XIth Bank Bipartite : Update on discussion dated 17.09.2020

 Cost of wage revision – for workmen : Rs. 3385 cr (Out of the total of Rs. 7898 crores).

Amount allocated for Basic Pay, DA, Spl. Pay, PQP : Rs. 495 crores

For other payslip components : Rs. 2890 crores

Pay Scales: Proposals on revised Pay Scales were discussed and looking to overall cost, it was decided to finetune the same and finalise the payscales. It was agreed that one more stagnation increment would be granted both to clerical and substaff.

DA: 0.07% per slab of 4 points over 6352 points of CPI

Special Pay, PQP, FPP – being revised on the same basis as revision in Basic Pay.

Special Allowance: From our side, we suggested that the existing rate of Special Allowance should be revised substantially upward but within the cost and it was decided to take a final decision in this regard in the next meeting since the same has to be synchronised with officers.

Revision in HRA, Transport Allowance and Medical Aid: After finalising the percentage of Special Allowance , these items would be finalised.

Non financial items: Most of the items as already discussed during the earlier meetings were reiterated and confirmed. Few remaining items will be finalised shortly

On 28th Aug, in meeting of Working Group for Workmen new Pay Scales,revised DA,improvement in Stag Increment have been discussed

On 28th August, a meeting of Working Group for Workmen has been held at IBA Office, Mumbai wherein new Pay Scales, revised DA, improvement in Stagnation Increment, bifurcation of allocation of amount for Pay+DA items and Tentative Pay Scales have been discussed subject to finalisation in the next round. Next meeting will be held shortly.

 

Employees Retd/Retiring between 1.10.19 & 30.9.20 may opt for IBA's Medical Insurance Scheme by submitting their consent in HRMS

Employees Retired/Retiring between 01.10.2019 and 30.09.2020 may opt for IBA's Medical Insurance Scheme by submitting their consent in HRMS and by paying pro-rata premium for one month.

DA payable to employees for the Quarter Aug. to Oct. 2020 shall be 775 slab i.e. an increase of 14 slab from the current level

In terms of clause 7 of the 10^th Bipartite Settlement dated 25.05.2015 and clause 3 of the Joint Note dated 25.05.2015, the rate of Dearness Allowance payable to workmen and officer employees applicable for the quarter August to October 2020 shall be 77.50% of ‘Pay’ against 76.10% of ‘Pay’ for the previous quarter.

For Pensioners:

From August 2020 to January 2021: An increase of 16 slab.

On 22.07.2020 IBA Chairman informed UFBU that IBA is agreed to improve Family Pension to uniform 30% for all without any ceiling

On 22.07.2020 at the conclusion of the MOU, Chairman of IBA came and informed UFBU that IBA is agreed to improve family pension to uniform 30% for all and without any ceiling.