Wage/Salary Revision For Banking Sector

PRESS RELEASE :

HIGHLIGHTS OF SETTLEMENTS DATED 27.4.2010 SIGNED WITH WORKMEN UNIONS & JOINT NOTE DATED 27.4.2010 SIGNED WITH OFFICERS’ ASSOCIATION ON WAGE/SALARY REVISION AND ONE MORE OPTION OF PENSION

Today IBA has signed industry wide wage agreement with 6 Workmen unions and 4 Officers’ Associations. The salient features of the Settlement are as under :

• Total no. of employees covered under the Settlement – 5 lakhs workmen employees and 2.5 lakh officers working in 26 Public Sector Banks, 12 Old Private Sector Banks and 8 Foreign Banks.
• The wage revision is effective from 1.11.2007.
• Total wage increase of Rs.4816 crores representing 17.5% increase on the establishment expenses of Rs.27520 crores as on 31.3.2007.
• The pay scales of Officers are Rs.14500-Rs.52000.
• The pay scales for Clerical staff : Rs.6200-23900
• The pay scales for subordinate staff : Rs.5500-13800
• Total wage increase for officers and award staff is Rs.4816 crores.
• DA is payable for every rise or fall of 4 points over 2836 points in the quarterly average of All India Average Working Class Consumer Price Index (General) Base 1960 = 100 at 0.15% of Pay.

Rationalisation of Special Pay posts:-
All the existing special pay posts are rationalized and only three categories will remain –
    (i) Single Window Operator – A and Single Window Operator-B;
    (ii) Head Cashier and (iii) Special Assistant.

All part-time employees (lump sum) will be brought to 1/3rd scale wages w.e.f. 01.05.2010.

Pension:

Another option of pension will be given to all existing employees who did not opt earlier and also who have retired/died after pension regulations 1995/96; A defined contributory retirement benefit scheme as governed by the “contributory pension scheme introduced for employees of Central Government with effect from 1.1.2004” will be introduced for workmen/officers joining the services of banks on or after 1.4.2010. There shall be no separate contributory provident fund in respect of these workmen/officers.

Courtesy: http://www.iba.org.in