12th Bipartite Wage Revision in Banks: Arrears and Salary Excel Calculator

SALARY REVISION FOR OFFICERS’  wef 01.11.2022 
Conclusion of Discussions between the Indian Banks’ Association and Officers’ Associations 

The    Negotiating    Committee    of    the representing  the Managements  of Banks held several  rounds   of  discussions with the authorized representatives of  the Officers’ Associations  on salary revision and other issues concerning service conditions of  officers  in Banks. In  the  course of the  deliberations,  common  viewpoints  have  emerged between the two parties.  The outcome  of the discussions acceptable to  both  the  parties  are listed  in Joint Note. The  representatives of the Officers’  Associations  have  agreed  that   the  existing   service  conditions   be  modified/  amended to the extent that has been stated in the  Joint Note.

The parties  agreed  that  the  total  quantum   of  wage revision  increase (Payslip  component)  shall be Rs. 8284 crores being 17% of the cost of Payslip component  of establishment  expenses of Public Sector Banks for  the financial  year ending  March 2022, which are parties  to this settlement.  It  was further  agreed that the  new  salary  of  pay  would  be  constructed,   after  merging  Dearness  Allowance  corresponding  to 8088 points.  All other issues of the Management and Officers  Associations discussed during  the process of negotiations  would be settled to the  mutual satisfaction. The IBA and the authorised  representatives  of the Officers’  Associations also signed and exchanged minutes recorded as MoU in this regard  on the 7th December, 2023 at Mumbai.

IBA agreed that it shall recommend  to the Public Sector Banks as in Annexure-I,  to initiate the  process of amending  the  Officers’ Service  Regulations 1995  dated 29th September 1995, in order to implement  what is stated in this Joint  Note  and  other monetary/non-monetary benefits as  detailed under various  Annexures. The IBA shall also recommend to the Government of India to approve  the amendments  and to issue appropriate  guidelines  necessary for this purpose.

IBA shall recommend to the Private Sector Banks, which are listed in Annexure- II  and which have authorized IBA in this regard to give effect to the Salary Revision on the  same lines  as mentioned  in this Joint  Note and other  monetary/non-  monetary  benefits as detailed under various Annexures.

The representatives of Officers’  Associations have requested  that pending  formal  amendments  to the Officers’  Service Regulations/  Rules as per procedure  laid down  under  Section  19(1)  of  the  Banking Companies  (Acquisition and  Transfer  of  Undertakings)  Act,1970/1980 and the applicable provision  of State Bank of India  Act, 1955.

The Agreement  reached herein  shall amend,  modify  and supersede the relevant  provisions  of  the  previous   joint notes, wherein  referred to  in  this  Joint  Note.  Provisions in the previous joint notes, which have not been amended,  modified  or  superseded by this Joint Note, shall continue to remain in force.

The Officers’  Associations  on behalf of the  Officer-Employees  in banks  listed in  Annexures-I  & II  agree that the understandings reached as detailed  in this Joint  Note hereto are in full satisfaction of their demands.

Clarification,  etc., in any of the provisions  contained herein  the Joint Note and its  Annexures will be provided  by IBA.

Representatives   of the  Officers’  Associations have assured  full  co-operation  on  their part, their affiliates  and members,  in implementation of measures aimed at  improving customer    service,  optimum  utilisation     of  manpower, expansion  of  banking  activities  to  take  on  the  competition and  challenges  confronting the  industry  and maintenance  of healthy  and harmonious industrial relations  in the  banking industry.

There  will  be  periodic negotiations/ discussions amongst both  the parties on developments  in the Banking Industry as per need.

All the calculations have been made as per the signed agreement available here.

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