Thursday, June 11, 2009

Bank employees may get another option for pension.

As per the latesttalk between IBA and UFBU, the employees may get another option for pension.
IBA and UFBU have agreed upon the manner in which additional pension costs of Rs 6,000 crore would be shared for providing another opportunity to certain bank employees to opt for pension scheme.
While the banks would fork out Rs 4,200 crore, the employees/officers would come up with Rs 1,800 crore as their share. Earlier, the IBA was insisting that employees/banks should contribute about Rs 2,500 crore towards the additional cost.
With this decision on sharing of additional pension costs, it is now almost certain that about 2,70,000 existing employees/officers and 50,000 retired employees will get the benefit of another option for pension.
Earlier, in the mid- 90s, they had opted for provident fund as a retirement benefit, but later wanted to move to pension. They are being given one more chance to opt for pension.

Source : UCO Bank Employees' Union, Tamilnadu.
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