Banking News

Bank Officers’ latest salary revision updates

X BPS/ Jt. Notes between IBA and Officers associations:
Cost Sheet/ Distribution sheet signed on 20th May 2015 with regard to allocation of Pay slip Component of officers are as follows:
Sc-I- 23700-980×7-30560-1145×2-32850-1310×10-45950
Sc-II- 31750-1145×1-32850-1310×12-48570-1460×2-51490
Sc-III- 42020-1310×5-48570-1460×6-57330
Sc-IV- 50030-1460×4-55870-1650×2-59170 plus one stagnation
Sc-V- 59170-1650×2-62470-1800×2-66070
Sc-VI- 68680-1960×4-76520
Sc-VII- 76520-2120×4-85000
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. One additional stagnation increment for Scale II and III payable two years after the last stagnation increment drawn or from 01.11.2012, whichever is later and one stagnation increment for Scale IV is the special feature of this settlement
4. House Rent Allowance (w.e.f. 1.11.2012)
Major “A” Class Cities and Project Area Centres in Group A 9 % of Pay
Other places in Area I and Project Area Centres in Group B 8% of Pay
All Other places 7% of Pay
5. CCA: The maximum amount has been raised from Rs. 540 to Rs. 870, Rs. 375 to Rs. 600, for Area 1 and State of Goa and for Rest, respectively, without any change in the percentage
6. FPP: increment component of FPP has been increased from the range of 800/900/1000/1100/1200/1300 to Rs. 1310/1460/1650/1800/1960/2120, plus DA as applicable
7. PQP: raised from Rs. 410 to Rs. 670, and from Rs.1030 to Rs. 1680
8. Special Allowance: With effect from 1.11.2012, officers shall be paid D.A. carrying Special Allowance as under:
Scale I-III -7.75% of Basic Pay + applicable Dearness Allowance thereon
Scale IV-V -10% of Basic Pay + applicable Dearness Allowance thereon
Scale VI-VII-11% of Basic Pay + applicable Dearness Allowance thereon
9. Medical Aid (effective from 01.11.2012): Officers in JMG & MMG Scales– Rs. 8,000 /-p.a.
Officers in SMG & TEG Scales – Rs. 9,050/-p.a.
Joint Note will likely be signed on 25th May, 2015 and arrears are expected to be paid before June 15, 2015. The details of other benefits, allowances etc. will be known after final joint note is signed.
Regarding two Saturdays off, 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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