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Bank Wage Revision – Grade Pay for Bank Employees – AIBOA Provides New Pay Scales of Bank Officers

Bank Wage Revision – Grade Pay for Bank Employees and New Pay Scales reported by AIBOA – 10th Bipartite Wage Revision Joint Note between AIBOA and IBA to be signed on 21st May 2015

Update 21.05.2015: New Pay and Arrears Calculator for Bank Officers provided by AIBOA – Click here for more details

Bank Employees Wage Revision - Joint Not to be signed  on 21st May 2015Salient Features of Joint Note as per AIBOA:

1. New Pay Component called Grade pay introduced for Bank Officers

2. Regulated Working Hours,

3. Alternate Saturdays Holiday,

4. Hospitalisation Reimbursement through third party Insurer

5. 7th Joint Note due for settlement effective from 1st November 2012

Readers might be aware that 10th Bipartite Wage Settlement for Bank Employees Wage Revision was signed by IBA and Bank Employees / Officers Associoations with respect to Annual Wage increase in Salary and Allowances which was increased by 15%. It was also agreed that 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 factor 2% on basic pay plus dearness allowance as on 31st March 2012 amounting to around Rs. 597 crores.

Further IBA agreed for Every second and fourth Saturday of the month will be a holiday and the other Saturdays will be full working days.

Finally, it was mutually agreed that in respect of all other issues relaing to Bank Employees and Officers negotiations would be conducted on mutually convenient dates to draw out a detailed Bipartite Settlement / Joint Note and all issues that form part of Bipartite Settlement / Joint Note will be finalised within a period of ninety days from the date of minutes (23.02.2015)

Check the following Links for More details on 10th Bipartite Wage Settlement for Bank Employees:

After 23.02.2015, all Bank Unions concerned with 10th Bipartite Wage Settlement of Bank Employees negotiated with IBA at various dates, Joint Note / Bipartite Wage Settlement is coming to final Stages now.

Now AIBOA has provided the details of Bank Officers Scales of Pay and other details on which agreeement has been reached with IBA. The details as provided in the official website of AIBOA are as follows.

Joint Note to be signed between Officers Organisations and IBA

As soon as the the joint note is signed we shall up load the full text of the same.

In the meanwhile we furnish here under the scales of pay other details on which areas of agreement reached for information of members

Scales of Pay

Scale I –

23700

980

30560

1145

32850

1300

41940

7

2

7

Scale II –

31705

1145

32850

1310

45950

1

10

Scale III –

420200

1310

48570

1460

51490

5

2

Scale IV –

50030

1460

55870

1650

59170

4

2

Scale V –

59170

1650

62470

1800

66070

2

2

Scale VI –

68680

1960

77520

4

Scale VII –

76520

2120

85000

4

Stagnation Increments

a.     Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II in terms of Regulation 5(b) after reaching maximum of the higher scale shall be eligible for four stagnation increments for every three completed years of service of which first two shall be ₹ 1310/- each and next two ₹ 1460/- each.

b.     Officers in MMG Scale II who have moved to scale of pay for MMG Scale III in terms of Regulation 5(b) after reaching maximum of higher scale shall be eligible for three stagnation increments of  ₹ 1460 /-  each for every three completed years of service and a fourth stagnation increment of ₹ 1,460/- two years after receipt of third stagnation increment.

Provided that officers who have completed two years or more after receipt of the third stagnation increment as on 1.11.2012 will get the fourth stagnation increment with effect from 1.11.2012.

c.      Officers in substantive MMG Scale III i.e. those who are recruited in or promoted to MMG Scale III shall be eligible for four stagnation increments of Rs.1460/- each for every three completed years of service and a fifth stagnation increment of ₹ 1,460/- two years after receipt of fourth stagnation increment provided that the officers who have completed two years  after receipt of the fourth stagnation increment as on 1.11.2012 will get the fifth stagnation increment w.e.f 1.11.2012.

Dearness Allowance

On and from 1.11.2012, Dearness Allowance shall be payable for every rise or fall of four points over 4440 points in the quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100 at 0.10% of Pay.

House Rent Allowance (w.e.f. 1.11.2012)

I

II

i) Major “A” Class Cities and Project Area Centres in Group A 9 % of Pay
ii) Other places in Area I and Project Area Centres in Group B 8% of Pay
iii) Other places 7% of Pay

Provided that if an officer produces a rent receipt, the House Rent Allowance payable to him/her shall be the actual rent paid by him/her for the residential accommodation in excess over 0.75% of Pay in the first stage of the Scale of Pay in which he/she is placed with a maximum of 150% of the House Rent Allowance payable as per aforesaid rates mentioned in Column II above.

Note:   The claims of officer employees for House Rent Allowance linked to the cost of their ownership accommodation shall also be restricted to 150% of House Rent Allowance as hitherto.

City Compensatory Allowance (w.e.f. 1.11.2012)

Area

Rate

Maximum Amount

i) Places in Area 1 and in the State of Goa 4% of Basic Pay Rs.900 /- p.m.
ii) Places with population of five lakhs and over and State Capitals and Chandigarh, Puducherry and Port Blair 3% of Basic Pay Rs.650/- p.m.

