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

The 12th Bipartite Wage settlement is due from 01.11.2022. The discussion for the implementation of the 12th BPS is yet to start. The latest news updates of the 12th bipartite settlements shall be shared here.

 

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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