10th Wage Agreement – IBA Circular (Click to view the original order issued by IBA)
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.
Ram Chandra Hansda says
There is no clear picture about the benefit to be given to us in the 10th bps .
Koka chalapathi rao says
What are the benefits in latest basic and any benifits and advantages to pensioners
Seeking detailed clarification and avoiding criticisms
KASHINATH B MASHALKAR says
salary as per 10th bi apart there is no diff. in senior special & JMGS1 as getting senior special than JMGS I even though same date of appointment as 01/01/1979. please advise in the matter. What are the benefits in latest basic and any benifits and advantages to pensioners
Seeking detailed clarification and avoiding criticisms