AIBEA Demands Old Pension Scheme in 12th Bipartite Settlement


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Wednesday, 26 October 2022

AIBEA Demands Old Pension Scheme in 12th Bipartite Settlement

AIBEA Demands Old Pension Scheme in 12th Bipartite Settlement for public sector bank employees. The union have demanded for the restoration of the old pension scheme for all the employees who joined after 2007. 

It is also included in charter of demands for 12th BPS Settlement which will be in effect for five years from November 1st.

The Old Pension Schemes is already restored in the states like Punjab, Chhattisgarh etc. The unions also said that the high inflation was eroding the real wages for employees. 

“…while there is a scheme for compensation against periodical price rise through payment of DA (dearness allowance), the unprecedented price spiral in recent years in light of the uncontrollable inflation is seriously eroding the real wage and wages are far lagging behind the actual price rise,” the note said, adding that compensation has to match up to this rise, which is the reason the unions have asked for an increase in wages and improvement in the DA formula. 

The unions said the total business of banks rose from Rs 1.36 trillion as on March 31, 2017, to Rs 1.78 trillion as of March 31, 2022, though the number of workmen fell during that period from 469,997 in 2017 to 391,612 in 2022.

Also Read 12th Bipartite - Charter of Demands Submitted by CBOA to IBA

Charter of Demands by Employees Unions 

  1. Immediate introduction of 5-day work week 
  2. The wage revision be applicable for CSB Bank and DBS India, which had merged with the old generation private sector bank Lakshmi Vilas Bank in 2020. 
  3. Improvement in pension for all existing pensioners 
  4. Merger of special allowance with basic pay 
  5. Provision for housing accommodation/improvement in HRA 
  6. Introduction of leave bank system 
  7. Improvements in medical insurance scheme for employees/retirees 
  8. Bonus for all employees 
  9. Outsourced employees/contract labor to be regularized as permanent employees of the bank 

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