Latest News on AIBEA Wage Revision

by admin on April 27, 2010 · 0 comments

in Uncategorized

aiboalogo1 Latest News on AIBEA Wage Revision Finally the time has come to cheer for all the Bankers of India.

Congratulations and red salute to all. The 9th Bipartite Settlement signed today. No out sourcing, nopower increase spl hc. only. PF Optee will bear 2.8 pay nov 2007 against pension option.

Talk between IBA and banking unions was held today in Mumbai. With the result of Settlement signed a short while ago. The about news are from sources for quick info.

The detailed info on Wage Revision will be updated soon on our site so stay tuned…..

Issues including pension cost sharing, issue like outsourcing have been sorted out int the meeting and the settlement is signed.

AIBEA Wage Revision has came to an end with 9th Bipartite Settlement finaaly signed.

Congratulations to all!!!!!!!

The Information available on AIBEA Official Site says the following:-

Congratulations and Greetings

9th Bipartite Settlement signed today

AIBEA achieves Pension again and Pension for all

The much-awaited Settlements on wage revision and pension option have been signed today with the IBA, achieving another landmark in our trade union movement. The 9th successive Bipartite Settlement has been signed and the wages and service conditions of bank employees have been improved. The Pension option Settlement has also been signed today which enables all the remaining employees to be covered by the D.A. linked Defined Benefit Pension Scheme, which is the best social security measure in the post-retiral life of employees.


We are happy that under the banner of UFBU, all the 9 unions have simultaneously signed the Agreements covering both employees and officers, manifesting the true spirit of the UFBU.


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 – a long time demand of the Unions. More than 50,000 retirees 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. There were many anxious moments during this period coupled with loads of misinformations, orchestrated columnies and virulent propaganda against all our efforts to settle. Added to this were the attempts to undermine the organistion, decry the leadership and derail the negotiations. But overcoming this and these, we have concluded the Settlement successfully.


Hats off to your unity, patience and co-operation. You have done proud to AIBEA.


Greetings to all of you.

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