It is informed that the IBA and UFBU agreed on 11th Bipartite Wage Settlement with 15% salary hike. Discussio on 5 days banking is still going on in the meeting held on 22nd July 2020. Though it is not yet confirmed by UFBU or IBA but hopefully the detailed ciircular will be updated by late evening.
The following points appear to have been decided so far! (This is subject to official confirmation by UFBU)
1) 5 day week agreed!
2) 15% wage increase agreed!
3) 47.80% (478 Slabs) DA merger agreed!
4) 2.25% Load Factor on Basic pay agreed!
5) Total increase in Pay @49.80 % agreed!
6) Balance 13% will be distributed in various Allowances agreed!
7) DA rate in future will be @ 0.07 % per slab (now balance of slabs will be 681-478=203 slabs)
Now – Calculate Your Salary with 15% Pay Hike
Official News about final settlement may be expected tomorrow! Please wait for more details. This is updated as received by one of the member.
Now the formula of new agreement is being discussed in industry and in r.b.i also. The date of effect is 01.11.2017 and merger point at consumer price index 6352 have already been decided. It means that 478 slabs will be merged in basic. (6352-4440=1912÷4=478slabs)i.e 47.8% d.a as the rate is .10 paise per slab.
In RBI if, Govt approves, pensioners will be benefited in updation of pension. If 10% load is approved over 47.8% d.a it comes to 162.58%.(100+47.8=147.8×10%=162.58)i.e 163. It means 100 rupee basic pention becomes rs.163.
So conversion figure will be 1.63. I have taken 10% load for updation because in last updation 10% load was given to all pensioners irrespective of their date of retirement. If load is less then the conversion factor will come down accordingly.
After merger at index 6352 the D.A rate will be 7 paise over and above rs 6352. Arrears will be from the implementation of updation I.e.march 2019.
