AICPIN for August 2023 and expected Bank D.A. for next quarter

 ALL INDIA CONSUMER PRICE INDEX NUMBER FOR INDUSTRIAL WORKERS (AICPIN-IW) 2016=100,FOR AUGUST’23.

As per release made by Labour Bureau, Ministry of Labour and Employment,Govt. of India,today the All India Consumer Price Index Numbers,for industrial workers,for August 2023  (AICPIN-IW) 2016 = 100  stood at 139.2 points, with  a decrease of 0.5 points,compared to July'23 figures as  follows:

Base year 2016=100.  1960=100.  

July'23   139.7.                    9183.68

Aug’23.   139.2.                    9150.81

Based on above two months' CPI figures and if current level is continued for Aug'23 too,  DA payable to  serving Bank employees may be expected to  have 70 slabs increase for next quarter.

As we know, for  pensioners, next half yearly DR may be arrived based on CPI numbers for Oct,Nov & Dec'23

Bank bipartite update

 Two rounds of meeting were held, one among Bank union themselves on 30th August 2023 and one between Indian Bank Association(IBA) with Bank Unions on 31st August 2023.

All bankers were eagerly waiting for some positive news from the outcome of IBA Meeting with Union. It was expected that there should be some updates on 5 Days Banking a week & most importantly tentative date of 12th Bipartite Settlement i.e. wage revision of Bank employees.

Indian Bank Association has agreed for 12th Bipartite Settlement effective from 1st November 2022 for next five years. Outcome of IBA meeting is shared by CH Venkatachalam, General Secretary-AIBEA on social media X (Formerly known as Twitter). Further he also stated that It was also agreed that DA up to 8088 points of price index would be merged with basic pay. Apart from this other issue were also discussed which will be shared through circular.

Outcome of IBA meeting on Bipartite Settlement Dt. 12.09.2023 & 13.09.2023: Much awaited meeting of Bank Union with Indian Bank Association (IBA) held on 12th September 2023 & 13th September 2023. On both the day of the meeting i.e. 12th & 13th September, major issues which required immediate attention of IBA has not been discussed and no relevant information shared with the bankers.

A detailed circular was issued by the Bank union (UFBU & AIBEA) where it seems lots of points were discussed but important burring points for which bankers are waiting have be left unattended. Any meeting related to Bipartite settlement should contain points related to wage revision. Already Bank employees were waiting from 1st November 2022 for their wage revision. Charter of demands were already presented to IBA which includes 5 Days banking a week also.

Detailed Circular

Central D.A. from July 2023 ? 3% or 4% ?

The All-India CPI-IW for June, 2023 increased by 1.7 points and stood at 136.4 (one hundred thirty six point four) points as per the press release by issued by Labour Bureau. Now, DA/DR from July, 2023 has been confirmed with this release.  This month CPI-IW is showing 4% increase in DA/DR from July, 2023 i.r.o. Central Govt Employees and Pensioners and be at 46% in 7th CPC DA/DR.  All expectations regarding future DA/DR ends here with this release. Hence 46% DA/DR from Jul, 2023 is now confirmed and may be approved by the Union Cabinet .

Many newspaper and portals have informed about a 3% possible rise bust as per the agreed D.A. Calculation formula, D.A. from July 2023 comes to 46.23% and the percentage point is ignored as per convention.

So it can be predicted a 4% rise in D.A./D.R. for Central Govt. employees and pensioners with effect from 1st July 2023.

No hike in Retirement Age - Govt.

 Union Minister Dr Jitendra Singh informs that 122 officers have been given compulsory retirement under Rule 56(j) during the last three years (2020-2023), including the current year

The Government today said that there is no proposal under consideration to change the retirement age of the Central Government employees.

Replying to a written question in the Lok Sabha, Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh informed that 122 officers have been given compulsory retirement under Rule 56(j) during the last three years (2020-2023), including the current year.

Dr Jitendra Singh gave the details as per the updated information /data available on the Probity Portal (as on 30.06.2023) as provided by the different Ministries/Departments/Cadre Controlling Authorities (CCAs), provisions of Fundamental Rules (FR)-56(j)/similar provisions have been invoked against the officers.

Finmin asked IBA to complete Bank Wage Revision exercise by 1st December

 The government has asked the Indian Banks' Association (IBA) to initiate the process of negotiations for the 12th Bi-partite settlement in a time-bound manner and to finalise it by December 1, 2023, said a senior official.

The wage revision for employees and officers of the public sector banks is due from November 1, 2022.

The early wage revision would help improve working conditions and incentivise the banking sector employees, the official said.

Further, the official said, the finance ministry has asked IBA to ensure that all future wage negotiations should be finalised before the beginning of the subsequent period so that the wage revision could be implemented from the due date itself.

Source : Moneycontrol