Wage Revision Settled @15 percent Bank Union cancelled four days strike

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Good News for Bankers , Wage Revision has been settled at 15 percent w.e.f 01st November 2012 and four day strike from 25th february to 28th February has been cancelled. Discussions were held between the Indian Banks Association representing Management of Banks and authorized representatives of workmen unions and officers associations on wage revision for officers in banks. The MOU was signed between Indian Banks Association representatives and workmen union and officer association representatives on 23rd February 2015. After holding several rounds of talks and discussions the parties mutually agreed as under :

bank wage revision settled strike cancelled
bank wage revision settled strike cancelled
  • The Annual wage revision increase in salary and allowances @15% which works out to Rs. 4725 Crores as salary slip components.
  • The Wage Revision will be effective from 01st Novemeber 2012.
  • Construction of New Scales :The New Scale will be constructed after merging dearness allowance corresponding to 4440 points as on novemeber 2011, which works out to 60.15% and adding a load factor of 2% on basic pay plus dearness allowances as on 31st march 2012 amounting to around Rs. 597 crores.
  • Distribution of annual wage increase between workmen unions and officers associations will be worked separately based on breakup of estabilishment espenses as on 31st march 2012.
  • Holidays on 2nd and 4th Saturday : Every second and fourth Saturday will be holiday and other Saturdays will be full working day.
  • All Other issues of the managements and unions/associations 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 bipartite settlement/Joint note on the various issues on which consensus position have been reached. The parties will endeavour to finalise the Bipartite settlement/joint note within a period of Ninety Days from the date of minutes.

The MOU was signed on 23rd February 2015.

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