The 10 bipartite wage settlement for bank employees was signed by United Forum of Bank Unions (UFBU) and Indian Banks Association (IBA) in May 2015. The settlement covers 25 public sector banks, 11 private banks and seven foreign banks. The new agreement will come into force from November 2012, and will be in force for five years.
Full Answer
What is meant by bipartite settlement?
Under the 11th Bipartite Wage settlement, which will be effective from November 1, 2017 to October 31, 2022, bank employees — officers, staff and sub-staff — will get a 15 per cent hike in the payslip component and from FY21 a performance linked incentive (PLI) that public sector banks will implement.
Which is the latest bipartite settlement?
Wage revision in public sector banks take place every five years. The 11th bipartite settlement is due from November 1, 2017. Wage revision in public sector banks takes place in every five years. The 11th bipartite settlement is due from November 1, 2017.
When 10th bipartite settlement will be implemented?
As in the case of past Settlements signed by the IBA on behalf of its member Banks, the benefits and obligations in terms of the Tenth Bipartite Settlement signed on 25th May 2015 shall be implemented by all member banks on whose behalf this Settlement has been signed to all their employees irrespective of their Union ...
Is 11th bipartite settlement implemented?
All our unions are aware that the present 11th Bipartite Settlement signed with IBA on 11.11. 2020 is effective from 1st November, 2017 for a period of 5 years and hence the period of this Settlement is to end by 31-10-2022.
What is 11th bipartite settlement?
11th Bipartite Settlement For Bank Employees : The annual wage increase in salary and allowances is agreed at 15% of the wage bill as on 31-3-2017 which works out to Rs. 7,898 crores on Payslip components.
What is 12th bipartite settlement?
Keeping this view, the expected salary under 12th Bipartite for Officers will be Rs 49000 with an increase of Rs 7500 in basic pay and for clerks, it will be Rs 24,000 with hike of Rs 3700/-. Also Read - 12th BPS Latest Updates on 5 Days Banking, 1st July Meeting.
What is status of 11th bipartite settlement?
The protracted 11th bipartite wage settlement negotiations between bank unions and the Indian Banks' Association (IBA) concluded on Wednesday, with both sides agreeing to an annual wage increase and allowances of 15 per cent of the wage bill as on March 31, 2017.
What is 11th bps?
Salary in Banking Industry is governed by the Bipartite Settlement which is signed between Bank Employee's/Officer's Trade Union and Indian Bank's Association.