Pension Scheme: UFBU To Decide On Actuarial Firms Likely Next Week

New Delhi: Bank unions under the aegis of the United Forum of Bank Unions (UFBU) and the Indian Banks'' Association (IBA) are likely to, on March 18, decide on the names of the actuarial firms that would compute the additional cost involved in providing one more round of option for bank employees to join the pension scheme. Indications are that both sides may agree on appointing two separate actuarial firms to go into the issue. As of now, there is a wide discrepancy in the cost estimates of the IBA and that of the bank unions. While IBA contends that another round of pension option would imply an additional cost of Rs 26,000 crore, the bank unions are pegging it at about Rs 4,700 crore. In February this year, both IBA and the UFBU signed a memorandum of understanding to discuss the unions'' demands on pension, outsourcing and compassionate appointments. Later, on March 4, both sides fixed a time schedule for discussing the demands.