We have been receiving lot many queries from our members, State Committees and Affiliates about the actual implementation of the Salary Revision i.e. about the payment of arrears and two Saturdays off.
Though, we have clarified the process in our earlier communications, we would once again like to reiterate that in case of Award Staff the Bipartite Settlement can be implemented immediately after signing and the revised Salary Revision as well as arrears can be paid immediately after that, whereas, in case of officers, the service regulations are required to be amended.
Since the amendment in the OSR is a lengthy process, IBA has already recommended to the Government for payment of the revised Salary and actual arrears on adhoc basis subject to amendments in OSR. The approval of payment of revised salary on adhoc basis and payment of arrears are also required to be approved by the Board of Directors of the Banks. Department of Financial Services (D.F.S), Ministry of Finance (M.O.F.),
Government of India has already started the process of giving in-principle approval asked by the IBA. We are hopeful that the approval of the Government will be conveyed within a fortnight. Meanwhile, a couple of Banks’ Boards have already adopted the Joint Note and have conveyed their approval for payment of the revised salary and arrears on receipt of approval from the Government.
We have also informed you that NOC from Reserve Bank of India regarding two Saturdays off was received by IBA and IBA has sent the same to Department of Financial Services, Ministry of Finance, Government of India along with its recommendation for implementation of 2nd and 4th Saturdays off at the earliest.
The Government is known to have sent their in-principle approval to the IBA. Actual implementation of 2nd and 4th Saturdays off would only be after the issuance of notification for which IBA is vigorously following up. This issue may also take another fortnight. We once again assure our membership that these issues are very close to our heart and any development in this regard will be conveyed in no time.
Our members are requested to rely on the official communications only and should not rely / forward any news received from unauthenticated sources.
Click Here To Read Clarification On Payment Of Arrear
1. IBA HAS SENT THEIR CIRCULAR TO ALL BANKS WITH CHARTS FOR IMPLEMENTIG THE SETTLEMENT AND PAYMENT OF ARREARS
2. IBA HAS ALSO ISSUED THEIR CIRCULAR GIVING THE REVISED AMOUNT OF MIN. PENSION, FAMILY PENSION PAYABLE AS PER 10TH BPS.
3. GOVT. HAS GIVEN ITS IN PRINCIPLE APPROVAL TO THE PROPOSAL OF IBA FOR DECLARING 2ND AND 4TH SAT AS FULL HOLIDAYS. NOW STEPS ARE BEING TO GET THE OFFIC...IAL NOTIFICATION ISSUED IN THIS REGARD.
We forward herewith the IBA Circular on Wage Revision for Award Staff and Pension, for information.
C H VENKATACHALAM
GENERAL SECRETARY AIBEA
Pension Calculators As Per 10th BPS-
By Sudhir Mulherkar
(Source : allbankingsolutions.com--- By Rajesh Goyal)
As promised by Mr Sudhir Mulherkar, we are now providing Pension calculator
IBA Clarifies Responding to a query raised by media persons Shri T M Bhasin, Chairman, IBA clarified that Adhoc arrears w.e.f. 1 st November 2012 will be paid by the Banks to the Workmen as well as Officer Staff members immediately after approval by the Boards of respective Banks.
As regards workmen the new scales will be adopted by the Boards of respective banks and shall be implemented soon thereafter. For Officers, the new scales will be implemented after due process of ap...proval of Revised Officer Service Regulations by the Govt. of India and adoption by the respective Board of Directors of various Banks.
However, in the meantime officers also will be paid arrears and salary based on new scale on an Adhoc basis with the approval of the Government.
May 26, 2015