Adhoc payment to bank employees – 11th bipartite settlement
IBA vide letter dated 01.10.2019 has advised all Public Sector Banks and Private/ Foreign Banks who are parties to bipartite settlement to release adhoc payment pending finalization of 11th bipartite settlement.
According to the said IBA letter, 30 rounds of discussions have already taken place and IBA has offered 12% hike and also considerable progress has been made ongoing negotiations.
IBA decided that in view of delay in finalization of bipartite settlement and ongoing festive season, adhoc amount of one month salary (basic salary and dearness allowance) to be disbursed to employees who were on rolls of the bank as on 1st November 2017 (and are presently continuing in service) as advance against the due payment of arrears of salary post signing of settlement.
Those who have joined after 1st November 2017 and upto 31st March 2019 will be paid 15 days salary as advance.
Govt. may be releasing the adhoc payment in order to increase spending during the festive season.