We reproduce herein the text of UFBU Circular dt. 3-3-2014 on the outcome of the discussions with IBA held yesterday.

“ As informed in our earlier Circular No. 20 dt. 19-2-2014, another round of negotiations on our wage revision demands was held in Mumbai today between UFBU and IBA.    IBA’s team was led by its Negotiating Committee Chairman Mr. T M Bhasin while UFBU was represented by all the constituent unions.

Opening up the discussions, Mr Bhasin said that looking to the present performance and earnings of the Banks and the financial constraints faced by the Banks, it would not be possible for them to further improve their earlier offer of 10% increase over the cost of payslip components. From UFBU we stoutly contested their contention and pointed out that Banks have adequate profitability and hence the offer of IBA needs to be substantially increased upwards as their offer of 10% is totally unacceptable to the Unions and already rejected as inadequate. We also drew their attention to the wage accords reached recently in few other sectors as well as the Government’s mind as reflected in their reference to the 7th Pay Commission.

The IBA stated that they would be able to negotiate further on our demands or improve their offer only if the UFBU would specify its expectations or if any counter offer is given by the UFBU in response to their offer of 10%. From the side of UFBU, we explained that our expectations or counter offer can be spelt out only if we know the response of the IBA to our various important issues raised by the UFBU viz. introduction of 5 Days Banking, defined working hours for officers, improvements in pension scheme like periodical updation, uniform DA rate for all pensioners, revision in Family Pension formula, switching over from New Pension Scheme to Defined Benefit pension scheme for the new recruits from 2010, 100% reimbursement of entire hospitalisation expenses of the employees/ officers/ family members, housing facilities for all employees and officers, etc. 

The IBA informed us that they would be able to react or respond only after all these issues are discussed by them internally and also in consultation with the Finance Ministry whom they would be meeting on the 5th instant. Hence IBA stated that they would come back to us on these issues in the next round of meeting which they would be convening shortly. We have suggested that the next round of meeting should be held within the next 7/10 days to which IBA has agreed.

During today’s meeting, we also urged upon the IBA to expedite the compassionate appointment scheme and IBA informed us that they are very much seized of the issue and would endeavor to speed up the issue with the Government.

Comrades, it would be seen that the negotiations are entering the crucial stage and hence it is very much necessary to maintain our unity, cohesion and preparedness to respond to the call of the UFBU as may be warranted.

Sd. M V Murali, Convener”

Comments By AllBankingSolutions.com

 The above circular is nothing but  a Surrender Letter by UFBU, wherein leaders have confessed that IBA refused to budge on their offer of 10% increase on PaySlip.   When IBA asked them to specify as to what is their counter offer or their expectations, they could not decide about their counter offer and seems to have started talking about controversial issues like 5 Days Week, Pension Issues etc.?   IBA made Ullu of these leaders by saying that they need to discuss these issues with Finance Ministry.  Why?  Were these not part of the Charter of Demands?  As these issues were already part of the Charter of Demands of each and every union, then why IBA had not discussed these issues with Finance Ministry in last 15 months.  One of the readers, Mr Ashwini, of previous post has interesting given the full form of UFBU as Ullu Fir Bangay Ullu

All the above non sense circular only proves the deep rooted conspiracy of UFBU and IBA to cheat aam banker in the name of wage negotiations.   The talks have moved exactly as we have predicted time and again at AllBankingSolutions.com.    The meeting was scheduled by 3rd March, 2014, as earlier reports had indicated that Elections will be declared on 1st March, 2014.  However, on account of Rahul Gandhi's urge to get certain Ordinances passed, it was delayed, and thus IBA and UFBU were forced to enact drama on 3rd March, 2014, or else these discussions might not have happened at all.

On 3rd March, 2014, IBA was sure that elections will be declared on 5th March and meeting with Finance Minister will be a formality as now onwards all politicians will be more busy in election rallies rather than meetings to discuss policy issues.   Now, on 4th March (Evening) Election Commission has announced that it will have a meeting on 5th March at 10.30 AM and in all likelyhood the election code will be applicable from 5th March itself.   Thus, the meeting with Finance Minister of CMDs will be more an election meeting rather than a serious discussions on banking or bankers issues.

In the circular UFBU has nowhere talked about the forthcoming election code and its impact on negotiation talks.  They are completely silent on this issue though it is a major issue on the social media. 

Soon we will come up with more analysis of the current situation.