STRIKE DEFERRED

UCO Bank Employees 'Union
328, Thambu Chetty Street,
Chennai – 600001
UFBU DEFERS STRIKE
In the conciliation meeting held by Chief Labour Commissioner at New Delhi between IBA and UFBU on 4/6/09, the CLC had advised both parties to sit together across the table to sort out the issues. While from UFBU we had agreed to this suggestion in order to find amicable solution to our demands, IBA however took the stand that unless the strike is withdrawn, no talks would be held.

Hence UFBU decided to go ahead with the strike. In the face of our countrywide preparations for the strike, IBA changed their stand and came forward to hold further discussion on our demands.

Accordingly, a round of Bipartite discussion was held between IBA and UFBU today in Mumbai.

Arising out of the discussions, the following positions have emerged.

The precondition that the unions should agree for new pension scheme to be made applicable to the new recruits would not be insisted upon. IBA stated that the existing pension scheme will continue to be applicable to all new recruits upto 31/03/2010, but UFBU stated that this should be extended upto 31/10/2012, and matter should be reviewed thereafter. The issue will be further discussed.

Regarding sharing of additional pension cost, it has been agreed that banks would take a share of Rs. 4200 crores and employees / officers at Rs. 1800 crores.

To our demand for a minimum increase of 20% in the wage bill, IBA was willing to improve their offer from 15% to 17% subject to approval by Managing Committee. UFBU wanted IBA to further improve their offer to 20%.

In view of the breakthrough in the pre-conditions and the willingness of the IBA to finalise our demands with a positive approach within a short time, UFBU decided to defer our proposed strike on 12/06/2009.

It has been agreed that IBA and UFBU will meet again very shortly to finalise the understandings on our demands.

Comrades, our unity and our preparations for the strike have resulted in this breakthrough. We shall further continue our efforts to achieve our demands expeditiously.

Keep this unity in tact and keep the powder dry.

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