IBA Latest News on Wage Revision 2020

Bank Wage Revision 2020

After prolonged discussions and protracted negotiation on various financial and non-financial issues, the long-awaited settlement has been reached between IBA and all constituents of UFBU for all scales of officers.

The highlights and salient features of the settlement with the officers’ organisations are as under:

The new Basic Pay was arrived at after merging 47.8% of DA i.e. at 6352 points and a loading of 2.5% thereon, thus the new pay structure is Rs.36000/- to Rs.129000/- covering all the seven scales, with effect from 01.11.2017.

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1. The revised DA as of 01.11.2017 will be 0.07% for every 4 points of DA rise in the quarterly index.
2. The Special Allowance carrying the applicable DA thereon with effect from 01.11.2017 is as under:
   a. Scale 1 to Scale 3 : 16.40%
   b. Scale 4 and Scale 5 : 19.00%
   c. Scale 6 and Scale 7 : 20.00%
3. The HRA at 9%, 8% and 7% remains unchanged.
4. The CCA in higher area is Rs.1400/- and Rs.1150/- for lower centres.
5. The newly introduced Locational Allowance for Non CCA centres of Rs.700/- per month with effect from
   01.11.2017.
6. Learning Allowance, a new feature has been introduced with effect from 01.11.2017 at the rate of Rs.600/- per
   month with applicable DA thereon for all officers.
7. Introduction of one additional Stagnation increment from Scale 1 to Scale 4 w.e.f. 01.11.2017 and for the first
   time in the industry, Scale 5 officers will get one stagnation increment with effect from 01.11.2020. The
   periodicity of such stagnation increment will be two years.
8. The periodicity of all existing stagnation increments will be now of two years notionally w.e.f. 01.11.2017
   for the purpose of superannuation benefits. All accumulated increments during this period shall be released with effect from 01.11.2020.
9. For the first time in Departmental Inquiry, Defence Assistant shall be entitled for Boarding and lodging
   expenses.
10. All other allowances were substantially improved upon based on the past practices adopted in each wage revision exercise.
11. Certain visible improvements in the Leave rules are brought in.
12. The Non-financial issues like Five-day week, Updation of Pension in the wake of the recent announcement made by the Hon’ble FM for the seniors, Grid holidays, D & A regulations, Introduction of North East Allowance for all officers etc., were taken up for discussion for logical conclusion.
    Comrades, the united approach of the officers’ organisations have produced the desired result to benefit.
    Copy of the Circular with 8th Joint Note duly signed for your information is here.

Source: airbiopf

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