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Friday, December 18, 2020

What is Bipartite Settlement and Joint Note????

8th Joint Note*
Few officers have sought what is Joint Note & approval by DFS. Hence this clarification.
Wage Revision of Award Staff is called *Bipartite Settlement*
Wage Revision of Officers is called as *Joint Note*
Officers' Joint Note, after signing by IBA & Associations, has to be approved by Finance Ministry (Dept of Fin Services) as it involves Amendment to OSR.
FINMIN approves and instructs all PSBs to implement.
*Now this has been recd*
Banks will now proceed to take internal approval and for implementation.
We can expect implementation shortly.
2.After approval by competent authority, Circular issued and OSR also gets Amended as these are part of Officers Service Condition

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