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Apr 30, 2010

NBEF signs the negotiation (9th BPS for Banks) under protest.....

Indian National Bank Employees’ Federation
(A Banking Wing of INTUC)
Dr. G. Sanjeeva Reddy – M.P.
Subhash S. Sawant
General Secretary
INBEF/GS/SSS/2010/26 April 27, 2010


The Chairman Indian Banker’s Association World Trade Centre Complex, Centre 1,
6th floor, Cuffe Parade,Mumbai 400 005.

Dear Sir,
Reg: Pension cost sharing amongst existing employees.

Ref: MOU dated 25th February, 2008 and Record Note of the Discussions held on
27th Nov. 2009 Between IBA and UFBU.

This has reference to your letter No.HR&IR/MV/76/90/155 dated 21st April 2010
inviting us to sign the 9th Bipartite settlement on 27-04-2010. We would like to
draw your attention to the discussions held on 16th April, 2010 in consonance to
the modalities signed on 27-11-2009 that interalia stipulates - “30% (Rs.1800.54
crores) by all the employees who are in service of the banks as on the date of
the Memorandum of Settlement/Joint Note to be signed between the parties in this
regard. This amount will be recovered from the arrears payable on wage
revision.”, you had informed us that all employees who are in service shall have
to pay 1.6 times of the revised pay as on 01-11-2007.
To our utter surprise just on the eve of the signing agreement for which the
entire workforce serving in the industry are eagerly awaiting, you have violated
from the understanding reached earlier and now insisting upon us to agree that
only the CPF optees shall have to bear the entire burden of 1800.54 crores by
contributing 2.8 times of their pay as on 01-11-2007 in lieu of 1.6 times that
was agreed upon.
This is a major deviation from the earlier understanding as our organisation
could have submitted alternate proposal on 27-11-2009 for the benefit of the
employees to which we have been deprived of.
Further since 01-04-2008 quite a large number of employees have retired from
service for whom you have decided to recover 56% in addition to the Bank’s
contribution that they will be surrendering for opting pension. This will
definitely jeopardize the interest of both the serving and retired employees as
the very basis of actuarists calculation will undergo a change.
In view of the above we would like to submit that we are signing the 9th
Bipartite settlement under protest without prejudice to our rights to maintain
the sanctity of the understanding reached earlier.

Thanking you,
Yours sincerely,
Subhash S Sawant
General Secretary

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