11th Bipartite Settlement- Charter of Demand: Superannuation Benefits

11th Bipartite Settlement is due from 1st November 2017. Charter of demand for 11th Bipartite Settlement has been submitted jointly by AIBOC, AIBOA, INBOC & NOBO. Charter of demand will be the basis for discussions and negotiations for finalizing the salaries, benefits and other matters concerning bank employees 11th bipartite settlement.

SUPERANNUATION BENEFITS:

The voluntary retirement provided in the Officers Service Rules should be incorporated in the Pension rules and they should also be made eligible for Pension without any discrimination.

Pension scheme should be extended to all those who have been denied earlier on the basis of the misinterpretation of the understandings reached with IBA in 50 particular those who retired under voluntary retirement scheme as per the service regulations / resigned after completing 20 years.

Full Pension Eligibility Period to be made 20 years

FAMILY PENSION:

The Family Pension should be on par with the Government and be at 30% of last drawn pay by the officer across the board to every one. The regular family pension will be payable till death. Up to the age of 67 years or 10 years after death full pension.

NEW PENSION SCHEME

The employees and officers who joined the banking industry on or after th 01.04.2010 should be governed by the original pension settlement signed on 29 October 1993 and Gazetted in the year 1995.

GRATUITY:

The Gratuity should be paid at the rate of one month salary and allowances without any ceiling. The gratuity should be completely exempt from payment of income tax. The calculation of gratuity should be changed as we move over to 5 day week.

PROVIDENT FUND:

Based on the principles of retirement benefits which allot Provident Fund, Gratuity and Pension for different purposes, the Provident Fund should be at the rate of 12% of the total salary and allowances. The Provident Fund should be payable to all employees.

ENCASHMENT OF LEAVE:

Encashment of entire leave at credit should also be permitted on resignation, removal and compulsory retirement. Now, half permitted on resignation & full on compulsory retirement. The existing ceiling on encashment of leave should be removed at the time of resignation / superannuation as directed by the Court judgement. The entire 58 amount should be exempted from income tax as in the case of the Central Government Employees. Encashment of PL should be allowed without any ceiling.

MEDICAL BENEFIT SCHEME:

A comprehensive Medical Scheme for pensioners/ retirees should be framed and introduced in all the banks as available now in the case of executive directors and CMDs of the Banks, and the medical insurance scheme is to be reversed.

WELFARE ACTIVITIES:

A separate allocation of funds for improvements to welfare of the pensioners should be made every year. The facilities like Holiday Home, clinics, Transit House etc., should be made eligible for pensioners also. Present ceiling of 3 % of net profit to be given to welfare activities should be raised to 5 % of operating profit to be given to welfare activities. Suitable life cover should be taken for normal as well as accidental death of employees. LFC/ HTC FACILITY: LFC / HTC Facility should be extended to the retirees also at par with serving employees or at least once in 5 years.

NEWS PAPER:

News paper and fitness allowance can be provided to the pensioners

Also Read:

11th Bipartite Wage Settlement : Charter of Demands: Other Allowances and Benefits

5 thoughts on “11th Bipartite Settlement- Charter of Demand: Superannuation Benefits

  1. Gratuity should be increased par with the central govt. w.e.f. 1.1.16 and all other benefit given to serving employees.

  2. regular updation of pension & family pension.2 medical insurance premium to be bourn by bank like servicing employees. 3.lfc to all retirees,as per servicing employee.4 news paper,telephone bill some amount to be paid to retirees

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