The Indian Banks’ Association (IBA) on November 11 said it has signed a bipartite settlement with bank unions agreeing a 15 per cent increase in pay slip for bank employees.
In partial modification of Clause 5 of Bipartite Settlement dated 25th May 2015, both
clerical and subordinate staff (including permanent part-time employees on scale wages)
shall be eligible for nine stagnation increments w.e.f. 1st November 2017 at the rate and
frequency as stated herein under:
The clerical and subordinate staff including permanent part-time employees on scale wages
on reaching the maximum in their respective scales of pay, shall draw nine stagnation
increments at the rate of Rs. 1990/- and Rs.1000/- respectively (pro rata in respect of
permanent part-time employees) each due under this settlement, and at frequencies of 2
years, from the dates of reaching the maximum of their scales as aforesaid.
Provided further that a clerical / subordinate staff (including permanent part-time
employees on scale wages) already in receipt of eight stagnation increments shall be
eligible for the ninth stagnation increment from 1st November, 2017 or two years after
receiving the eighth stagnation increment, whichever is later.
Provided further that the Stagnation increment/s received by the employees who are/were in service of the banks as on 1st November, 2017 as per periodicity hereinbefore would be
readjusted from the date of reaching their maximum by also considering the
Graduation/JAIIB/CAIIB Qualifications acquired thereafter, if any and employee shall be
notionally eligible for stagnation increments w.e.f. 1.11.2017 in terms of this settlement as
per the revised periodicity which will qualify for superannuation benefits. However,
monetary benefit on account of such revised and readjusted stagnation increment/s shall be payable from 1st November, 2020 or the actual date of entitlement whichever is later