![]() We will surely inform you about the same if any notification is released. The government will decide whether that facility must be extended to the bank employees or not. IBA considered the family pension scheme demand and has recommended it to the government. 'I am indeed happy for every bank employee on his wage hike,' Jaitley said in a Facebook post. ![]() The employees demanded three major things – wages on a par Central pay commission, working week of only five days, and revised family pension scheme. The 10th bipartite settlement between PSBs and their employees reinforces the governments commitment to better lives and working environment for the people. This wage negotiation cover 29 banks and 500,000 employees in the banking sector. This 15% wage bill hike will be for a five-year period between November 2017 and October 2022. ![]() Out of this Rs.3,385 crores is for non-officers and the rest is for officers. With the signing of the Bipartite Wage Agreement, The bank employees were given a 15% hike, and also the wage bill was pushed up by Rs.7,900 crore per year. MEMORANDUM OF SETTLEMENT dated 25th May 2015 between the Managements of 43 Banks as represented by the Indian Banks’ Association and their workmen as represented by the All India Bank Employees’ Association, National Confederation of Bank Employees, Bank Employees’ Feder. To inculcate a sense of competition and also to reward the performance, the concept of performance-linked pay has been introduced for the first time” The Chief Executive of the Indian Banks Association said “ this agreement will provide a 15% increase in the payslip. This negotiation finally turned into an agreement after (almost) three years, with the signing of the 5-Year Bipartite Wage Agreement upto 2022. The two parties completed the 10th Bipartite Agreement in May 2015 which resulted in an additional outgo of Rs.4,725 crores every year. The Indian Banks’ Association on Wednesday reached a settlement with Bank Employee Unions in which they agreed to an annual wage hike of 15%. IBPS RRB PO and Clerk Prelims Study Plan.“In any case, about three months delay is likely for wage revision benefits to workforce & improvement in superannuation benefits to past pensioners,” another union leader said. The updated proposal for officers means bipartite negotiation will now cover 3.76 lakh officers, which is 99.27% of total officers in public sector banks. DGMs and GMs in public sector banks are in scale VI and scale VII respectively. ![]() It is learnt that the bank management body has now proposed to expand the scope of bipartite wage talks up to Scale V officers. IBA had earlier proposed a split mandate for officers up to scale III suggesting bank-wise increment for officers in Scale IV to VII. The 11th bipartite settlement is due from November 1, 2017.ĭifferences within the UBFU - the umbrella body with nine unions - surfaced publicly in last December when AIBOC observed a one day bank strike on December 21, five day before another strike called by all unions. Wage revision in public sector banks takes place in every five years. A final decision will be taken Wednesday at a United Forum of Banks’ Union meeting, AIBEA president Rajen Nagar told ET. Workmen includes clerical and subordinate staff of banks. IBA has raised its offer to 10% hike but the bipartite talks are stuck as the All India Bank Officers Confederation (AIBOC) is protesting the proposal to leave deputy general managers and general managers out of common wage negotiation purview which would pave the way for bank-wise wage hike for them.įollowing this impasse, the five workmen unions led by All India Bank Employees Association are keen to go ahead with negotiation only for their members under the Industrial Dispute Act. ![]()
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