12th Bipartite Settlement Date, Salary and Latest Updates
Exciting news for public sector bank employees! Get the latest update on 12th Bipartite Settlement Date, Latest News, Update, and Salary.
Priyanka Dahima10 Jan, 2024
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12th Bipartite Settlement: In a significant development for the Indian banking sector, the 12th Bilateral Agreement and the 9th Joint Memorandum were signed in Mumbai on 08th March 2024. The agreement concludes months of negotiations between the Indian Bankers Association (IBA) and bank employees. This twin agreement marks a positive result after overcoming several obstacles in the negotiations.
Authorized representatives of the Association of Officers' Union and the Union of Workmen's Unions met with the Indian Banks' Association, which represents the management of the banks, to discuss pay adjustments for officers and workers in the banks. The management team, as well as the officers and personnel of the Union/Association of the Workmen, agree that strengthening the banking system is necessary to satisfy the needs of stakeholders and consumers. To tackle the issues the banking industry faces, the system must also be made more responsive, productive, and efficient. As a result, a solution was achieved to end the disagreement over wage settlement and complete an MOU.12th Bipartite Settlement
The Indian Banks’ Association (IBA), the premier bankers’ body, and the officers associations of banks and workmen employees’ unions have signed an agreement on a 17 percent hike in wage revision. This means an outflow of Rs 12,589 crore for 12 public sector banks (PSBs), including the State Bank of India. The salary breakdown for officers and employees in 8424 crores and 4165 crores respectively. Apart from 12 PSB banks, 10 private banks and three foreign banks have been covered by the 12th bilateral payment agreement, for five years from November 2022. This agreement does not cover all employees of individual banks 10. They are subject to this contract to a certain extent, which varies from bank to bank.12th Bipartite Settlement Features
The wage revision is effective from 1/11/2022 for five years. 1. Simplify the five-day work week - the joint memo recognizes all Saturdays as public holidays pending government notification. The revised working hours will come into effect after the government's announcement, probably within six months. 2. Substantial Increase in Pay – The total increase in pay revision (price ticket component) is more than Rs. 8,284 crowns is 17% of the cost of the salary fund for the establishment of public sector banks. 3. The new salary scales are prepared after adding the dearness corresponding to point 8088 and the related additional burden. 4. With an applied load of 3.22%, the effective load on the post-reunion family allowance @ 30.38% of the basic salary is 4.20%. 5. The long-standing wish of the officer community for two more increments of CAIIB (CAIIB Part II) has been fulfilled. 6. Officers who have passed CAIIB (CAIIB Part II) will get double increment from 01.11.2022. 7. Officers are entitled to three PQPs instead of the previous two PQPs. PQP-I -Rs 1370/-, PQP-II Rs 3425/- and PQP III-Rs 5480/- 8. The actual burden on officers conducting CAIIB will increase significantly. 9. Differences due to additional CAIIB increase are considered. 10. Deviation due to sanction of PQP has also been factored in. 11. The new pay scales range from Rs. 48480/- Rs.173860/- covering all scales I to VII from 01.11.2022. 12. Revision of daily allowance formula in the question: Conversion factor due to consolidation of dearness allowances deleted 0.0549. Instead of rounding up to 0.05, it is increased to 0.06, which extends the benefit to serving and retired officers. 13. The merit compensation index moves from row 1960=100 to row 2016=100, as the conversion factor moves from 0.06 to 0.99 per 2016=100 series benefiting officers with increased value 14. Adjuster 0.99 2016 =100 is converted with the series. 1.00, which increases the added value. 15. there should be additional compensation as a percentage compensation according to the above agreed changes. 16. Value support is paid at 1.00% of "salary" per percentage point of the index. As above, DA is paid for any increase or decrease above 123.03 points in the 2016 CPI Quarterly Average for Industrial Workers 123.03 points = 100. 0.01% change in DA "wage" for every other decimal change in the 2016 CPI greater than 123.03 points. 