Wage revision for Bank Employees, Bank wage settlement latest news
Admin (2009-11-27 18:06:56) Permalink
MINUTES OF THE DISCUSSSIONS HELD ON 27th NOVEMBER 2009 between IBA representing Management of Banks which are parties to the Bipartite settlement and the Four Officersâ€™ Association viz., AIBOC, AIBOA, INBOC & NOBO on wage revision.
After holding several rounds of discussions, the parties have mutually agreed as under:
- The wage revision will be effective from 1.11.2007
- The annual wage increase will be Rs.2239 crores
- The additional cost of pension on account of wage revision in excess of statutory contribution of 10% of pay will be shared equally between management and employees [13% of pay each] and the share of employees so calculated will be deducted from the agreed wage increase while revising salary and allowances.
- All other issues of the Management and Association discussed during the process of negotiation will be settled to the mutual satisfaction.
- The parties will meet on mutually convenient dates to draw out a detailed Joint Note on the various issues on which consensus positions have been reached. The parties will endeavour to finalise the Joint Note within a period of ninety days from the date of this minute.
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