Step 1: Multiply current salary with percentage of increment. Step 2: Divide the result by 100. Step 3: Then add the result with current salary.
Full Answer
When is the 12th bipartite wage settlement due?
The 12th Bipartite wage settlement is due on 01.11.2022. The salary and other wage components of public sector banks and some private sector banks shall be decided after discussion between UFBU and IBA under 12BPS. The discussions generally last for 2 to 3 years after which the bankers are paid increased salaries along with arrears.
How long is the tenure of a wage settlement?
Pointing out that the last wage settlement expired in October 2012, Nagarajan, in a lighter vein, observed that “Five years is the tenure of the wage settlement. We have already exhausted 30 months in coming to a settlement.
What are the benefits of wage settlement in banking sector?
The wage settlement will benefit 3,04,000 odd officers (as on March 31, 2012) in the banking sector. Officers will get health insurance cover of Rs. 4 lakh and the clerical and sub-staff will get Rs. 3 lakh cover, he added. A corporate buffer will be created by banks to reimburse hospitalisation expenditure exceeding the above mentioned limits.
