WHAT IS THE
DEFINITION OF ‘PAY SLIP COMPONENTS’?
IBA
has used the phrase ‘pay slip components’
during the course of negotiations for 10th BPS. This is the first time this phrase is ever
being used in the context of bank staff wage revision. As I started thinking what exactly IBA meant
by this phrase, several things came to my mind.
First,
as a lay man, I thought that all the components of pay and allowances, as they appear on the left side of monthly
pay slips, will be covered by this new terminology.
But, as I extended my
logic further and further, I stumbled upon these ideas.
- All the
items that are part of the standard pay slip can be covered by this
phrase. Then, naturally, on the
deductions side, pension contribution for ‘Defined Contributory Pension
Scheme’ (NPS) of the employee also figures. So, will that also be counted as a pay
slip component?
- But, NPS is
applicable to only those who joined on or after 01-04-2010. So, it cannot be the case, I reasoned.
- But, if
contribution made by the bank for staff under old pension scheme and the
contribution matching the DCPS contribution of the employee, as it appears
in his pay slip, is also included?
- No, such
bank’s contribution is invisible
and not reflected in the pay slip.
So, that may not be one of the ‘pay slip components’, logically
thinking.
- Then, will
‘pay slip components’ include only Basic Pay, Special Allowance if any, D.A,
HRA, CCA, PQP and FPP and nothing else?
- So,
all other benefits, as detailed hereunder will be kept out of reckoning?
(a) Pension (which includes commuted
pension, normal pension and family pension)
(b) Gratuity
(c) Leave Encashment
(d) Quarters and Leased Accommodation facility
(e) Conveyance Allowance
(f) Medical Aid
(g) Hospitalisation Expenses (or Health Insurance Premium as proposed by
IBA now)
(h) LFC
(i) Halting Allowance
(j) Compensation on Transfer – Lump sum
paid, Travelling Expenses, Transport of Personal Effects etc.
(k) Telephones
(l) Staff Welfare measures that include
Canteen Subsidy, Newspaper/s, Entertainment Expenses, Educational
Allowance/Grant for Children’s education (which
is only a pittance), Merit Awards/Scholarships, Maintenance of Holiday
Homes, Free Medical Check-up, Reimbursement of cost of spectacles/eye glasses, Residential
furniture etc.
(m) All loans on concessional terms
Let
us wait and see how IBA explains this phrase and gives full break up. We must also see how UFBU is going to respond
to IBA’s definition in this regard. Both
IBA and UFBU must battle it out to reach a common ground in finding mutually
acceptable meaning for this phrase, before proceeding further on actual wage
negotiation.
Date:
17-01-2014
V Subramanian
I feel that the Negotiators from the IBA side also do not know how to define the "Pay Slip Components". Probably, they might have explored all these days and come out with a definition to suit them on 27.01.2014 talks.
ReplyDeleteThe fools from UFBU should have asked IBA to clear the term before accepting it. As per past record IBA will define it in a way which can give maximum loss to bank staffers.
ReplyDeleteMost important thing is that this terminology has been suggested by IBA and one must not forget that this is a negotiation. The IBA can never offer anything which can result in benefit of opposite side.