In today’s (November 15, 2019) negotiation with IBA, representatives of UFBU discussed various important issues like an increase in wage hike %, merging special allowance with basic pay, NPS at 14%, PLI, family pension, updation, retirees medical scheme, etc. On NPS at 14% IBA was positive. Cost implications on other issues were discussed. It was agreed to crystallize the cost impact on these issues after which the final decision will be taken. On the impact on the pension funds, actuarial calculations will be gone into by UFBU. On non-financial issues, subcommittee on officers issues will be held on 21st and on workmen issues on 28th. According to the source, the UFBU meeting will be held on 28th afternoon.
Source: Message from UFBU
