Monday, May 25, 2015

Bank Bipartite signed. Download Joint Note on 10th Bipartite Settlement

10th Wage Agreement Indian Banks Association inked wage settlement with Employee Unions and Officers’ Associations today, 25th May, 2015. The settlement gives 15% increase in salary and Allowances to about 10 lakh bank employees. Employees and officers from 43 banks including public sector banks, old private sector banks and some of the foreign banks benefit from the wage revision. The current wage revision is effective from 1st November 2012 and will be valid for 5 years. In all 11 All India Employees Unions and Officers’ Associations participated in the wage revision exercise. The scale pay of Officers has been revised from Rs.14500 – Rs.52000 to Rs.23700 – Rs.85000. (Special allowance for officers ranging from 7.75% to 11% of basic pay along with applicable Dearness allowance has also been introduced) The scale pay of Workmen – non-subordinate has been revised from Rs.7200–Rs.19300 to Rs.11765–Rs.31540, also the scale pay of Subordinate staff has been revised from Rs.5850–Rs.11350 to Rs.9560–Rs.18545. (Special allowance for workmen @7.75% of basic pay along with applicable Dearness allowance has also been introduced) Another important feature of the settlement is that a medical insurance scheme is being introduced for families of employees. The 15% wage revision would cost the Public Sector banks Rs.4725 crores as incremental Salary and allowances in a year. Banks have been making provision for wage revision from November 2012. Mr. T M Bhasin, Chairman, IBA and Mr. Rajiv Rishi, Chairman, Negotiating Committee of IBA led the Management team in the negotiations. IBA expects banks will implement the revision immediately. IBA expects the salary revision to improve the moral of the bank employees, leading to better productivity
Source : IBA Press Statement
Click here to download and view the Joint Note on 10th Bipartite Settlement between Bank Unions (Workmen) and IBA

Click here to download and view the Joint Note on 10th Bipartite Settlement between Bank Unions (Officers) and IBA

1 comment :

S.Lakshman Rao said...

Great.Whereas,the package is silent in repsect of the retired Bank Officials...Needs special attention of RBI Bombay...

Contact Us

Viewers may share any information with the administrator in this email shyamali00@gmail.com
Any news, if approved, may be published in this blog under his /her name.

.................RECENT HEADLINES

Related Posts with Thumbnails

Blog Archive

Do You Know These?:

Bookmark This Page

Bookmark and Share
All the information published in this webpage is submitted by users or free to download on the internet. I make no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this page and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. All the other pages you visit through the hyper links may have different privacy policies. If anybody feels that his/her data has been illegally put in this webpage, or if you are the rightful owner of any material and want it removed please email me at "shyamali00@gmail.com" and I will remove it immediately on demand. All the other standard disclaimers also apply.