Special Allowance (w.e.f. 1.11.2012)

With effect from 1.11.2012, officers shall be paid Special Allowance as under:

Scale I-III    – 7.75% of Basic Pay + applicable Dearness Allowance thereon
Scale IV-V  – 10% of Basic Pay + applicable Dearness Allowance thereon
Scale VI-VII- 11% of Basic Pay + applicable Dearness Allowance thereon

Note : – The special allowance with  applicable DA thereon shall not be reckoned for super annuation benefits. Viz, pension including NPS, PF and Gratuity

Medical Aid

On and from 1st November 2012, reimbursement of medical expenses shall be as under :

a)       Officers in JMG & MMG Scales–₹ 7,900/-p.a.

b)       Officers in SMG & TEG Scales – ₹ 9,300/-p.a.

Hospitalisation Expenses

In substitution of the clause (9) of the Joint Note dated 27.4/2010, the reimbursement of hospital expenses under Regulation 24(1) (b) (i) of the officers’ service regulation 1979/1982 , shall be as detailed in Annexure V of this Joint Note.

Recovery of House/Furniture Rent

i.           House rent recovery shall be @ 0.75 % of the first stage of the scale of pay in which the officer is placed or the standard rent for the accommodation, whichever is less.

ii.         Furniture rent recovery shall be @ 0.15% of the first stage of the scale of pay in which the officer is placed.

Fixed Personal Pay (w.e.f. 1.11.2012)

Fixed Personal Pay together with House Rent Allowance shall be at the following rates and shall remain frozen for the entire period of service.

Increment Component (₹)

DA as on 1.11.2012

(₹)

Total F.P.P. payable where bank’s accommodation is provided (Rs.)

(A)

(B)

(C)

1310

143

1453

1460

159

1619

1650

180

1830

1800

196

1996

1960

214

2174

2120

231

2351

Note:

(i)            F.P.P. as indicated in “C” above shall be payable to those officer employees who are provided with bank’s accommodation.

(ii)          F.P.P. for officers eligible for House Rent Allowance shall be “A” + “B” plus House Rent Allowance payable on the last increment of the relevant scale of pay.

(iii)        The increment component of F.P.P. shall rank for superannuation benefits.

(iv)        Only officers who were in the service of the bank on or before 1.11.93 will be eligible for F.P.P one year after reaching the maximum scale of pay they are placed.

 Professional Qualification Pay (PQP) (w.e.f. 1.11.2012)

(A)             Officers shall be eligible for professional qualification pay as under :

(i)     Those who have passed only CAIIB – Part I / JAIIB

Rs.670/- p.m. one year after reaching top of the scale

(ii)   Those who have passed both parts of CAIIB –

a.       Rs.670/- p.m. one year  after reaching top of the scale.

b.      Rs.1680/- p.m. two years after reaching top of the scale.

(B)         An Officer employee acquiring JAIIB/CAIIB (either or both parts) qualifications after reaching the maximum of the scale of pay, shall be granted from the date of acquiring such qualification the first installment of PQP and the release of subsequent installments of PQP shall be with reference to the date of release of first installment of P

Other Allowances

Deputation Allowance

From the date of this Joint Note, Deputation Allowance shall be at the following rates:

An officer deputed to serve outside the bank – 7.75% of Pay with a maximum of Rs.4000/- p.m.
An officer deputed to an organization at the same place or to the training establishment of the bank –       4% of Pay with a maximum of Rs.2000/- p.m.

Hill and Fuel Allowance (w.e.f. 1.11.2012)

Place

Rate

(a)

Places with an altitude of 1000 metres and above but less than 1500 metres and Mercara Town 2% of Pay subject to a maximum of Rs.750/-p.m.

(b)

Places with an altitude of 1500 metres and above but less than 3000 metres 2.5% of Pay subject to a maximum of Rs.1000/- p.m.

(c)

Places with an altitude of 3000 metres and above 5% of Pay subject to a maximum of Rs.2000/- p.m.

Halting Allowance (w.e.f. 22.5.2015)

Grade / Scales of Officers

Metro

(Rs.)

Major ‘A’

Class Cities

(Rs.)

Area I (Rs.)

Other Places

(Rs.)

Officers in Scale VI & above

1800

1300

1100

950

Officers in Scale IV & V above

1500

1300

1100

950

Officers in Scale I/II/III

1300

1100

950

800

Project Area Allowance

On and from 1st November 2012, Project Area Compensatory Allowance shall be payable at the following rates :

Project Areas falling in Group A – Rs.400/- p.m.

Project Areas falling in Group B – Rs.350/- p.m

Mid Academic Year Transfer Allowance

On and from 1st June  2015, Mid Academic Year Transfer Allowance shall be payable at ₹ 1100/- p.m. subject to other conditions.

Split Duty Allowance

On and from 1st November 2012, Split Duty Allowance shall be payable at ₹ 200/- p.m.

Compensation on Transfer (w.e.f. 1.6.2015)

An officer on transfer will be eligible to draw a lumpsum amount as indicated below for expenses connected with packaging, local transportation, insuring the baggage etc.

Grade/Scale of  Officer

(₹ )

Officers in Scale IV and above

20,000/-

Officers in Scale I, II and III

15,000/-

Holidays

In terms of understanding dated 23.2.2015 reached between IBA and Officers’ Association every second and fourth Saturdays of the month will be a holiday and other Saturdays will be full working days. IBA has initiated steps to get clearances from the Reserve Bank of India and Government of India. The change will be effective after approval by the RBI and Notification of the Change by the Government of India

Source: AIBOA

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