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 modification of Clause 9 of the Bi-partite Settlement dated 25.05.2015, with effect from 1.11.2017, workmen employees shall be paid Special Allowance as under:
16.40 % of the Basic pay with applicable DA thereon.
Note: The Special Allowance with applicable DA thereon shall not be reckoned for superannuation benefits viz., pension including contribution to NPS, PF & Gratuity.
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