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Our Bureau

Mumbai, March 4 The Indian Banks’ Association and the bank unions, under the aegis of the United Forum of Bank Unions (UFBU), have fixed the time schedule for discussing the demands. The two parties had signed a memorandum for drawing up a schedule in February.

According to the notice issued by the UFBU, the demand on offering one more round of options to join the pension scheme would be completed within three months. It has also been decided that a common actuarial would discuss the cost, as there was a huge discrepancy in the amounts as recommended by IBA and by unions. According to IBA the additional cost will be around Rs 26,000 crore, while the unions are pegging the cost at around Rs 4,700 crore.

In the next meeting, to be held on March 18, two issues of compassionate appointments and outsourcing will be taken up. After this meeting the IBA will submit the unions’ recommendations about compassionate appointments to the Government.

The timeframe for completing the discussions on outsourcing has been fixed for six weeks after the meeting on March 18. “Outsourcing is a very wide subject. There is also the backdrop of Government policy in this regard,” said Mr C.H. Venkatachalam, Convenor, UFBU.

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