Minutes of the discussions held on 22nd July, 2020 between IBA representation Management of banks which are parties to the Bipartite Settlement and Workmen Unions and Officers’ Associations on wage revision.

Discussions were held between the Indian Banks’ Association representing Managements of banks and the authorized representatives of workmen Unions and Officers’ Associations on wage revision for officers and workmen in banks.

The management and the Unions representing Officers and Workmen staff, acknowledge the need for a robust banking system which is representative to the challenges facing the country and the need to improve further the productivity, efficient and responsiveness to the needs of the customers and various state holders. With this commitment, it has been agreed to resolve the pending wage settlement issue and enter into an MoU as under:-

1. The wage revision will be effective from 1.11.2017.
2. The annual wage increase in salary and allowances is agreed at 15% of the wage bill as on 31-3-2017 which works out to Rs.7,898 crores on Payslip components.
3. The new pay scales will be constructed after merging Dearness Allowance corresponding to 6352 points (average Index point as applicable for the Quarter of June, July, August 2016) and adding thereon a loading of 2.50% on Basic Pay plus Dearness Allowance as on 31″ March 2017 amounting to around Rs. 1155/- Crores.
4. Distribution of annual wage increase between Workmen and Officers will be worked separately and proportionately based on breakup of establishment expenses as on 31.3.2017.
5. In today’s Banking scenario, there is stiff competition amongst different category of banks i.e., Public sector, Private sector, Foreign banks. In order to inculcate a sense of competition and also to reward the performance, the concept of Performance Linked Pay is felt to be introduced. After prolonged discussions and deliberations on this matter, it has been agreed to introduce Performance Linked Incentive (PLI) in Public Sector Banks, which will be based on Operating/ Net Profit of the individual bank (optional for private & foreign banks). The PIA is payable to all employees annually over and above the normal salary payable. The PLI matrix decides the amount payable to the employees (in number of days of pay-Basic+DA) depending on the annual performance of the bank. All the employees will get the number of days of pay as incentive depending on where in the matrix the bank’s performance fits in, broadly as per pay Matrix under :

* 3rd & 4th slabs are payable only if the Bank has Net Profit. If a Bank has growth in Operating profit of 5% & more, but there is no Net Profit, then minimum 2nd slab of 5 days will be payable.

(The PLI will be applicable from FY- 2020-21)

Also check: Bank DA May to July 2020 @ 76.10% – IBA

6. From the calendar year 2020, besides encashment of PL at the time of retirement and during availment of LFC, PL Encashment would be permitted at 5 days every calendar year (7 days in case of employees/officers of 55 years of age and above) at the time of any festival of their choice.
7. It has been agreed to increase the banks contribution to the NPS fund to 14%, i.e. 14% of Pay & Dearness Allowance instead of the present rate of 10% from the prospective date of signing the settlement subject to approval of the Govt.
8. All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.
9. The parties will meet on mutually convenient dates to draw out a detailed Bipartite Settlement / Joint Note on the various issues on which consensus positions have been reached. The parties will endeavor to finalize the Bipartite Settlement / Joint Note within a period of ninety days from the date of this minutes.

Signed at Mumbai on 22nd July, 2020

The post Bipartite Settlement and Workmen Unions and Officers Associations on pending wage revision settlement issue appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

IBA circular on DA for Pre-1986 Bank Retirees and Surviving Spouses

Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2016-17/774

August 1, 2016

Designated Officers of all Nationalised Banks and Associate Banks of State Bank of India

Dear Sirs,

Dearness Relief payable for the period August 2016 to January 2017 to surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.86 Retirees who are in receipt of Ex-gratia

As per the directive contained in the Government of India, Ministry of Finance Department of Economic Affairs (Banking Division) letter F.No.11/2/2012-IR dated 17. 12.2013, the Dearness Relief payable to surviving pre 1.1.1986 retirees of banks for the period August 2016 to January 2017 on Ex-gratia will be as under:

Yours faithfully,

K S Chauhan
Senior Vice President

Download IBA Circular No.CIR/HR&IR/D/G2/2016-17/774 dated 1.8.2016

The post Dearness Relief for Pre-1986 Bank Pensioners from August 2016 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

IBA circular on Dearness Relief for Bank Pensioners.

Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2016-17 /772

August 1, 2016

Designated Officers of all Member Banks which are parties to the Bipartite Settlement on Pension

Dear Sirs,

Dearness Relief payable to Pensioners for the period August 2016 to January 2017

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960= 100) for the quarter ended June, 2016 are as follows:-

In terms of Regulation 37 of Bank Employees’ Pension Regulations, 1995 Dearness Relief is payable to pensioners at rates specified in Appendix II to the Regulations.

Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period August 2016 to January 2017 as per Annexure.

Yours faithfully,

K S Chauhan

Senior Vice President

Indian Banks’ Association

Download IBA Circular No.CIR/HR&IR/D/G2/2016-17 /772 dated 01.08.2016

The post Dearness Relief for Bank Pensioners from August 2016 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

DA for Bank employees for the months from August, September and October 2016 has been announced.

Indian Banks’ Association

HR & Industrial Relations

No.CIR/HR&IR/76/D/2016-17/768

August  1,  2016

All Members of the Association
(Designated Officers)

Dear Sirs,

Dearness Allowance for Workmen and Officer Employees in banks for the months of August, September & October 2016 under X BPS/ Joint Note dated 25.5.2015

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Basel 960 -100) for the quarter ended June 2016 are as follows:-

The average CPI of the above is 6261.90 and accordingly the number of DA slabs are 455 (6261.90-4440 1821.90/4= 455 Slabs) The last quarterly Payment of DA was at 420 Slabs. Hence there is an increase in DA slabs of 35, i.e 455 Slabs for payment of DA for the quarter Aug, Sep & Oct 2016.

n terms of clause 7 of the 10th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees for the months of Aug, Sep & Oct 2016 shall be 45.50% of ‘pay’. While arriving at dearness allowance payable, decimals from third place may please be ignored.

We advise banks to pay the difference between the old and revised salary and allowance to officers on an ad hoc basis, pending amendments to Officers’ Service Regulations.

Yours faithfully,

K S Chauhan
Senior Vice President

Download Circular No.CIR/HR&IR/76/D/2016-17/768 dated 01.08.2016

The post DA for Bank Employees from Aug 2016 – IBA orders appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Male Bank Employees eligible for 15 days Paternity leave as accepted under the 10th Bank Wage Negotiation Settlement – Minister of Finance confirms in Lok Sabha.

Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha has confirmed Grant of 15 days Paternity Leave to bank employees

Paternity Leave to Bank Employees

Grant of Paternity Leave to bank employees has been accepted under the 10th Wage Negotiation Settlement signed between Indian Banks’ Association (IBA) and the Unions/Associations of employees.

Male employees with less than two surviving children shall be eligible for 15 days paternity leave during his wife’s confinement and may be availed upto 15 days before or upto 6 months from the date of delivery of the child.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

The post Paternity Leave to Bank Employees appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

KOLKATA: Reserve Bank’s employees have proposed one-day mass leave on November 19 to protest what they termed as the government’s intention to curb the apex bank’s activity and intervening into monetary policies.

The United Forum of Reserve Bank Officers and Employees, the umbrella organisation of four recognised unions of officers and workmen staff in RBI, has decided a day’s ‘Mass Leave’ on November 19 by around 17,000 workforce, AIRBEA General Secretary Samir Ghosh told PTI.

“With the proposed mechanism of Monetary Policy Committee (MPC), the government plans to intervene and themselves decide the monetary policy which has been the exclusive jurisdiction of RBI so far,” he said.

In the wake of the protest, settlement activity of the banking system of the country is likely to be disrupted on November 19.

“The cease-work programme is intended, inter alia, to strongly oppose Government of India’s current moves to cripple RBI in the name of the draft financial code and legislative reforms,” the United Forum release said.

“The Finance Ministry is reportedly giving final shape to shift Government’s debt management functions from RBI to the proposed Public Debt Management Agency (PDMA), which will also henceforth function as depository of government securities (G-Sec), thus taking away from RBI some vital operations having relevance to money market as well,” it added.

The union body will also press for their demand for improvement in pension.

Read more at http://economictimes.indiatimes.com/

The post RBI staff plans mass leave on November 19 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.