17. Evaluation The above pension reduction is paid semi-annually for each increase or decrease of 123.03 points. All India Industrial Workers CPI-Quarterly Average 2016=100. 18. JM-1 grade officers who have moved to MMG Scale II after reaching the maximum of the higher scale are currently entitled to five stagnant grades. From November 1, 2022, these officers are entitled to seven stop increments every two years, the first two of which are Rs. 2680/- each and the next five are Rs. 2,980/- each. 19. MMG Scale II officers who have been promoted to MMG Scale III after attaining the maximum of the higher scale are currently entitled to five stagnant grades. From November 1, 2022, these officers will be entitled to Rs 2,980 every two years. 20. Senior MMG Scale III officers, viz. those recruited or promoted to MMG Scale III, are currently entitled to six stagnant ranks after reaching the scale maximum. From November 1, 2022, these officers are eligible for eight biennial increments, the first four of which are Rs. 2980/- each and the next four are Rs. 3360/- each. 21. SMG Scale IV officers are currently entitled to two stagnant grades. With effect from November 1, 2022, these officers, after reaching the maximum value of the scale, will be entitled to five stagnant increments, each at an interval of two years, out of which the first stagnant increment will be Rs. 3360/- and the next four are Rs. 3680/- each. 22. SMG scale V officers are currently entitled to one stagnant grade. From November 1, 2022, these officers will get an increment of four stops after reaching the maximum of the scale. The frequency is Rs.4000 for two years. 23. TEG Scale VI officers are entitled to three stagnant increments at two-year frequency after reaching scale maximum, the first two being Rs.4000/- and the third stagnant being Rs.4340/-. 24. TEG Scale VII officers are entitled to three stagnant levels of Rs.4340/- every two years after reaching the maximum level of each scale. 25. Promotion - Every promoted officer will be installed in a higher rung in the new pay scale with protection equal to at least one step of the pay gap he advanced in the previously promoted group or scale, minus the appropriate deviation. https://www.youtube.com/watch?v=ZhYUqKCLjkQ12th Bipartite Settlement Date
A Memorandum of Understanding was signed on 7 December 2023 by UFBU and IBA in the framework of bilateral negotiations which have been ongoing for a year. The next meeting was held on 12 January 2024, and after a long discussion that lasted until late at night the cost sheets were signed between IBA and UFB. However, a veil of secrecy over the details of the cost statement remains in place from official sources. As a result, speculation and debates have arisen as to whether the information leaked is circulating. Along with the monthly ex-gratia amount, PSBs will take the pension of pensioners and family pensioners on 31 October 2022 as a one-time resource applicable to the existing bilateral/joint funding without prejudice to the demand of unions/associations for an update of pension for all retirees.12th Bipartite Settlement Expected Date
The bipartite talk held on 12 January witnessed limited discussions, and decisions appear to be made unilaterally within an exclusive working group. According to reliable sources, there has been a call for renegotiation of certain provisions in the agreement based on concerns by some unions within the UFBU about what they perceive as an arbitrary approach and social media outrage among bankers. Consequently, the finalization and publication of the cost data has been delayed.12th Bipartite Settlement Salary Calculator
12th Bipartite Settlement FAQs
Q1. Is 12th bipartite settlement signed?
Ans. The Indian Bank Association (IBA) and bank employee unions have agreed to the 12th bipartite wage hike settlement. This settlement will be in effect for the next five years, starting from November 1, 2022.
Q2. What is the status of 12th bipartite settlement?
Ans. In the meeting held on 13th February 2024 , UFBU had made it clear that all remaining issues including 5 day banking had to be settled to finally sign the 12th bipartite agreement / settlement .
Q3. What will be the salary of bank clerk after 12th bipartite Settlement?
Ans. The Basic Pay Scale of Bank Clerk is: Rs 11,765 - Rs 42,020. Here Rs 11,765 is the Basic pay. The main allowances that a Bank Clerk gets are following: Dearness Allowance: In Bank, DA is revised quarterly and is based on CPI as declared by the banks i.e. DA can go up with higher CPI and vice versa.
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