Pension for Grameen bank employees and Wage negotiation in banking & Insurance sector: Rajyasabha Q&A

GOVERNMENT OF INDIA

MINISTRY OF  FINANCE

RAJYA SABHA

ANSWERED ON-11.02.2014

(a) whether Government has decided to give pension to all the officers and employees of Grameen Bank; and

(b) by when Government would finalize the wage negotiation of the officers and employees working in the banking and insurance sector?

(a): The employees of Regional Rural Banks (RRBs) are getting pension under the provisions of Employees Provident Fund (Misc. Provisions) Act, 1952. The Government has in principle decided to allow RRBs to adopt pension at par with Nationalised Banks under a prescribed frame work.

(b): In respect of Banks, wage negotiations take place between Indian Banks Association (IBA) and Employees Unions/Officers Associations of banks. Negotiations for 10th Bipartite Settlement have already started. 

In respect of insurance companies, Government has advised Life Insurance Corporation (LIC), General Insurers’ (Public Sector) Association (GIPSA), a coordinating body for four public sector general insurance companies and General Insurance Company (GIC) to start wage revision consultation with their employees Unions/Associations.

Source: Rajyasabha.nic.in