Record Note of discussions between IBA and UFBU relating to retirees on 25.5.2015
Record Note of Discussions between Indian Banks’ Association and United Forum of Bank Unions on the issues and demands relating to retirees of the Banks held on 25th May, 2015 at Mumbai.
In the Charter of Demands submitted by the Workmen Associations for revision of wages and service conditions, certain demands pertaining to the superannuation benefits/issues of retirees were raised. These issues were discussed in detal on various occasions during course of negotiations on the Charter of Demands. IBA maintained that any demand of retirees can be examined only as a welfare measure as contractual relationship does not exist between banks and retirees.
The periodic wage revision exercise mandate from member banks cover only wages and service conditions of serving employees. Retirement benefits are based on service conditions prevailing at the time or retirement of an employee and these do not change with subsequent settlements.