BIPARTITE UPDATE (meeting with IBA ON 3RD March 2014)

In yesterday's (March 3rd) talks with IBA, UFBU raised switchover from NEW PENSION SCHEME to Old Pension Scheme for new entrants, 5 days working, Pension improvement, Housing facility etc along with HIGHER WAGE INCREASE. IBA wanted time. They will present the matter to Finance Minister, probably on 5th March, it is informed. Thereafter, within 10 days, ie after 15tH March, they will meet UFBU.

 Meanwhile, here is an interesting piece from Financial Express, which is self explanatory!  Top bank management sources said even a 10% hike in the cash component would have set banks back by Rs 3,150 crore, a huge sum considering mounting bad loans and the economic slowdown, which is delaying recovery. Though the employees have not demanded any specific hike, they may agree to a “reasonable settlement” of around 15% hike in the cash component(including basic pay, dearness allowance, house rent allowance, routine medical expenses and a special allowance, but excluding superannuation benefits, travel allowance and hospitalisation reimbursement), if the management agrees to take care of the expenses for their housing and medical expenses, sources indicate.  “Our readiness to agree to a low hike in the cash component will depend on the management’s readiness to accept our demands of taking care of housing as well as medical expenses of the employees and their family including hospitalisation,” CH Venkatachalam said.