. It will have a positive impact on terminal benefits.

5.  Soon data on 'cost of pension' to banks will be provided to Unions.

6.   There is a 6-way pension as on date. To make it common by adopting the common Index is on cards.

7.  Proposal to enhance NPS contribution to 14 % Is under consideration. It's as per Govt's suggestion.

8.  Retirees can't afford high premiums of Medical Insurance. It was suggested to allow retirees to choose policies of lesser amt. say 1 or 2 lakh. 

9.  IBA indicated that they may negotiate wage revision for all officers up to scale VII if unions agree for 'Variable Pay' in principle.

10.  IBA requested Unions not to insist for pay parity with Insurance or Govt employees. There is a risk factor in the business of Banking. Many banks are in deep losses.

11.  Banks are rescheduling working and business hours. Unions requested IBA to ask banks not to overburden staff in this regard. There should be a sufficient gap between the closure of business hours and the end of working hours. Extra timing to finish work is highly objectionable.


12.  IBA is requested to frame the same rules for all banks in the matter of compensation to Officers for work done on Holidays.

13.  IBA promised to take up with the Govt matter of GST on Medical Insurance Policies. It substantially inflates the cost to retirees.

14. Proposal to accommodate those who are so far left out of the Medical Insurance Scheme for retirees & their spouses was put forth by unions.

15. PL accumulation and encashment on retirement to be hiked to 300 days are demanded by unions. 

16. Rest of the issues to be discussed in subsequent small committee meetings


Source: Whatsapp Message

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