Monday, 25 May 2015

MEMORANDUM OF 10th Bipartite SETTLEMENT of Banks (May 25, 2015)

MEMORANDUM OF SETTLEMENT dated 25th May 2015 between the Managements of 43 Banks as represented by the Indian Banks’ Association and their workmen as represented by the All India Bank Employees’ Association, National Confederation of Bank Employees, Bank Employees’ Federation of India, National Organisation of Bank Workers and Indian National Bank Employees’ Federation.


(A) The Indian Banks’ Association (IBA) on behalf of its member banks named in the Schedule I hereto, signed a settlement dated 27th April 2010 with the All India Bank Employees’ Association (AIBEA), National Confederation of Bank Employees (NCBE), Bank Employees’ Federation of India (BEFI), National Organisation of Bank Workers (NOBW) and Indian National Bank Employees’ Federation (INBEF) representing the workmen employees of the Banks mentioned in the said Schedule I, inter alia regarding various terms and conditions of their service. The Settlement dated 27th April 2010 was operational for a period of 5 years from 1st November 2007.

(B) The AIBEA, NCBE, BEFI, NOBW and INBEF (hereafter jointly called the Unions) submitted their Charter of Demands dated 30th October 2012 for revision in wages and other service conditions of workmen to IBA and requested for negotiations on the same, with a view to arriving at an amicable settlement.

(C) Simultaneously, IBA also raised with the Unions, issues on behalf of the managements of banks concerned, to be discussed and settled with a view to improving efficiency of operations in banks.

(D) The parties agreed that the total quantum of wage revision increase (salaryslip component) shall be Rs.2270 crores being 15% of the salary slip component of Establishment Expenses of Public Sector Banks which are parties to this settlement for the year ending March 2012. It was further agreed that the new salary of pay would be constructed, after merging Dearness Allowance corresponding to 4440 points and with a loading of about 2%. It was further agreed that every second and fourth Saturday of the month will be a holiday and other Saturdays will be full working days. All other issues of the Management and Workmen Unions discussed during the process of negotiations would be settled to the mutual satisfaction. The parties signed and exchanged minutes in this regard on 23rd February 2015 at Mumbai.

(E) The parties negotiated the aforesaid demands and issues and have reached an agreement as set out hereinunder in full satisfaction of their demands. 10th Bipartite Settlement 5 (F) The agreement reached as aforesaid shall amend, modify and supersede the relevant provisions of the Awards and Settlements wherever referred to in this Settlement.

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