Following are some useful links regarding 9th Bipartite Settlement for Bank Officers and Employees.
Memorandum of Settlement for Workmen [Clerk and Substaff]
Salient Features of 9th Bipartite Settlement
Joint Note regarding salary revision of Officers
Joint Note regarding Pension Settlement
Bankers are not happy over this settlement. See the reasons below.
(a) Increase of merely 17.5% in gross wage increase (which at lower levels is merely 14% or so). Thus, disparity between Central Government employees/ Stategovernment employees and Bankemployees has widened.
(b) The existing employees who have been offered an option to opt for the pension scheme, have been asked to shell out 2.8 times of their Pay of November, 2007. The works out to be around Rs.40,000 to over Rs.1,20,000 for various segments of the employees / officers;
(c) The worst part is that even the retired personnel are required to pay 156% of the the bank's contribution in case they wish to join the pension option. These retired personnel have to additionally contribute up to Rs.6,00,000/- (i.e. the amount over and above
they received at the time of retirement as bank's contribution) towards the pension fund.
(d) Even worse is the plight of the retired personnel who have retired after 01-11-2007. The wage revision settlement was due from 01-11-2007 and these bankers who were in service as on that date, were always under the impression that this fight for the pension option will be available at least from the date when wage revision was due. However, IBA has not agreed to this and have signed agreement wherein only those employees / officers who were on the rolls of the banks as on 27-04-2010 will be eligible for lower payment of contribution.
(e) Bank employees are worse off in almost all respects. It may be HRA (in case of central government it is 30%, as against around 10% for bankers); transport allowance; educational allowance, grade pay (there is no grade pay in banks for officers); medical
benefits (no medical facility after retirement in banks); pension facilities (no revision of pension as and when salaries are increased in banks); leave encashment upto 240 days only; child care leave not available in banks etc etc. etc. The list is very long. In nutshell we can say that there bankers are nowhere near the facilities enjoyed by the central government.
(f) Bankers working days are still 6 days and working hours normally extend by 2 to 4 hours on daily basis, depending on the workload at the branch / administrative office. In Central government offices (NOW EVEN IN RBI) it is 5 days week. All stock exchanges also work in India only on 5 days a week.
(g) Banks are earning huge profits and all PSU banks regularly contribute to the kitty of the government by paying dividend. As and when there are more deficits in the government, a "firman" is issued by the Finance Ministry to the banks to pay "interim dividends". As and when loans are waived, banks have to bear a part of the cost of these loans - in the shape of principal waivement or waiving of the interest. On the other hand central
government employees are paid by resorting to deficit financing. Even the retired government employees get full pension benefit on the revised scales.
Memorandum of Settlement for Workmen [Clerk and Substaff]
Salient Features of 9th Bipartite Settlement
Joint Note regarding salary revision of Officers
Joint Note regarding Pension Settlement
Bankers are not happy over this settlement. See the reasons below.
(a) Increase of merely 17.5% in gross wage increase (which at lower levels is merely 14% or so). Thus, disparity between Central Government employees/ Stategovernment employees and Bankemployees has widened.
(b) The existing employees who have been offered an option to opt for the pension scheme, have been asked to shell out 2.8 times of their Pay of November, 2007. The works out to be around Rs.40,000 to over Rs.1,20,000 for various segments of the employees / officers;
(c) The worst part is that even the retired personnel are required to pay 156% of the the bank's contribution in case they wish to join the pension option. These retired personnel have to additionally contribute up to Rs.6,00,000/- (i.e. the amount over and above
they received at the time of retirement as bank's contribution) towards the pension fund.
(d) Even worse is the plight of the retired personnel who have retired after 01-11-2007. The wage revision settlement was due from 01-11-2007 and these bankers who were in service as on that date, were always under the impression that this fight for the pension option will be available at least from the date when wage revision was due. However, IBA has not agreed to this and have signed agreement wherein only those employees / officers who were on the rolls of the banks as on 27-04-2010 will be eligible for lower payment of contribution.
(e) Bank employees are worse off in almost all respects. It may be HRA (in case of central government it is 30%, as against around 10% for bankers); transport allowance; educational allowance, grade pay (there is no grade pay in banks for officers); medical
benefits (no medical facility after retirement in banks); pension facilities (no revision of pension as and when salaries are increased in banks); leave encashment upto 240 days only; child care leave not available in banks etc etc. etc. The list is very long. In nutshell we can say that there bankers are nowhere near the facilities enjoyed by the central government.
(f) Bankers working days are still 6 days and working hours normally extend by 2 to 4 hours on daily basis, depending on the workload at the branch / administrative office. In Central government offices (NOW EVEN IN RBI) it is 5 days week. All stock exchanges also work in India only on 5 days a week.
(g) Banks are earning huge profits and all PSU banks regularly contribute to the kitty of the government by paying dividend. As and when there are more deficits in the government, a "firman" is issued by the Finance Ministry to the banks to pay "interim dividends". As and when loans are waived, banks have to bear a part of the cost of these loans - in the shape of principal waivement or waiving of the interest. On the other hand central
government employees are paid by resorting to deficit financing. Even the retired government employees get full pension benefit on the revised scales.
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