NOTE: SBINEWS DOES NOT PERMIT CIRCULATION OF ATTACHMENTS. ATTACHMENTS, IF ANY, CIRCULATED WILL BE ONLY BECAUSE OF VIRUSES. PLEASE,THEREFORE, IGNORE ATTACHMENTS IF ANY IN SBINEWS MESSAGES ************************************************************************ CIRCULAR NO.116 TO ALL AFFILIATES/MEMBERS: 24th November, 2004 SALARY REVISION SETTLEMENT REACHED WAGE HIKE BY 13.25% - MOU SIGNED We furnish below the text of Circular No.83 dtd. 24-11-04 issued by AIBOC, the contents of which are self-explicit. With greetings, Sd/- ( SHANTHA RAJU ) GENERAL SECRETARY CIRCULAR NO. 83 TO ALL AFFILIATES/MEMBERS: 24TH November 2004 SALARY REVISION SETTLEMENT REACHED WAGE HIKE BY 13.25% - MOU SIGNED The wage negotiations meeting held between the Officers' Organisations and the IBA have borne fruits at last. After a considerable lapse of time, and the possible threat of agitation due to delays in negotiations, the IBA convened a meeting on 23.11.2004 to work out a solution to the long pending issue of salary revision. Our meeting commenced around 4.00 p.m. since the meeting with workmen organizations was convened in the forenoon. The major issue of mobility as far as the workmen was concerned being sorted out, the IBA had to come out with a final offer on financial package. The unanimous view of the constituents of UFBU was that the IBA should be asked to come out with their improved offer as agreed by them before the conciliation meeting. 2. Accordingly, the negotiations resumed with IBA improving their offer from Rupees 1800/- crores to 1900/- crores which was not acceptable to both the Officers as well as the Workmen Unions. Thereafter, the constituents of UFBU met and decided not to accept the offer of IBA and to insist for a reasonable increase in their offer or to proceed with the earlier decision on agitation. After prolonged discussions which extended upto late evening, a final deal was struck at Rupees 2200/- Crores. In terms of Officers share it comes to Rupees 912/- crores working out to 13.25%. Thus the first stage of deciding the load factor was concluded. 3. Comrades, in the backdrop of the prolonged negotiations and the IBA's insistence that the management issues should be resolved, the final conclusion is the best one when compared to the last revision. In terms of percentage, it is a substantial gain for the Employees and Officers. The other details will be worked out in a couple of days and in any case the final agreement comprehensively covering all the aspects of wage settlement should be possible in a month's time. The settlement has come at an opportune time and we are confident that the conclusion of wage settlement will be an added feather in the cap of the Confederation when we are meeting in our historic 7th Triennial Conference at Mumbai. The important features of the agreement are as follows: Officers: The total quantumn of increase is Rupees 912/- crores. The percentage increase is 13.25% The percapita comes to Rupees 3625/- The merger of index is at 2288 points Date of effect of revision is 1.11.2002 Future D.A. neutralisation shall be 100%. 4. Comrades, we are confident that the final settlement will take care of our other requirements such as reasonable level scales etc. 5. Copies of MoU signed between IBA and the 4 Officers' Associations as well as UFBU Circular are enclosed. We convey our greetings to our members who have rallied round our organization as well as UFBU with exemplary commitment enabling us to clinch a fair deal. With greetings. 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