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.
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.
Read: 5 Days Banking – need of the hour
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.
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.
As per AIBOC Circular dated 13.09.2023, the officers’ associations today, submitted a Supplementary Charter of…
Wage revision for bankers is due since November 2022, which is to be finalized through…
DA for Bankers is expected to increase for the quarter May 2023 to July 2023.…
If you're a banker, you know that staying up-to-date on industry trends and best practices…
DA for Bankers is increased for the quarter February 2023 to April 2023. CPI data…
12 Bipartite Settlement for revision of bank employees' salary and service conditions is due from…