Banking News

Bank employees latest wage settlement up dates

X Bipartite Settlement Updates for award staff:
The distribution chart has been signed between IBA and unions  on May 20, 2015 covering allocation to various heads. Salient feature of Pay slip components from November 1, 2012 is as under.
1. The Scales of Pay is as under:
Clerical: 11765-655/3-815/3-980/4-1145/7-2120/1-1310/1=31540 +1310 × 8* stag =42020
*(stagnation increments 5×3 years+ 3×2 years)
Sub-Staff: 9560-325/4-410/5-490/4-570/3-655/3-18545+655× 8* stag =23785
* (stagnation increments 8×2 years).
2. Dearness Allowance (Effective from1.11.2012) Dearness Allowance shall be payable at 0.10 % of pay per slab of 4 points for every rise or fall over 4440 points in the quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100.
3. House Rent Allowance (w.e.f. 1.11.2012)
At places of population above 45 lakhs -10% of Pay
At places of population above 12.5 lakh and below 45 lakhs -9 % of Pay
All Other places 7.5 % of Pay
4. Transport Allowance: Upto 15th stage: Rs.425 and others Rs.470
5. a. FPP (Clerical): 1310/1580, 1570, 1550, 1550/1450
b. FPP (Sub-staff): 655/790,890,780, 780/730
6. PQP: Rs.410, 800, 1210,16120,2010
7. Special Allowance: (With effect from 1.11.2012): 7.75% + applicable Dearness Allowance thereon
8. Medical Aid (effective from 01.11.2012): Rs.2200 per year.
9. Special Pay:
SWO-B –Rs.820, Head Cashier-Rs.1280, Special Assistant: Rs.1930
Armed Guard/Bills Collector: Rs.390, Daftry: Rs.560, Head Peon: Rs.740, Driver: Rs.2370, Electrician/AC Plant Helper: Rs.2040, Head Messenger (Indian Overseas Bank): Rs.1630
Joint Note will likely be signed on 25th May, 2015. Arrears are expected to be paid before June 15, 2015. The details of other benefits, allowances etc. will be known immediately after joint note is signed.
Regarding two Saturdays off, it is learnt that RBI has conveyed its NOC, which has been forwarded by IBA with its recommendations to the Government. Its implementation may take some time due to the technicalities involved.

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