Bank Wage Revision 22-07-2020
11th Bipartite Settlement 22nd July 2020
11th Bipartite Settlement DA Merger | 11th bipartite settlement 15 percentage
Bank Wage Revision 22 July 2020 – 11th Bipartite Settlement 22nd July 2020 – Bank Staff Get 15% Pay Hike
Bank Wage Revision 2020 Latest News
Indian Banks’ Association
Also Read: Improvement of Family Pension and Updation/ Revision of Pension
Minutes of the discussions held on 22nd July, 2020 between IBA representing Management of banks which are parties to the Bipartite Settlement and Workmen Unions and Officers’ Associations on wage revision
| Revision in Dearness Allowance for the quarter Aug’20 to Oct’20 |
| Dearness Relief for RBI Pensioners 1.60% increase from August 2020 to January 2021 |
| Bipartite talks-MOU signed – BEFI abstained from signing MOU |
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.
| IBA is agreeable to Family Pension at 30% without ceiling subject to discussions of modalities. |
The Management and the Unions representing Officers and Workmen staff, acknowledge the need for a robust banking system which is responsive to the challenges facing the country and the need to improve further the productivity, efficiency and responsiveness to the needs of the customers and various stakeholders. 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.
. 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, and August 2016) and adding thereon a loading of 2.50% on Basic Pay plus Dearness Allowance as on 31st 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 PLI 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 Matrix under:
| No. | YoY Growth in Operating Profit | No. of days for which Salary (Basic + DA) shall be paid |
| 1 | <5% | Nil |
| 2 | 5% to 10% | 5 days |
| 3 | >10% to 15% | 10 days* |
| 4 | >15% | 15 days* |
| *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) | ||
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.
Bank Wage Revision PDF Download – Signed Copies
Signed at Mumbai on 22nd July, 2020
FOR MANAGEMENT
FOR WORKMEN UNIONS/OFFICERS’ ASSOCIATIONS
- Bank DA Rate from May to July 2024 at 15.97% of pay for Workman and Officer Employees June 11, 2024Read more…
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- 48.51% DA for Bank Employees from Feb 2024 to April 2024 Pay February 5, 2024Read more…
- 48.51% DA for Bank Employees from Nov 2023 to Jan 2024 November 2, 2023Read more…
- Bank Employees Wage Negotiation between UFBU and IBA September 7, 2023Read more…
- 44.24% DA for Bank Employees from August to October 2023 August 3, 2023Read more…
- Dearness Relief to Bank Pensioners for the period August 2023 to January 2024 August 3, 2023Read more…
- Dearness Relief to Pre 1986 Bank Retirees from August 2023 to January 2024 August 3, 2023Read more…
- 41.72% DA for Bank Employees from May to July 2023 May 4, 2023Read more…
- Banks Remain Closed on All Saturdays – BEFI March 8, 2023Read more…
- Dearness Relief to Bank Pensioners for the period February 2023 to July 2023 February 2, 2023Read more…
- Bank DA Rate from Feb 2023 to April 2023 at 41.16% for Workmen and Officer Employees February 2, 2023Read more…
- Dearness Relief to Bank Pensioners for the period August 2022 to January 2023 August 1, 2022Read more…
- DA for Bank Employees from August 2022 to October 2022 August 1, 2022Read more…
- DA for Bank Employees from May 2022 to July 2022 May 4, 2022Read more…
- Dearness Relief to Bank Pensioners for the period February 2022 to July 2022 – IBA February 1, 2022Read more…
- DA for Bank Employees from February 2022 to April 2022 February 1, 2022Read more…
- Dearness Allowance to Bank Employees from November 2021 to January 2022 November 2, 2021Read more…
- Bank Employees Family Pension to be increased to 30% of last pay drawn August 26, 2021Read more…
- DA for Bank Employees from August 2021 to October 2021 August 2, 2021Read more…
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Raj Kiran Rai G
Chairman Managing Director & CEO
Union Bank of India
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Bank Karmarchari Sena Mahasangh
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Rakesh Sharma
Managing Director & CEO
IDBI Bank Ltd
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Pallav Mohapatra
Managing Director & CEO
Central Bank of India
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Shyam Srinivasan
Managing Director & CEO
The Federal Bank Ltd
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A K Goel
Managing Director & CEO
UCO Bank
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Alok Kumar Choudhary
Dy MD (HR) & CDO
State Bank of India
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Sunil Mehta
Chief Executive
Indian Banks’ Association
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Gopal Murli Bhagat
Deputy Chief Executive
Indian Banks’ Association
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S Kakkar
Senior Advisor (HR&IR)
Indian Banks’ Association