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SALARY AND ALLOWANCES
The remuneration package of the Bank officers needs to be framed in such a manner that officers would feel that they are valued and fairly paid considering their workload and undertaking of enormous risks and responsibilities.
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They should be treated at par with Government officials and PSU officers. As stated in the 7 Pay Commission Report the status of an officer in the society should also be taken into account while fixing the salary.
Remuneration of officers is an important element of proactive functioning in Banks in this era of competitive scrimmage and their commitment, dedication, and hard labour towards the progress of the economy of the country.
Also Read: Bank Wage Revision 22-07-2020
In general, the level and structure of salary/remuneration / compensation should aim to achieve four objectives as under:
(i) Salary Structure should be sufficient to attract and retain quality officers.
(ii) Salary Structure should motivate officers to work hard.
(iii) Remuneration should induce other human resource management reforms.
(iv) Salary should be set at a level to ensure relativity with a minimum salary in Banks and officers’ initial pay in line with the compression ratio, as shown below, of Central Government Group A officers’ initial pay and their minimum pay of Group D employees.
(v) Salary should take into account the Risk, Responsibility, Accountability and also the Transferability of Officers.
(vi) The Bank Officers have a status similar to the Govt Officials and to maintain that status the salary should be adequate, by offering additional cushion.
(vii) As promotions depend only on vacancies which depend on the presence and business of the individual bank’s nobody should be allowed to stagnate and running scale should be introduced.
(viii) The anguish, agony and the aspirations of lady officers should be taken into account
(ix) Superannuation benefits should help one to live a respectable life after retirement
(x) The hard work and contribution of the bankers for the development of the economy should be acknowledged through decent salary hike and allowances.
Table: 1
The compression ratio of minimum Basic Pay of Group D employees and Group A officers under different Pay Commissions of Central Government
A*=Central Pay Commission, B*=Minimum Basic Pay (Group D) Rs. , C*=Minimum Basic Pay of Officer Grade (Group A) Rs. D*=Compression Ratio
| A* | B* | C* | D* |
| III CPC (1973 to 1985) | 196 | 700 | 1: 3.57 |
| IV CPC (1986 to 1995) | 750 | 2200 | 1: 2.93 |
| V CPC (1996 to 2005) | 2550 | 8000 | 1: 3.13 |
| VI CPC(2006 to 2015) | 7000 (Band Pay 5200 + Grade Pay 1800) | 21000 (Band Pay 15600 + Grade Pay 5400) | 1: 3 |
| VII CPC(2016 onwards) | 18000 | 56100 | 1: 3.11 |
Table: 2
A*=Bi-partite Settlements, B*=Minimum Basic Pay (Sub-Staff) Rs. C*=Minimum Basic Pay of Officer Grade Rs., D*=Compression Ratio
| A* | B* | C* | D* |
| 2nd Bipartite (01.01.1970) | 116 | 500 (01.01.1970) | 1: 4.31 |
| 3rd Bipartite (01.09.1978) | 245 | 700 (01.10.1979) | 1: 2.85 |
| 4th Bipartite (01.07.1983) | 430 | 1175 (01.02.1984) | 1: 2.73 |
| 5th Bipartite (01.11.1987) | 815 | 2100 (01.11.1987) | 1: 2.57 |
| 6th Bipartite (01.11.1992) | 1600 | 4250 (01.11.1992) | 1: 2.65 |
| 7th Bipartite (01.11.1997) | 2570 | 7100 (01.11.1997) | 1: 2.76 |
| 8th Bipartite (01.11.2002) | 4060 | 10000 (01.11.2002) | 1: 2.46 |
| 9th Bipartite (01.11.2007) | 5500 | 14500 (01.11.2007) | 1: 2.63 |
| 9th Bipartite (01.05.2010) | 5850 | 14500 | 1: 2.47 |
| 10th Bipartite (01.11.2012) | 9560 | 23700 (01.11.2012) | 1: 2.47 |
The compression ratio of minimum Basic Pay of Sub-Staff and Officer Grade under different bipartite Settlements in Banks
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