Business

Tension at adb

There is tension brewing among staff of adb Bank Limited after a directive was issued by management to have the payment of their Tier 3 Pension Fund abolished.

According to a memo sighted by 3news.com, the workers failed to submit any proposals towards the Fund despite management’s attempt to engage them.

“At its meeting held on December 31, 2018, the Board took a decision to abolish the Tier 3 Pension Fund in the absence of staff contributions effective January 2019,” the memo stated.

But the workers have rejected the claims by management, strongly stating that it “is not the case”.

“The Union responded and maintained that the case is a CBA matter and needed to be treated as such,” a letter written to the Union of Industry Commerce and Finance Workers (UNICOF) by the staff noted.

It said staff are contributing 15 per cent while the company is also contributing same percentage.

The letter dated January 17, 2019 asked UNICOF authorities to immediately convene a meeting with management “to determine the issue”.

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