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Indian Banks’ Association and representatives of Workmen Unions and Officers’ Associations, have agreed on the 23rd November 2004, for a wage increase of Rs. 2200 crores p.a. for workmen and officers put together.
The increase at 13.25% will be Rs. 1288 crores p.a. for Workmen and Rs. 912 crores p.a. for officers. Understandings have been reached on the issue of mobility of workmen. The details will be worked out and MOU will be signed shortly.
The average salary increase for staff works out to Rs 2,225 while that for the officers is Rs 3,650. The agreement is effective with retrospective effect from November 1, 2002 and is valid for five years from this date.
Employee unions have agreed to clerical staff being moved within 100 km. For this displacement they will be paid Rs 400 per month extra, their existing HRA and city compensatory allowance will be protected and they will be repartiated after three years.
The revision will determine the salary structure in 27 public sector banks till November 2007, beginning November 1, 2002, for about 757,000 employees, including officers and other staff. For the 27 public sector banks, the total annual bill is Rs 19,000 crore.
This is eight bipartite settlement. Earlier, the sixth and the seventh bipartite settlements had resulted in a 10.5 and 12.25 per cent salary hike over the previous negotiations, respectively.
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