Bank Officers’ wage settlement as per 11th BPS/Joint notes signed on November 11, 2020

The wage revision for public sector bank officers, and a few other old private sectors which took part in the bipartite wage revision process which has been pending since 2017, has been finalised and signed by the Indian Banks‘ Association (IBA) and Four officers associations. The Four officers’ unions All India Bank Officers’ Confederation (AIBOC), All India Bank Officers’ Association (AIBOA), Indian National Bank Officers’ Congress (INBOC), and National Organisation of Bank Officers (NOBO) have  on Wednesday (11.11.2020)  finalised the wage revision process for over four lakh bank officers under wage settlement and signed the joint note with IBA. The revised wage revision is applicable for public sector bank officers, and a few other old private sectors which took part in the bipartite wage revision. After three years of intense negotiations, bank employees’ unions and IBA, on July 22, agreed for an annual wage hike of 15 per cent, which would be applicable from November 1, 2017.The total quantum of wage increase is ₹3,385 crore being 15% of the pay slip component. The details of basic salary fitments are as under.

For award-staff details: click award staff salary and allowances

The revised salary for officers effective from November 1, 2017 is as under.

Scale  I:

36000-1490/7=46430-1740/2=49910-1990/2=63840

Scale II:

48170-1740/1-49910- 1990/10-69810

Scale III: 63840-1990/5-73790-2220/2-78230

Scale IV: 76010/2220/4-84890-2500/2-89890

Scale V: 89890-2500/2-94890-2730/2-100350

Scale VI: 104240-2970/4-116120

Scale VII: 116120-3220/4-129000

Special Allowance:

SA (Spl Allowance): 16.40% I to III (from present 7.75%)

SA(Spl Allowance): 19% IV & V (from present 10%).

SA(Spl Allowance): 20% VI & VI (from present 11%)

PLI (Performance Linked Incentive) payable: 0/5/10/15 days based on YOY Growth.

1. HRA at 9%,8% and 7% remains unchanged
2. CCA at higher area is Rs.1400 and Rs.1150 for lower centers
3. Newly introduced Location Allowance for Non CCA centres Rs.700 per month w.e.f. 1.11.2017
4. Learning Allowance a new feature has been introduced w.e.f 1.11.2017 at the rate of Rs.600 with applicable DA thereon for all officers
5. Introduction of one additional stagnation increment from Scale 1 to 4 w.e.f 1.11.2017 and
6. Scale V officers get one stagnation increment with effect from 1.11.2020
7. Periodicity of all such stagnation increments will be 2 years.
8. Fixed Personal Pay together with House Rent Allowance shall be at the following rates and shall remain frozen for the entire period of service.

* F.P.P. for officers eligible for House Rent Allowance shall be “A” + “B” plus House Rent Allowance payable on the last increment of the relevant scale of pay.

*The increment component of F.P.P. shall rank for superannuation benefits.

*  Only officers who were in the service of the bank on or before l.11.93 will be eligible for F.P.P one year after reaching the maximilln scale of pay they are placed

9. Professional Qualification Pay (PQP) (w.e.f. l.ll.2017)

(A) (i) Officers shall be eligible for professional qualification pay as under:

1.  Those who have passed only CAIIB -Part I / JAIIB Rs.1020/- p.m. one year after reaching top of the scale.
2.  Those who have passed both parts of CAIIB –

    a. 1020/- p.m. one year after reaching top of the scale.

    b. 2550/- p.m. two years after reaching top of the scale.

An Officer employee acquiring JAIIB/CAIIB (either or both parts) qualifications after reaching the maximum of the scale of pay, shall be granted from the date of acquiring such qualification the first installment of PQP and – the release of subsequent installments of PQP shall be with reference to the date of release of first installment of PQP.All existing stagnation increments will be now of 2 years notionally w.e.f 1.11.2017 for the purpose of superannuation benefits. All accumulated increments shall be released w.e.f 01.11.2020

In all Department  inquiries, defense assistant shall be entitled to Boarding and Lodging expenses

10. The non-financial issues like 5 day week, updation of pension in the wake of the recent announcement made by the Hon’ble FM for the Seniors, D &A regulations, the introduction of North East Allowance were taken up for discussion for a logical conclusion.

11. The circular dated 11.11.2020 issued by 4 officers organisations regarding joint notes signed by them on 11.11.2020 attached below.