10th Bank Bipartite Settlement To Be Signed on 22 May, 2015

It is learnt from various genuine sources that details of wage revision(tenth bipartite settlement) has already been finalized by IBA and union and the final bipartite agreement will be signed on 22nd May 2015.(90 days will be completed on May 22, 2015)

You can check out expected 10th Bipartite New Pay Scales here.

It is learnt that the new Basic Pay will be approximately 1.66 times the present basic pay. The revised Basic Pay is expected to be from around Rs.24,000 (Officer in JMGS I scale) to Rs.86,400.

Number of Stagnation increments may also be increased.

It is also learnt that a new Grade Pay will be introduced(just like the central government employees). It will be at 7% of the revised Basic Pay for officers up to MMGS III, at 11% for officers in SMGS IV and SMGS V and at 12% for TEGS VI and TEGS VII. 

While this Grade Pay may attract Dearness allowance, it may not be reckoned for computing HRA, CCA, PF, Pension and Gratuity. It will also affect our future pay scales whenever any revision is made. However, there is no final word on this point. But if it is implemented, it will be really good for bank employees.

New D.A. slab is said to be at 0.10% per slab of 4 points in 1960 series of AICPI - IW.

HRA is expected to be at 8%, 9% and 10% respectively, depending on the population group.

CCA is expected to be 3% (Max: Rs.650) for lower CCA Centres and at 4% (Max: Rs.900) for higher CCA centres.

FPP is expected to be at last increment drawn plus D.A. at 60.15% thereon. For people drawing HRA, HRA amount may also be included in FPP.  

Let's wait for one more week for final calculations.

In the meantime, SBI has issued a letter to its employees confirming that all employees will be getting new revised salary from June, 2015 onwards.