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MATHEMATICS OF BANKER'S WAGE
REVISION
(As submitted by one of our
readers - Mr. Rajesh Sharma)
Initially IBA has agreed for Rs 6000 Crore as wage
revision Burden due external relativity (6th Pay commission recommendation).
Later on improved up to Rs 7800 Crores.
Employee Unions raised the demand for pension Option. Option was converted
into Pension burden calculation and sharing of Pension burden. Silently and
conveniently External Relativity was ignored and lost.
a) Initially for current employee Pension burden (Rs 6000/ crore )
b) later on even for employees retired after 1996 pension burden Rs 3000
Crores.
Mathematics of pension is as follows :-
Phase 1 (figures in Crore)
Total Wages offered by IBA = Rs 7800/- (Approx 31.2 %) [Assumption Rs
250/ crores is 1% ]
Total Burden of Pension = Rs 6000/-
Out of which IBA agreed pension burden = Rs 4200/ (deducted from wage
offer)
Wage revision offer shown to us = 3600 Crores (7800 – 4200= 3600) (Actually
14.4 %)
Employee to bear Pension burden = Rs 1800/
Net (Actual ) Wage revision offer is only = Rs 1800/
(Rs3600 -1800= 1800) = 7.20 %
High Lights of wage revision Agreement :-
IBA is ready to pay 31.20 % rise Rs 7800/ Crore
Full pension burden is adjusted from wage hike in either way.(7800-6000)
Unions wants to help even retired (after 1996) employee from this wage
revision.
Net Wage revision offered is meager Rs 1800/ Crore (Aprox 7.20%)
If pension is actually given as an option - Employee would get 31.20 %
rise in wage which when compared with external relativity (Central Govt
employee was given 33 % to 40 % Rise.) may be in acceptable limit.
Pension burden is fully loaded on Bank’s employees.
In desperate bid to obtain 2nd pension Option,
Union have opened a new way to IBA for sharing the future wage revision
burden by employees.
This is not the pension option, it is burden sharing by Current employees.
Unions are silently playing against current employee interest,
Decision of Retired employee burden (Rs
3000 Crores ) sharing is not clear.
Members needs to be alert of development, and
read all UFBU circulars carefully. And Act if necessary.
You can submit your comments on :
allbankingsolutions@gmail.com
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