AIBOC CIRCULAR NO. 50 DATED 22.04.2010

AIBOC issued its circular No. 50 on meeting with Hon'ble Finance Minister, Govt. of India. We are reproducing the same here for our readers.

CIRCULAR NO.50                                                                   22.04.2010

TO ALL AFFILIATES/MEMBERS:

MEETING WITH HON’BLE FINANCE MINISTER, GOVERNMENT OF INDIA

Members are aware that the date of effect of Pension to CPF Optees was not resolved at IBA level, hence, UFBU requested for intervention of Hon’ble Minister of Finance, Govt. of India.  Accordingly, leaders of UFBU met Hon’ble Finance Minister on 21.04.2010 at New Delhi and forcefully presented the views of the UFBU on the effective date of Pension to CPF optees, from 1^st April 2008, as additional cost required for 2^nd Option on Pension was assessed by the common Actuaries based on the details made available as on 31.03.2008. 

But the Hon’ble Finance Minister did not agree with the argument as IBA was of the view that, Pension has to be effective from the date of signing the final settlement on Pension. However, he

suggested that, effective date may be from the date of signing the MoU i.e. 27^th November, 2009.

The UFBU will meet on 26^th April, 2010 at Mumbai, to take a final view of the issue connected with pension, new pension scheme, outsourcing etc.

The IBA has called for a meeting with the UFBU on 27^th April, 2010, at Mumbai, with a view to sign the final settlement on Pension and Salary revision.  We shall advise the further developments later.

With warm greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY