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Wage revision for Bank Employees, Bank wage settlement latest news

Admin (2009-11-27 18:06:56)

Wage Revision for Bank Employees - MOU Singed with IBA on 27/11/09
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 Officers’ Association viz., AIBOC, AIBOA, INBOC & NOBO on wage revision.

After holding several rounds of discussions, the parties have mutually agreed as under:
  1. The wage revision will be effective from 1.11.2007
  2. The annual wage increase will be Rs.2239 crores
  3. 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.
  4. All other issues of the Management and Association discussed during the process of negotiation will be settled to the mutual satisfaction.
  5. 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.

Source: http://www.aiboa.org/iba.htm

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