Details on bipartite talk on 13.01.2020

#Todays_Bipartite_episode...

IBA team was led by IBA Chairman Mr. Rajnish Kumar, who is Chairman of SBI.

The following discussion took place :

*1.*  *Revised Offer :* The offer for hike in Fixed Pay was enhanced from 12% to *12.25 %* on pay slip. This offer is with 2% loading. "In view of overall difficult financial condition of Banks, it is not possible to go beyond this offer," was made clear by IBA.

*2.* *Spl Allowance :*  Due to extra financial burden IBA refused the Demand for Merger of Spl Allowance with Basic.

*3.* *Five Day Week :* IBA flatly refused this Demand raised once again.

*4.* *PL Encashment :* At present PL can be encashed (i) on retirement (ii) while availing LFC.

A NEW channel for PL Encashment will be introduced. Employees can encash *5* days' PL every year against available balance.

As special case, those employees having less than 5 years' remaining service, shall be able to encash *7* day PL every year against balance available. 

*5.* *Family Pension :*  IBA is working on enhancing it. They have accepted that it is not adequate.

*6.* *Pension :*  For enhancement, cost factor is prohibitive. IBA is working on it. But they have not committed anything in this regard.

*7.* *Performance Linked Incentive (PLI) :*

As per suggestions made by Unions IBA came out with Revised Offer as under :

*It is payable on year on year increase in Operating Profit.*

*A*  If Op Pft increase is between *5 to 10 %,* the Incentive will be 2.75 % which equals 10 days' salary.
*B*  if Op Pft increases by *10 to 15 %,* the Incentive will be 3.84 % which equals 14 days' salary.
*C*  if Op Pft increases by *15% & above,* Incentive will be 5.75 % which equals 21 days' salary.
*D*  For those Banks *which could not register NET PROFIT,* but it's Op Pft increase is above 5% *:* the PLI will be @ 2.75% or 10 Days' salary.

Great UFBU leaders... Great effort 👎