11th Bipartite Settlement – Dearness Allowance for Clerical and Subordinate Staff
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 substitution of Clause 7 of Bipartite Settlement dated 25th May 2015 with effect from 1st November 2017, the Dearness Allowance shall be payable as per the following rates :-
Clerical and Subordinate Staff
0.07 % of ‘pay’ per slab of four points.
Dearness Allowance in the above manner shall be paid for every rise or fall of 4 points over 6352 points in the quarterly average of the All India Average Working-Class Consumer Price Index (General) Base 1960=100.
(a) It is clarified that there shall be no ceiling on Dearness Allowance.
(b) Dearness Allowance shall be calculated and paid on the following components:
- Basic Pay including Stagnation increments,
- Special Pay,
- Graduation Pay/ Professional Qualification Pay,
- Special Allowance,
- Transport Allowance and
- Officiating Pay,
if any, payable under this settlement in respect of both clerical and subordinate staff.
(c) All other existing provisions relating to Dearness Allowance Scheme shall remain unchanged.