2nd & 4th Saturday will be Banking Holiday & 15% Wage Increament for Bank Employees

Dis­cus­sions were held between the Indi­an Banks’ Asso­ci­a­tion rep­re­sent­ing Man­age­ments of Banks and  the autho­rized rep­re­sen­ta­tives of Work­men Unions and Offi­cers’ Asso­ci­a­tion, on wage revi­sion for offi­cers in banks on 23.02.2015 at Mum­bai. After hold­ing sev­er­al rounds of dis­cus­sions. the par­ties have mutu­al­ly agreed as under:

1. The wage revi­sion will be effec­tive from 1.11.2012

2. The annu­al wage increase in salary and allowance @ 15% which works out to Ks. 4725 crores on salary slip components.

3. The new scales will be con­struct­ed after merg­ing dear­ness allowance cor­re­spond­ing 4440 _points as on Novem­ber 2011, which works out to 60.15% and adding a load fac­tor of 2% on Basic Pay plus Dear­ness Allowance as on 31st Match 2012 amount­ing to around Rs 597 coves,

4. Dis­tri­b­u­tion of annu­al wage increase between Work­men Unions and Offi­cers’ Asso­ci­a­tions will be worked sep­a­rate­ly based on breakup of estab­lish­ment expens­es as on 31.3.2012.

5. Every sec­ond and fourth Sat­ur­day of the month will he a hol­i­day and the oth­er Sat­ur­days will be full working

6. All oth­er issues of the Man­age­ments and Unions/Associations dis­cussed dur­ing the process of nego­ti­a­tion will be set­tled to the mutu­al satisfaction

7. The par­ties will meet on mutu­al­ly con­ve­nient dates to draw out a detailed Bipar­tite Settlement/Joint Note on the var­i­ous issues on which con­sen­sus posi­tions have been reached. The par­ties will endeav­our to finalise the Bipar­tite Set­tle­ment /Joint Note w_ithin a peri­od of nine­ty days from the dale of this minutes.