Wage revision: IBA calls meet on April 6

Kolkata, March 30 | Updated: Mar 31 2005, 05:30am hrs
The Indian Banks Association (IBA) has convened a short-committee meeting on April 6 to finalise the last modalities of the eighth bipartite wage negotiation in the banking industry. It will be attended by the IBA negotiating committee chairman, VP Shetty, and representatives from the United Forum of Bank Unions (UFBU), an umbrella organisation of five workmen and four officers associations operating in the industry.

According to sources, the meeting has been convened to discuss the new pension scheme proposed to be implemented by IBA. It is understood that the eighth and the last bipartite wage agreement in the banking industry will be worked out in full and final, as soon as IBA comes out with the new scheme.

Earlier, UFBU demanded that the payment of pension should be calculated at 50% of the actual basic pay and the cost of pension should be accounted for in the same manner as was done in the sixth bipartite wage negotiation.

It also demanded that one more pension option should be given to those employees, who did not opt for it earlier. IBA is understood to have assured that it would consider the second pension option in an open mind.