Full Answer
What is the 10 bipartite wage settlement for bank employees?
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.
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.
What is the minimum basic salary after 11th BPS?
What is the minimum basic salary after 11th BPS? Rs. 17900 is the minimum basic salary after 11th BPS for bank employee s. Fitment shall be stage-to-stage, i.e. on corresponding stages from 1st stage onwards and the increments shall fall on the anniversary date as usual.
What is special allowance in bi-partite settlement?
Special Allowance: In modification of Clause 9 of the Bi-partite Settlement dated 25.05.2015, with effect from 1.11.2017, workmen employees shall be paid Special Allowance as under: 16.40 % of the Basic pay with applicable DA thereon.
How many branches does SBI have?
State Bank of India (SBI) is the premiere public sector bank of India with over 10000 branches spread over the nation and over 190 foreign branches in the 36 different countries. The SBI conducts recruitment examination from time to time in order to recruit candidates into various clerical, probationary and specialist officer posts. Due to the reputation of being the number one public sector bank in the country, lakhs of students try to get into the banking sector holding hands of SBI. The selection process over the years has become tougher by introducing two step written examination-prelims and mains. The salary of the candidates was quite less a couple of years ago. The scenario changed to some extent with the 10 th bipartite settlement coming in last year. The settlement gave the much needed respite to the workers of the bank, who were demanding the settlement for long. Though, the settlement has been done, keeping in mind the benefits of all the shareholders, the SBI clerical salary is much higher than that off the other public sector banks in the country.
Is SBI pay scale better than other banks?
The pay scale of SBI is better than the other public sector banks in the country by a swift margin and allows multiple benefits to its employee, in order to keep them loyal towards the organization.
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What is the meaning of "pay" in the Settlement?
Note:#N#(1) ‘Pay’ means as defined in Clause 6 of the Settlement hereinabove#N#(2) Where quarters are provided, HRA shall not be payable and the rent to be recovered shall be 0.2 % of the first stage of the Scales of Pay. #N#(3) All other existing provisions relating to House Rent Allowance shall remain unchanged.
What is the maximum amount of house rent reimbursement for a workman?
Provided further that when a workman employee is transferred out of the station other than on account of request, he/she may, in lieu of HRA as above, claim reimbursement of house rent up to 150% of HRA otherwise payable and subject to production of rent receipt.
Can special allowance be reckoned for superannuation?
Note: The Special Allowance with applicable DA thereon shall not be reckoned for superannuation benefits viz., pension including contribution to NPS, PF & Gratuity.