The wage revision for public sector bank officers

The wage revision for public sector bank officers, and a few other old private sectors which took part in the bipartite wage revision process which has been pending since 2017, has been finalised and signed by the Indian Banks‘ Association (IBA) and Four officers associations. The Four officers’ unions All India Bank Officers’ Confederation (AIBOC), All India Bank Officers’ Association (AIBOA), Indian National Bank Officers’ Congress (INBOC), and National Organisation of Bank Officers (NOBO) have  on Wednesday (11.11.2020)  finalised the wage revision process for over four lakh bank officers under wage settlement and signed the joint note with IBA. The revised wage revision is applicable for public sector bank officers, and a few other old private sectors which took part in the bipartite wage revision. After three years of intense negotiations, bank employees’ unions and IBA, on July 22, agreed for an annual wage hike of 15 per cent, which would be applicable from November 1, 2017.The total quantum of wage increase is ₹3,385 crore being 15% of the pay slip component. The details of basic salary fitments are as under.

The revised salary for officers effective from November 1, 2017 is as under.

Scale  I:

36000-1490/7=46430-1740/2=49910-1990/2=63840

Scale II:

48170-1740/1-49910- 1990/10-69810

Scale III: 63840-1990/5-73790-2220/2-78230

Scale IV: 76010/2220/4-84890-2500/2-89890

Scale V: 89890-2500/2-94890-2730/2-100350

Scale VI: 104240-2970/4-116120

Scale VII: 116120-3220/4-129000

Special Allowance:

SA (Spl Allowance): 16.40% I to III (from present 7.75%)

SA(Spl Allowance): 19% IV & V (from present 10%).

SA(Spl Allowance): 20% VI & VI (from present 11%)

PLI (Performance Linked Incentive) payable: 0/5/10/15 days based on YOY Growth.

Less than 5%	Nil
5% to 10%	5 days salary+ DA payable
>10% to 15%	10 days* salary+ DA payable
>15%	15 days*salary + DA payable

1. HRA at 9%,8% and 7% remains unchanged
2. CCA at higher area is Rs.1400 and Rs.1150 for lower centers
3. Newly introduced Location Allowance for Non CCA centres Rs.700 per month w.e.f. 1.11.2017
4. Learning Allowance a new feature has been introduced w.e.f 1.11.2017 at the rate of Rs.600 with applicable DA thereonfor all officers
5. Introduction of one additional stagnation increment from Scale 1 to 4 w.e.f 1.11.2017 and
6. Scale V officers get one stagnation increment with effect from 1.11.2020
7. Periodicity of all such stagnation increments will be 2 years
8. All existing stagnation increments will be now of 2 years notionally w.e.f 1.11.2017 for the purpose of superannuation benefits. All accumulated increments shall be released w.e.f 01.11.2020
9. In all Department  inquiries, defense assistant shall be entitled to Boarding and Lodging expenses
10. The non-financial issues like 5 day week, updation of pension in the wake of the recent announcement made by the Hon’ble FM for the Seniors, D &A regulations, the introduction of North East Allowance were taken up for discussion for a logical conclusion.
11. The circular dated 11.11.2020 issued by 4 officers organisations regarding joint notes signed by them on 11.11.2020 attached below.