“The pension cap of 9,000 times a month has been removed. It is paid at a single rate of 30%. Banks` finances will not take a hit in the bill, as they have already taken into account the increase in wage costs over the years. Future cost liability will remain limited, as the base salary component will be offloaded by only 2.5%, which was 2% at the time of the last count,” said Sunil Mehta, Chairman of the IBA Board of Directors. More than 8.5 lakh employees, facing embarrassing projects by state-owned banks (PSBs), will receive a 15% pay increase at the end of the 11th bipartisan wage negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bankers` associations and five workers` unions, and the IBA concluded a Memorandum of Understanding (MoU) on 22 July for an annual increase of 15%. However, Finance Minister Nirmala Sitharaman (FM) told the IBA general meeting on Tuesday that retired bank employees should be treated in the same way as the defence sector. Nearly 800,000 employees of public, private and foreign banks are facing a festive ceremony in which bankers` unions and the Association of Indian Banks officially sign the 11th Bipartite Settlement. IBA informs that they were not ready to accept our request for 5 days of bank. 1. The revision of salaries to 20% increase in the components of the payslip with sufficient loading including 2 5 days of bank 3. Merger of the special allowance with the base salary 4. new retirement scrap (NPS) 5.
Pension 6 resuscitation. Pension improvement 7. Allowance to the Personnel Protection Fund on the basis of operating income 8. Exemption from income tax on benefits without cap 9. Uniform definition of opening hours, noon time, etc. in branches 10. Introduction of Leave Bank 11. Defined work schedules for officers 12. Equal pay for equal work for contract/matching agents In the event of a 15% increase, the new salary of a banking PO after the 11th two-piece is 46,000 to 50,000 USD/month (including supplements). The wage review applies retroactively from November 2017 to October 2022 and includes state-owned banks, older private banks such as the Federal Bank and Dhanlaxmi Bank, as well as some foreign banks.
The first two were not met, but the IBA agreed to recommend the family pension system to the government. The government is now deciding whether to extend this facility to bank employees. Subsequently, the President of the IBA called on union leaders to increase the offer to 15% of the billing costs. But he did not accept union demands such as public holidays every Saturday and Sunday. Merger of special allowances with base salary. “The Association of Indian Banks is pleased to announce the conclusion of the 11th bilateral wage negotiations with trade unions and banking associations, which are expected to come into force on November 1, 2017. The agreement reached today (Wednesday) provides for a 15% increase in the payroll,” IBA Chairman Sunil Mehta said in a statement. The 15 per cent pay increase would apply over a five-year period starting November 1, 2017. A detailed two-part count or joint communiqué was signed with the UFBU and also BKSM (Bank Karamchari Sena Mahasangh), who were parties to the agreement, according to the statement.