11th Bipartite Settlement reaches consensus – Salary rise in 90 days
Meeting between IBA and Bank Employees’ Associations was held in Mumbai on 22nd July for discussion on 11th bipartite settlement. This time the matter has been concluded and bankers can foresee the long pending increase in salary.
As per sources, wherein the minutes of meeting have been shared by IBA, the following has been agreed for conclusion of the 11th bipartite settlement, which is to be effective w.e.f. 1st November 2017 (An MOU will be signed to this effect):
- The Annual wage increase in salary and allowances is agreed at 15% of the wage bill as on 31.03.2017.
- DA merger of 6352 points
- Performance linked pay on annual basis based on operating profit and net profit of the bank.
- PL Enhcashment of 5 days (7 days for age 55 years and above) in a year besides the existing allowed encashment at the time of retirement and LFC.
- Increase in bank’s contribution on NPS from 10% to 14% (prospectively)
Detailed bipartite/ joint note will be signed within 90 days.