12th Bipartite Wage Settlement Latest Updates

 

The increase in wages and other allowances for bank employees is decided every five years after a years-long discussion between the Union Forum of Bank Unions(UFBU) and the Indian Bank’s Association (IBA). UFBU represents various bank unions while IBA represents managements of participating banks. The salary of officers and clerks of 29 banks (12 public sector banks, 10 private & 7 foreign Banks)  is governed by the bipartite settlement between UFBU and IBA.

The current bipartite wage settlement (11^th BPS) was signed on 11.11.2020 and is effective from 01.11.2017 to 31.10.2022. Under the 11^th Bipartite Wage Settlement, the bank employees got a 15% increase in pay slip components. Further, for the first time, a performance-linked Incentive (PLI) was introduced as a pay slip component.

The 12^th Bipartite Wage settlement is due from 01.11.2022. The Charter of Demands stands submitted by bank unions to IBA on 21.10.2022. The discussion for the implementation of the 12^th BPS is yet to start.  The latest news updates of the 12^th bipartite settlements shall be shared here.

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Pending issues of 11^th bipartite wage settlement

11^th bipartite settlement was signed on 11.11.2020, however, some of the demands of unions were kept open for discussion. The issues detailed below are still under discussion and the last meeting between IBA and UFBU constituents was held on 24.09.2022.

1. Implementation of 5-day banking.

2. Stagnation increment fitment as per 11^th Bipartite Settlement

3. Pension updation of old retirees.

4. One option of pension for resignees.

5. To change the base year for dearness allowance from 1960 to 2016

6. To base staff welfare fund on operational profit as against 3% of net profit at present.

7. To reduce mediclaim premiums for retirees.

8. To make branch and cash timings uniform across all bank branches.

9. Fitment for Ex-serviceman

10. To increase allowances for bank staff working in disturbed area like Jammu & Kashmir.

The link to the Joint note dated 11.11.2020 for the 11^th bipartite settlement is given under “Sources”

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Sources

https://aiboc.org/wp-content/uploads/2020/11/68_2020_aiboc_r_Wage-Negotiation-for-Officers.pdf

http://www.bankubeutn.in/documents/11thBPS.pdf