Thursday, January 22, 2009


Dear Comrades,

We reproduce herewith the text of UFBU Circular of date on the details of the talks held between IBA and UFBU today, on our current demands.

With Greetings

Yours Comradely,


Text of the UFBU Circular No. UFBU/2009/Circular No.2, dt. 21.1.2009

Talks with IBA

Today, as scheduled, another round of talks was held in Mumbai between the Negotiating Committee of IBA and UFBU. IBA was led by Mr. M. V. Nair, Chairman of the Negotiating Committee while UFBU was represented by leaders of our constituent unions.

Compassionate Appointments / Financial Compensation Scheme: Based on the discussions held and broad understandings reached so far, it has been decided to forward our jointly agreed views to the Government on a revised scheme providing for Compassionate Appointments under certain contingencies and financial compensation to the family with a minimum of Rs. 3. 5 lacs, Rs. 4.0 lacs & Rs. 4.5 lacs and with a maximum of Rs. 7 lacs, Rs. 8 lacs and Rs. 9 lacs to Substaff, Clerks & Officers respectively. The scheme will be made effective after approval by Government and applicable to all cases of deaths after July, 2004 where no benefit was extended to the family under the old scheme.

Pension Option: On the issue of another option for existing PF Optees to join the Pension Scheme, after a lot of discussion, IBA offered to take a share of Rs. 3500 crores out of the total deficit of Rs. 6000 crores, as per the report of the panel of common actuaries. UFBU offered to share Rs. 1500 crores and the remaining Rs. 4500 crores, to be borne by the banks put together. IBA further proposed that the new entrants in the banks are to be covered by a new pension scheme based on defined contribution. UFBU expressed its apprehensions and disapproval of this proposal of the IBA. It was decided to discuss the issue further with a view to find an early and amicable solution to the issue.

Wage Revision: On our demand for wage revision, IBA made an initial offer of Rs. 2750 crores of wage increase to the employees and officers. From UFBU we expressed our dissatisfaction over the offer and urged upon the IBA to substantially improve their offer to a mutually acceptable level. IBA also urged upon the unions to come forward to find a solution to their issues like need for outsourcing of non – core services, etc.

It was decided to continue the discussions further in the next round of talks to be fixed up shortly, on a mutually convenient date.

Comrades, UFBU is endeavoring its best to reach expeditious and satisfactory solutions to our demands. In the meantime, our unions and members are requested not to be misled or confused by any wrong and baseless reportings in the newspapers, etc.

With greetings,

Yours Comradely,


naveen said...

leaders are doing nothing they are useless they are thinking about only for themselves not for the bank employees. 10% hike is negligible we should donate 10% money from our salary to these leaders.

Anant said...

All our union leaders are either going to be retired or already retired.They all are thinking only about their benefits and raising illogical demands like pension to all those who had retired after 1996.What they are doing in last two settlements(2002&2007)?????.Now they are just planning to eat out our share to pass on it to the retired ones.