Violation of Labour Laws

Whenever violations of labour laws come to notice, either on the basis of complaints or at the time of periodical inspections made by the enforcement sphere, action is taken by the appropriate Government concerned as per provisions of the respective enactments!Hence funds contributed jointly by the employees prior to this 9 th bipartite viz from 7 th ,8 th bipartite settlements toward the pension corpus are utilised to cater to the Pension optees alone!
The present guidelines indicate that employees who have joined in the service of the bank on or after 29-09-1995 are automatically covered under the Pension Scheme. However, employees who were in the serving in the banks up to 28.09.1995 have to opt for Pension!Hence the funds jointly contributed by all the employees toward pension corpus are not avaialble for the PF optees remain in banks waiting for pension option.The subject PF optees are already crossing the age of 50 and such senior people must have been permitted one more option to exercise for the pension!Law gives certain benefits and relaxations to the workers above the age of 40 and it strictly tells that they should not be discriminated also!

PF optees made to pay huge amount for pension

On the eve of 9 th bipartite settlement, UFBU and IBA have agreed on a pension settlement:
All employees who had earlier give PF option, if they want to switchover to the pension option,they have to pay 2.8 time of the revised pay for the month of November 2007.
This announcement and settlement has started huge controversy among the bank employees across the nation and they have come together to fight against this injustice arrived by the parties to the agreement:
All PF optees can analyse the issue and post their comments in this blog: