Bank Officers Stagnation Increment – 11th Bipartite Settlement

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.

Stagnation Increment

a) Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II in terms of Regulation 5 (b) after reaching maximum of the higher scale are presently eligible for four stagnation increments. With effect from 1st November, 2017, these officers will be eligible for five stagnation increments. The first four stagnation increments will be released after every two completed years of service, of which first two shall be Rs.1990/- each and next two shall be Rs. 2220/- each. The fifth stagnation increment of Rs.2220/- will be released two years after receipt of fourth stagnation increment or w.e.f. 1st November 2017, whichever is later.

b) Officers in MMG Scale II who have moved to Scale of Pay for MMG Scale III in terms of Regulation 5 (b) after reaching maximum of higher scale are presently eligible for four stagnation increments. With effect from. 1st November, 2017 these officers will be eligible for five stagnation increments. First four stagnation increments of Rs.2220/- will be released after every two completed years of service after reaching the maximum on the higher scale. The fifth stagnation increment of Rs.2220/- will be released two years after release of fourth stagnation increment or w.e.f. 1st November, 2017, whichever is later.

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c) Officers in substantive MMG Scale III i.e. those who are recruited in or promoted to MMG Scale III are presently eligible for five stagnation increments. These officers shall now be eligible for total six stagnation increments. Firit four stagnation increments of Rs. 2220/- after every two completed years and next two increments of Rs. 2500/- each, two years after receipt of the fourth stagnation increment. The sixth stagnation increment of Rs. 2500/- will be released two years after release of fifth stagnation increment or w.e.f. 1st November 2017, whichever is later.

d) Officers in SMG Scale IV are presently eligible for one stagnation increment of Rs. 2500/- two years after reaching maximum of scale. These officers will now be eligible for one additional stagnation increment of Rs. 2730/- after two years of receipt of first stagnation increment or w.e.f. 1.11.2017, whichever is later.

e) Provided further that the Stagnation increment/s received by the Officers from Scale I to Scale IV who are/were in service of the banks as on 1st November, 2017 as per periodicity hereinbefore would be readjusted from three year periodicity to two year periodicity from the date of reaching their maximum and officer shall be notionally eligible for stagnation increments w.e.f 1.11.2017 in terms of this Joint Note as per the revised periodicity which will qualify for superannuation benefits. However, monetary benefit on account of such revised and readjusted periodicity of stagnation incrementls shall be payable from 1st November, 2020 or the actual date of entitlement whichever is later.

f) Officers in SMGS — V shall be eligible for one stagnation increment of Rs.2970/- two years after reaching the maximum of scale or w.e.f. 1.11.2020, whichever is later.