DETAILS OF TALKS WITH IBA ON 24.09.2009

We publish hereunder the details of talks held with IBA, which are made available at AIBEA website.

Bipartite talks were held today with the IBA in Mumbai. IBA was represented by Mr. M. V. Nair, Chairman and other members of the Negotiating Committee. From our side representatives of all our unions participated in the talks.

All issues like quantum of wage increase, option to join pension scheme by employees in PF, extending the option to retirees, Compassionate Appointment / Financial Compensation Scheme, etc were discussed in the meeting. IBA took up their issues like outsourcing, streamlining the special pay posts, etc. Issues like accounting the cost of pension, introducing new pension scheme etc was also taken up by them. Discussions were held to take the issues forward with amicable solutions. While some progress has been made to sort out the various issues during today’s talks, there are also some hurdles and difficulties which are needed to be overcome.

It was decided to discuss these issues further in next round of meeting and endeavor to resolve the issues at the earliest to reach broad understanding on the issues and to expedite the final settlement.

The discussions have now entered a crucial stage and hence we need to be extremely careful while taking all efforts to finalise the settlement.