Bipartite Settlement with 17% Increase in Salary for Bank Employees

The Indian Bank Association (IBA) and bank employee unions have agreed to the 12th bipartite salary hike settlement. This settlement will be in effect for the next five years, starting from November 1, 2022.

As per the officially signed MOU, government bank employees will be receiving a 17% increase in salary with 3% load factor.

“The final agreement is expected to be signed within two months, although the cut-off period is 180 days,” said Rupam Roy, the General Secretary of All India Bank Officers’ Confederation (AIBOC), to Moneycontrol.

Previously, in November 2020, IBA and bank employee unions had signed a bipartite settlement agreeing a 15 percent increase in pay for bank employees along with 2.5% load factor.

The 15 percent wage bill hike is for the five years between November 2017 and October 2022.

The 15 percent wage bill hike is for the five years between November 2017 and October 2022.

The Indian Bank Association (IBA) and bank employee unions have agreed to the 12th bipartite wage hike settlement. This settlement will be in effect for the next five years, starting from November 1, 2022.

“The final agreement is expected to be signed within two months, although the cut-off period is 180 days,” said Rupam Roy, the General Secretary of All India Bank Officers’ Confederation (AIBOC).

“The new pay scales will be constructed after merging Dearness Allowance corresponding to 8088 points (average Index point as applicable for the Quarter of July, August, and September 2021) to the basic pay as of 31.10.2022, and adding thereon a loading of 3 percent, amounting to Rs 1795 crore,” the MOU added.

On additional loading of 3 percent after the merger of DA, Roy said that it would lead to improvement in pension for all pensioners from 1986 including retirees under the proposed 12th bipartite settlement.

“Without prejudice to the demand of unions for updation of pension for all retirees, it is also agreed that as a one-time measure applicable for the current bipartite monthly ex-gratitude amount will be considered along with pension by PSBs to pensioners and family pensioners, who were drawing pension as on October 31, 2022, “MOU added.

https://www.askbanking.com/wp-content/uploads/2023/12/MoU-Signed-Copy_8Dec23.pdf