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LATEST CENTRAL GOVERNMENT EMPLYOEES NEWS
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FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

11th BPS Expected Salary Calculator for Bank Employees

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11th BPS Expected Salary Calculator for Bank Employees

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Bank Staff Get 15% Pay Hike

Indian Banks’ Association

Minutes of the discussions held on 22nd July, 2020 between IBA representing Management of banks which are parties to the Bipartite Settlement and Workmen Unions and Officers’ Associations on wage revision

READ ALSO: 11th Bipartite Settlement Expected Salary Chart for Clerks and Sub Staff w.e.f 01.11.2017

Table of Contents

    • Also Read: Congratulations to All Bank Employees / Officers-Long Awaited 11th Bi-Partite Settlement / 8th Joint Note Signed on 11-11-2020
  • Central Government Holiday List 2024 PDF
  • Also Read: Bank Wage Revision 22-07-2020

Also Read: Congratulations to All Bank Employees / Officers-Long Awaited 11th Bi-Partite Settlement / 8th Joint Note Signed on 11-11-2020

Also Read: Improvement of Family Pension and Updation/ Revision of Pension

Discussions were held between the Indian Banks’ Association representing Managements of banks and the authorized representatives of Workmen Unions and Officers’ Associations on wage revision for officers and workmen in banks.

The Management and the Unions representing Officers and Workmen staff, acknowledge the need for a robust banking system which is responsive to the challenges facing the country and the need to improve further the productivity, efficiency and responsiveness to the needs of the customers and various stakeholders. With this commitment, it has been agreed to resolve the pending wage settlement issue and enter into an MoU as under:-

1. The wage revision will be effective from 1.11.2017.

2. The annual wage increase in salary and allowances is agreed at 15% of the wage bill as on 31-3-2017 which works out to Rs.7,898 crores on Payslip components.

. The new pay scales will be constructed after merging Dearness Allowance corresponding to 6352 points (average Index point as applicable for the Quarter of June, July, and August 2016) and adding thereon a loading of 2.50% on Basic Pay plus Dearness Allowance as on 31st March 2017 amounting to around Rs.1155/- Crores.

4. Distribution of annual wage increase between Workmen and Officers will be worked separately and proportionately based on breakup of establishment expenses as on 31.3.2017.

5. In today’s Banking scenario, there is stiff competition amongst different category of banks i.e.. Public sector, Private sector, Foreign banks. In order to inculcate a sense of competition and also to reward the performance, the concept of Performance Linked Pay is felt to be introduced. After prolonged discussions and deliberations on this matter, it has been agreed to introduce Performance Linked Incentive (PLI) in Public Sector Banks, which will be based on Operating/ Net Profit of the individual bank (optional for private & foreign banks). The PLI is payable to all employees annually over and above the normal salary payable. The PLI matrix decides the amount payable to the employees (in number of days of pay- Basic+DA) depending on the annual performance of the bank. All the employees will get the number of days of pay as incentive depending on where in the matrix the bank’s performance fits in, broadly as per Matrix under:

No. YoY Growth in Operating Profit No. of days for which Salary (Basic + DA) shall be paid
1 <5% Nil
2 5% to 10% 5 days
3 >10% to 15% 10 days*
4 >15% 15 days*
*3rd & 4th slabs are payable only if the Bank has Net Profit. If a Bank has growth in Operating Profit of 5% & more, but there is no Net Profit, then minimum 2nd slab of 5 days will be payable
(The PLI will be applicable from FY- 2020-21)

6. From the calendar year 2020, besides encashment of PL at the time of retirement and during availment of LFC, PL Encashment would be permitted at 5 days every calendar year (7 days in case of employees/officers of 55 years of age and above) at the time of any festival of their choice.

7. It has been agreed to increase the banks contribution to the NPS fund to 14%, i.e. 14% of Pay & Dearness Allowance instead of the present rate of 10% from the prospective date of signing the settlement subject to approval of the Govt.

8. All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.

9. The parties will meet on mutually convenient dates to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions have been reached. The parties will endeavor to finalize the Bipartite Settlement /Joint Note within a period of ninety days from the date of this minutes.

Bank Wage Revision PDF Download – Signed Copies

11th Bipartite Settlement Salary Structure

11th Bipartite Settlement | Expected Salary Calculator

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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.

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

Revision in Dearness Allowance for the quarter Aug’20 to Oct’20
Dearness Relief for RBI Pensioners 1.60% increase from August 2020 to January 2021
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