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 10 of the Bipartite Settlement dated 25th May 2015, with effect from 1st November, 2017, Transport Allowance shall be paid as under;
|All Clerical and
|Rs. 600 per month with applicable DA thereon|
(i) The Transport Allowance with applicable DA thereon shall not be reckoned for superannuation benefits viz., pension including contribution to NPS, PF &
(ii) This provision by itself will not preclude the payment of any existing allowance of this nature paid as a result of Government guidelines/bank level settlements.