12th Bipartite Major demand were accepted

Dear Comrades,

Warm greetings upon historic signing of 12th bps pact between our affiliates union and IBA we are witnessing the great event in the history of the banking fraternity post nationalisation

Major demand were accepted:

17% hike in wage component

3% load factor in basic

Increase in special da by 2.25%

Hike in LTC encashment by 25%

Uniform HRA code for all employees irrespective of scales

Increase in medicine allowance for employees

RFA/Leased accomodation to be revised at par with central government employees

5 day banking to be implemented within 6 months as mandated by IBA

LFC encashment to be provided once in every 1.5 years

Special incidental allowance to be introduced which will be 1% of da

Uniform allowance to all officers as well as award staffs once in every year

Post study scholarship for employees for persuing higher study

News paper allowance to be increased by 50% per quarter

Special allowance for refreshments to be provided to officers at 2% of basic in payslip

Retiree pension to be updated who retired after 2004

IBA agreed on these and we both signed and in the process of reconciliation

We will update you about residual issues pertaining to pensioner demand

Some more points to be agreed and signed by IBA.

Regards

Convener AIU