10th Wage Agreement – IBA Circular
Indian Banks’ Association
10th Wage Agreement
Indian Banks Association inked wage
settlement with Employee Unions and Officers’ Associations today, 25th
May, 2015. The settlement gives 15% increase in salary and Allowances to
about 10 lakh bank employees.
Employees and officers from 43 banks
including public sector banks, old private sector banks and some of the
foreign banks benefit from the wage revision. The current wage revision
is effective from 1st November 2012 and will be valid for 5 years. In
all 11 All India Employees Unions and Officers’ Associations
participated in the wage revision exercise.
The scale pay of Officers has been revised from Rs.14500 – Rs.52000 to Rs.23700 – Rs.85000.
(Special allowance for officers ranging from 7.75% to 11% of basic pay
along with applicable Dearness allowance has also been introduced)
The scale pay of Workmen – non-subordinate has been revised from Rs.7200-Rs.19300 to Rs.11765-Rs.31540, also the scale pay of Subordinate staff has been revised from Rs.5850-Rs.11350 to Rs.9560-Rs.18545. (Special allowance for workmen @7.75% of basic pay along with applicable Dearness allowance has also been introduced)
Another important feature of the settlement is that a medical insurance scheme is being introduced for families of employees.
The 15% wage revision would cost the
Public Sector banks Rs.4725 crores as incremental Salary and allowances
in a year. Banks have been making provision for wage revision from
November 2012. Mr. T M Bhasin, Chairman, IBA and Mr. Rajiv Rishi,
Chairman, Negotiating Committee of IBA led the Management team in the
negotiations. IBA expects banks will implement the revision immediately.
IBA expects the salary revision to improve the moral of the bank employees, leading to better productivity.
