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.
House Rent Allowance
In substitution of Clause 9 of the Bipartite Settlement dated 25th May 2015 with effect from 1st November 2017, the House Rent Allowance payable to subordinate and clerical staff shall be as under:-
|Area||Rate as percentage of ‘Pay’
[No Minimum/ No Maximum
|At all centres||10.25%|
(1) ‘Pay’ means as defined in Clause 6 of the Settlement hereinabove
(2) Where quarters are provided, HRA shall not be payable and the rent to be recovered shall be 0.2 % of the first stage of the Scales of Pay.
(3) All other existing provisions relating to House Rent Allowance shall remain unchanged.
Provided further that when a workman employee is transferred out of the station other than on account of request, he/she may, in lieu of HRA as above, claim reimbursement of house rent upto 150% of HRA otherwise payable and subject to production of rent receipt.