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 (11th BPS) was signed on 11.11.2020 and is effective from 01.11.2017 to 31.10.2022. Under the 11th 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.
12th Bipartite Wage settlement
The 12th Bipartite Wage settlement is due on 01.11.2022. The progress in respect of the implementation of bipartite settlement is as detailed:
21.10.2022 Bank Unions submitted the Charter of Demands to Indian Bank’s Association (IBA).
10.07.2023 Finance Ministry advised IBA to finalize the bipartite settlement in a timebound manner by December 1, 2023.
28.07.2023 The first meeting of negotiating committee of IBA and the representatives of bank unions took place. During the first meeting, IBA formed committees and sub-committees for the negotiation of various issues.
The understanding was reached to allow 100% DA for pre-Nov 2002 pensioners and family pensioners. The same shall lead to an increase in pension of concerned pensioners up to Rs 16000.
07.08.2023 A formal discussion started between IBA and UFBU. IBA informed that it is in the process of obtaining a mandate from member banks. IBA further informed that the proposal for 5-day banking is under consideration by DFS and approval is expected by month end.
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12th Bipartite Wage Settlement Expected Salary Calculator
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How much Pension Shall I get under NPS, if I Retire/Resign Today
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Pending issues of 11th bipartite wage settlement
11th 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.
1. Implementation of 5-day banking.
2. Stagnation increment fitment as per 11th 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 11th bipartite
settlement is given under “Sources”
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
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