Know 12th Bipartite Settlement progress : Latest News
What is 12th Bipartite Settlement?
Salary and other allowances/ emoluments of bank employees are revised every 5 year through bipartite settlement (BPS) between bank unions (UFBU – United Forum of Bank Unions) and IBA (Indian Bank Association). Next Salary revision for bankers will be through 12th Bipartite Settlement.
When is 12th BPS for bankers due?
12th Bipartite Settlement (BPS) is due on 1st November 2022. Last BPS of bank wage revision was effective from 1st November 2017. Although 11th BPS was signed on 11.11.2020 i.e., with a delay of 3 years.
How does Bank Wage Revision (BPS) process start?
The process of salary revision for bank employees starts with submission of “Charter of Demand” by UFBU to IBA. The Charter of Demand contains all the demands raised in the settlement. These demands include the increase in salary, allowances, perquisites, service conditions etc.
After submission of Charter of Demand, multiple rounds of negotiation meetings are held between UFBU and IBA to decide the final salary increase.
What is the progress till date on 12th Bipartite Settlement
Till date, no charter of demand has been submitted by UFBU to IBA.
At the time of 11th Bipartite Settlement, Government had written letters to Banks and IBA for timely settlement of salary rise. Despite that initiative, the 11th BPS was signed with a delay of more than 3 years.
Looking at the response of UFBU and past trend, the hope of early settlement is rare.