![]() ![]() In today's Banking scenario, there is stiff competition amongst different category of banks i.e., Public sector, Private sector, Foreign banks. Arrears will be from the implementation of updation I.e.March 2019. After merger at index 6352 the D.A rate will be 7 paise over and above rs 6352. If load is less then the conversion factor will come down accordingly. I have taken 10% load for updation because in last updation 10% load was given to all pensioners irrespective of their date of retirement. It means 100 rupee basic pention becomes rs.163. if, Govt approves, pensioners will be benefited in updation of pension. It means that 478 slabs will be merged in basic. ![]() The date of effect is and merger point at consumer price index 6352 have already been decided. Now the formula of new agreement is being discussed in industry and in R.B.I The PLI is payable to all employees annually over and above the salary, as per the minutes of the discussion between the unions and IBA. ![]() The protracted 11th bipartite wage settlement negotiations between bank unions and the Indian Banks’ Association (IBA) concluded on Wednesday, with both sides agreeing to an annual wage increase and allowances of 15 per cent of the wage bill as on March 31, 2017.īoth sides agreed to the introduction of PLI in PSBs, which will be based on the operating profit/net profit of the individual bank.įor private and foreign banks, PLI is optional. 14% of Pay & Dearness Allowance instead of the present rate of 10% from the prospective date of signing the settlement subject to approval of the Govt.īank staff get 15% pay hike PSB employees get PLI, too The following points appear to have been decided so far!ġ) 11th Bipartite Settlement 5 Days Working Not Agreed : 5 day per week not agreed yet!Ĥ) 2.50% Load Factor on Basic pay agreed!Ħ) Balance 13% will be distributed in various Allowances agreed!ħ) DA rate in future will be 0.07 % per slab (now balance of slabs will be 681 - 478 = 203 slabs)Ĩ) From the calendar year 2020, besides encashment of PL at the time of retirement and during availment of LFC, PL Encashment would be permitted at 5 days every calendar year (7 days in case of employees/officers of 55 years of age and above) at the time of any festival of their choice.ĩ) It has been agreed to increase the banks contribution to the NPS fund to 14%, i.e. IBA has informed that they will further confirm the date.11th Bipartite Settlement Next Meeting Date 2020 IBA is also proposing an MOU on the understandings. In the meantime, the IBA is proposing to hold the next round of Bipartite Meeting on 26th November, 2009. Once this exercise is completed, the decks will be cleared for reaching an understanding. We have asked the IBA to expedite the working of the estimated cost of pension consequent to wage revision so that the issue can be sorted out between IBA and UFBU. In 8th Bipartite Settlement, the pension cost of 30.5% was shared at 10% + 9.25% from out of wage revision and balance 11.25% by banks. It will be recalled that in the 7th Bipartite Settlement, the pension cost of 26.5% was shared at 10% + 8.25% from out of wage revision and balance 8. ![]() IBA has been informing us that they are working out the revised cost of pension on account of the proposed wage revision so that the sharing of such a cost can be finalised and IBA proposed the sharing on 50:50 basis over and above the 10% of cost of pension. Further to our UFBU meeting held at Chennai on, we have been in touch with the IBA to fix up the date for the discussions and to expedite the conclusions. ![]()
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