Download Arrear Calculation Sheet and Celebrating the Milestone: 12th Bipartite Settlement and Its Impact on Bank Employees

Download 12th Bipartite Arrear Calculation Sheet and Celebrating the Milestone: 12th Bipartite Settlement and Its Impact on Bank Employees

Warm greetings to all our esteemed members of the banking fraternity! Today, we mark a momentous occasion with the historic signing of the 12th Bipartite Settlement (BPS) pact between our affiliate unions and the Indian Banks' Association (IBA). This event stands as a testament to the collective spirit and perseverance of our community post-nationalization.

Major Wins for Bank Employees

The negotiations have culminated in a series of significant victories for bank employees across the country:

• A 17% hike in the wage component, empowering our workforce with a well-deserved increase in their earnings.
• Introduction of a 3% load factor on the basic pay, enhancing the financial stability of our employees.
• An increment in the Special Dearness Allowance by 2.25%, reflecting the rising cost of living.
• A generous 25% hike in Leave Travel Concession (LTC) encashment, promoting a better work-life balance.
• Implementation of a uniform House Rent Allowance (HRA) code for employees across all scales, ensuring fairness and equality.
• An increase in medical allowance, providing additional support for the healthcare needs of our employees.
• Revision of Rent-Free Accommodation/Leased accommodation allowances to be on par with central government employees, a move towards parity and respect.
• The much-anticipated 5-day banking is set to be implemented within the next six months, as mandated by the IBA, heralding a new era of operational efficiency.
• Leave Fare Concession (LFC) encashment will now be available once every 1.5 years, offering more flexibility and opportunities for rest and recreation.
• The introduction of a Special Incidental Allowance at 1% of the Dearness Allowance, acknowledging the incidental expenses borne by our employees.
• A uniform allowance for all officers and award staff, to be provided annually, ensuring that everyone is equipped to represent our esteemed institution with pride.
• The establishment of a post-study scholarship for employees pursuing higher education, fostering continuous learning and development.
• A 50% increase in the newspaper allowance per quarter, keeping our employees well-informed and connected with the world.
• A refreshment allowance for officers at 2% of the basic pay in the payslip, appreciating their continuous hard work and dedication.
• An update in the retiree pension for those who retired post-2004, a step towards honoring the contributions of our former colleagues.

Arrear Calculation Sheet

To help our members understand the financial implications of these changes, we have prepared an arrear calculation sheet. This interactive tool will allow you to calculate the arrears owed based on the new settlement terms.

Download 12th Bipartite Arrear Calculation Sheet

Moving Forward

As we celebrate these achievements, we remain committed to addressing the residual issues pertaining to pensioner demands. Rest assured, we will keep you updated on the progress and any additional points that are agreed upon and signed by the IBA.

Stay tuned for more updates, and once again, we extend our heartfelt congratulations to everyone who has been a part of this historic journey.