7th Pay Commission Salary Calculator January 2025 (55% DA Updated)
January 2025 DA Calculator (55% Confirmed!)Highlights of the 11th Bipartite Settlement include a 17% increase in pay slip cost, an additional loading of 3% after the merger of DA, and improved pension for all pensioners from 1986 onwards, including retirees under the proposed 12th BPS. A recommendation has been made to the government for the favorable consideration and expedited implementation of 5 days banking.
12th Bipartite Settlement for Workmen and Bank Officers PDF Download
MoU Signed on 7.12.2023
On December 7, 2023, a Memorandum of Understanding (MoU) was reached between the Indian Banks’ Association, representing the Management of Banks involved in the Bipartite Settlement, and the United Forum of Bank Unions, as well as other Unions and Associations, regarding wage revision.
Discussions were held between the Indian Banks’ Association, representing Bank Managements, and authorized representatives of Workmen Unions and Officers’ Associations to negotiate wage revision for Officers and Workmen in banks.
Both the Management and the Unions/Associations representing the workmen staff and officers recognize the importance of a robust banking system that can adapt to industry challenges and improve productivity, efficiency, and responsiveness to customer and stakeholder needs. With this commitment, it has been agreed to resolve the pending wage settlement issue and enter into an MoU as outlined above.
12th BPS Effective from 1.11.2022
The wage revision will come into effect on 1.11.2022 and will be applicable for a duration of five years. A 17% annual increase in salary and allowances has been agreed upon, based on the annual pay slip expenses for FY 2021-22. This amounts to Rs. 12,449 crores for all public sector banks, including SBI. The new pay scales will be determined by merging the Dearness Allowance corresponding to 8088 points, which represents the average Index point applicable for the July, August, and September 2021 quarter, with the basic pay as of 31.10.2022. Additionally, a loading of 3% will be added, totaling Rs. 1795 crores. The distribution of the annual wage increase between Workmen and Officers will be calculated separately and proportionately based on the breakup of establishment expenses for FY 2021-22.
Bipartite/Joint Note 2022 PDF
While acknowledging the demand from unions/associations for pension updation for all retirees, it has been agreed upon as a one-time measure applicable for the current bipartite/Joint Note period that monthly ex-gratia amount will be considered alongside pension by PSBs for pensioners and family pensioners who were already receiving pension as of 31/10/2022. Further discussions will be held regarding the applicability of this ex-gratia amount for retirees of the current settlement period. It is important to note that this ex-gratia amount will not be subject to any other allowances, including dearness allowance.
The parties involved will schedule meetings on mutually convenient dates to finalize a comprehensive Bipartite Settlement/Joint Note based on the consensus positions reached on various issues. The aim is to conclude this process within a period of 180 days from the date of this minutes.
5-Day Work Week Demand
IBA has already made a recommendation to the Government to declare all Saturdays as holidays under the NI Act for the Banking industry, aligning with previous negotiations with unions/associations. This recommendation will be actively pursued. The unions/associations have expressed their desire for the implementation of this recommendation prior to the signing of the final bipartite agreement/joint note.
All other matters raised by both the Managements and Unions/Associations during the negotiation process, including the payment of ex-gratia to pensioners and family pensioners of private sector banks and foreign banks, will be resolved to the satisfaction of all parties involved.
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