Tuesday, February 24, 2015

Likely increase of salary for bank employees

After long wait and negotiations, strike call and withdraws, finally the wage hike settled for bank employees with 15% hike in pay slip components and two extra holidays per month. Click here for details. Details of hike and joint note will be prepared within three months. As per sources, two saturdays will be holidays from 1st April onwards.
Bank employees are very much eager to know the amount of exact increase in pay slip. Though no official confirmation is available, we reproduce a likely chart of increase as procured and sent by one of our viewers, Mr Debashis Das.

Kindly note that this is only a calculation based on available data.

10 comments :

Anonymous said...

what about updation of pension of retired bank employees?

Anonymous said...

Unions have ignored the retired bank employees in this settlement in getting the updation of pension. False promises were made by them and retired employees associations have to be disbanded since they do not serve any purpose.

Anonymous said...

Totally wrong calculation.

Anonymous said...

Calculations are largely wrong as the increment in Basic is only 2 Percent not 15% as shown in chart.

PM said...

The likely salary projected in a Chart provided under the blog is basically wrong.
1.The method of calculation is totally wrong concept too.
2.Increase is not 15% of BP+60.15% as shown in chart published.(IBA not mentioned such calculation)
3.More important is,forgot or not taken into account 2% load factor on BP+Da as on 31.3.12 to be added to the BP+ Merger of CPI 444o figure.
4.The concept and method given under point No 3 in IBA/UFBU minutes of 23rd ignored while giving the calculation.
IN FACT THESE CALCULATION MAY BE AS FOLLOWS AS PER IBAs GUIDELINES
1.Basic Pay Rs.14500
2.Add CPI 4440-ie.60.15%
which comes to Rs.8721.75
Total Rs.23221.75
3.Next is adding 2% load on
BASIC PAY + DA as on 31.3.2102
ie 14500 + DA at 63% ie.Rs.9135
Total Rs.23635
4.2% above BP+DA Rs.472.70
5.Add Rs 472.70 with Rs 23221.75
6.New Basic Pay comes to 23694.45
Till IBA give further clarifications the above may the way for calculation for new BP
Misatkes:
01.HENCE IT CAN BE FOUND THAT 15% OF BP+60.15% IS NOT CORRECT and IBA has not given such method.
02.DA factor at 0.12 is not a confirmed one as per IBA or UFBU
As such the correctness of new DA is also may not be accurate till it is confirmed
Thus increase shown also goes wrong
03.More important-Forgot or ignored to add 2% load factor ie.BP+DA as on 31.3.2012.
04.Since the basic concept and method of given by IBA is not followed in calculation as published in the chart calculations it self went wrong. It become a futile exercise which will no way help bank employees.

WAIT TILL IBA FINALISE THE ROUND OFF NEW BP,ARRIVE ON DA FACTOR
ETC TO PRESENT ERROR PROOF CHART

MOHAN P



Anonymous said...

It seems that the Chart provided under Likely Salary increase to Bank employees has prepared in haste without looking into the method to be adopted to arrive New Basic Pay under 10th BPS.
As per minutes dt 23rd Feb’15.
The new scales will be constructed after merging dearness allowance corresponding 4440 points as on November 2011, which works out to 60.15% and adding a factor 2% on basic pay plus dearness allowance as on 31st March 2012
Mistakes:
01.Here in the chart 15% is added to Basic Pay + 60.15%(Merger of CPI 4440) to arrive new BP under 10 BPS.Same is totally wrong.IBA has not mentioned on adding 15% increase
02.2% Load on Basic Pay + DA as on 31.3.2102 has not at all taken into account while arriving new BP!
03.The new DA factor has not been confirmed by IBA/UFBU and as such showing 0.12 is not authentic.
04.Thus except the amount shown under column 1 on Basic Pay and 60.15% merger all other amount shown are totally wrong.It become a futile exercise not beneficial to employees.
IF FOLLOWED BY IBA METHOD THE CALCULATION WOULD HABEEN AS FOLLOWS:
1.Basic Pay (9th BPS) Rs 14500
2.60.15% On above (towards merger of CPI 4440) Rs.8721.75
3.Total Basic Rs.23221.75
4.Add 2% load on BP+Da (63%) as on 31.3.2012.RS.14500+9135 = Rs 23635
2% of 23635=472.70
5.Add 472.70 to Rs.23221.75 = 23694.45
NEW BP would be 23694
Here also IBA /UFBU has to finalise on method of rounding off,DA factor etc and then only we can have an error free calculation chart
WAIT TILL THEN
Mohan.P

Unknown said...

UFBU Seems To Have Made A Complete Sell Out to IBA Specially For Officers ? The fate of Bankers Retired / Retiring Between 1st November 2012 and 31st October 2017 Seems To Have Been Completely Sealed ?
The agreement appears to have been designed in such a way that it decreases the load on banks for present as well as in future. The load on Basic Pay is merely 2% instead of 15% across all components. Thus, if we have lower increase on Basic Pay, banks will have to increase the percentage of HRA or some other allowances. The present pay structure points out that the higher increase can be towards HRA. We have assumed that major increase will be in the HRA percentage as it will give a feel good feeling to bankers (specially workmen) as Central Govt at metros enjoy 30% HRA, whereas in Banks it is around 10% only. Thus, HRA is likely to be increased to 20%, with some other minor adjustments in other allowances, so that total load on Pay Slip component comes to 15%. Moreover, by keeping Basic Pay lower, the future DA increase will also be lower and will affect bankers adversely for five years.
SO,ALL THE COMMENT MAKERS ARE MADE FOOL!

Anonymous said...

In 9th bipartite 24.66% DA was merged in basic and on that 17.5% increase was given.
For JMGS I it was 10000 + 24.66% = 12466 + 17.5% = 14647.55. It was rounded off to 14500 as the starting basic of JMGS I. This time also the same rule will follow. 2% load factor is for DA factor which comes to .10 after merger of 401 slabs. So for every 1 slab 0.12% DA will be given which to 39.96% for the months of Feb, March & April 2015.
Correct me, if I am wrong with facts if you have any.

rohit kumar satpathy said...

Calculations are largely wrong as the increment in Basic is only 2 Percent not 15% as shown in chart

LAKSHMINARAYANA PEDDAHULTHI said...

Banking fraternity is in deep dis-sastisfaction with this calculations projected. The happiness of 15% increase in "pay slip components" is nowhere being reflected in the charts calculations. Overall, there are no celebrations among the bankmen groups across the country. This is true!

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