It seems IBA has agreed certain demands of union on revision of pay etc. please let me know whether a VRS optee employee ,who are not getting benefiet of PENSION and now wants to opt for pension, can these VRS optee will be benefited in this settelement,and if what will be the formula.
From India, Indore
From India, Indore
After bargaining hard for over two years, bank unions and the Indian Banks' Association (IBA) on Friday finally agreed to the ninth bipartite wage settlement with effect from November 1, 2007.
This follows the agreement reached on the pension option being granted once more to existing as well as retired employees.
Under pension option 2.72 lakh existing employees and 35,000 retired employees will benefit as another option for pension is being extended to non-pension optees.
The total liability on account of existing employees exercising the pension option is Rs 6,000 crore and that due to retired employees is Rs 3,116 crore. The gap in the pension liability will be shared between banks (70 per cent) and employees (30 per cent).
Retired employees
Retired employees (non-pension optees), who were in the service of the bank as on September 29, 1995 and March 26, 1996 and retired thereafter, choosing the pension option will be required to return the bank's contribution to the provident fund with interest thereof received by them at the time of retirement.
Further, they have to contribute to the pension fund their share of 30 per cent of the gap in pension fund.
Existing employees (non-pension optees) can exercise the pension option by contributing to the pension fund their share of 30 per cent of the gap in pension fund.
This contribution will be recovered from the arrears payable on wage revision.
Detailed modalities will be worked out within next 90 days.
From India, Ghaziabad
This follows the agreement reached on the pension option being granted once more to existing as well as retired employees.
Under pension option 2.72 lakh existing employees and 35,000 retired employees will benefit as another option for pension is being extended to non-pension optees.
The total liability on account of existing employees exercising the pension option is Rs 6,000 crore and that due to retired employees is Rs 3,116 crore. The gap in the pension liability will be shared between banks (70 per cent) and employees (30 per cent).
Retired employees
Retired employees (non-pension optees), who were in the service of the bank as on September 29, 1995 and March 26, 1996 and retired thereafter, choosing the pension option will be required to return the bank's contribution to the provident fund with interest thereof received by them at the time of retirement.
Further, they have to contribute to the pension fund their share of 30 per cent of the gap in pension fund.
Existing employees (non-pension optees) can exercise the pension option by contributing to the pension fund their share of 30 per cent of the gap in pension fund.
This contribution will be recovered from the arrears payable on wage revision.
Detailed modalities will be worked out within next 90 days.
From India, Ghaziabad
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Revision in Basic wage wef Mar 2014 Gazette.pdf