Canara Bank Officers' Assocaition : Circulars

After protracted negotiations, Strikes, agitations and umpteen twists and turns we are happy to inform you the gist of the Minutes of the meeting held at Mumbai on 27.11.2009:

3. One more option to join the Pension Scheme to both – Existing employees as well as Retired employees has been extended.

4. The deficit in the pension fund computed by a joint exercise by the actuaries i.e., Rs.6001.80 crores for Serving Employees and Rs.3116.50 crores for Retired Employees will be shared by the banks to the extent of 70% and 30% by the Serving / Retired employees respectively.

a) The 30% share of serving employees (1800.54 crores) will be recovered from the arrears payable on wage revision.

b) The retired employees’ opting for pension have to contribute 30% of the gap (Rs.934.95 crores) apart from refunding bank’s contribution to the Provident Fund and interest thereof received by them at the time of retirement.

c) The contribution from both – banks as well as employees (serving and retired) will be transferred to Pension Funds of the respective Banks.

5. The additional cost of pension on account of wage revision in excess of statutory contribution of 10% of pay will be shared equally between management and employees (13% of pay each) and the share of employees so calculated will be deducted from the agreed wage increase while revising salary and allowances.

6. The Bank Employees’ Pension Regulations, 1995 will be effective up to 31.03.2010 and cease to apply to any person appointed in the services of banks on or after 1.4.2010. A defined contributory retirement benefit scheme as governed by the “contributory pension scheme” introduced for employees of Central Government with effect from 1.1.2004 will be introduced for workmen / officers joining the services of banks on or after 1.4.2010. There shall be no separate contributory PF in respect of these workmen / officers.

7. All other issues of the Managements and Unions discussed during the process of negotiation will be settled to the mutual satisfaction.

8. The parties will meet on mutually convenient dates to draw out a detailed Memorandum of Settlement / Joint Note in this regard; and appropriate modifications in the Bank Employees’ Pension Regulations will be made following the prescribed procedure in this regard. The parties will endeavour to finalise the Memorandum of Settlement / Joint Note within a period of ninety (90) days from this date.

We Congratulate all members for joining the struggle and making it a Grand Success.

C B O A : Z I N D A B A D

A I B O C: Z I N D A B A D

BANK OFFICERS’ UNITY: ZINDABAD

SALARY REVISION & ANOTHER OPTION FOR PENSION

BREAK THROUGH IN NEGOTIATIONS