After a long and protracted negotiations for more than three years and after overcoming many impediments and hurdles, finally, the 11th Bipartite Settlement on revision of wages and improvement in service conditions of bank employees has been signed today with IBA at Mumbai.
Salient Features:
- INCREASE IN WAGE BILL Rs, 3385 CRORES PER YEAR
- 29 BANKS COVERED – 12 PSB + 10 PVT BANKS + 7 FOREIGN BANKS
- 5 LACS EMPLOYEES OF PUBLIC SECTOR BANKS, PRIVATE BANKS & FOREIGN BANKS COVERED.
- UNIFORM ALLOWANCES THROUGHOUT INDIA
As per clause 19- Family Pension:
“Subject to approval by the Government, it is agreed that family pension shall be payable at the uniform rate of 30 percent of the Pay of the deceased employee and that there shall be no ceiling on family pension. It is agreed that these provisions, when approved by the Government shall apply to SBI also.”
As per the settlement, effective date for Provident Fund & Pension is 1st November 2017, whereas for Family Pension, & New Pension Scheme Effective date shall be as per Government approval.
The copy of settlement can be viewed here.
Joint circular issued by signing associations AIBEA,NCBE,NOBW,INBEF is here.
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