It is believed that the 11th BPS Salary Arrears will be paid by end of this month and revised salary will start from Nov 2020. It is informed by the members of unions that the revised salary of public sector bank employees are almost finalized and believed that the part arrears may be paid by end of October 2020 or before Durga Puja.
The draft note of the revised salary as per the settlement terms of 11th BPS between IBA and UFBU will be sgned by 15th October 2020 and new salary will be paid by 1st of Nov 2020 after delay of three years.
The one month salary arears already been paid and will be settled in the final payment.
The other componenets of the revised salary are assumed as :
–New Basic looks to be 1.515 times of existing basic.
–Special Allowance may be 15.50% of new basic.
–HRA seems unchanged at 7/8/9 % based on area classification.
–CCA, PQP etc may be fixed at 1.515 times of existing levels.
–Medical allowance may be fixed at 12,000 from existing 8,000.
–P.F. deduction will continue at 10% of new basic.
–14% employer contribution may be okayed for NPS.
— NPS Employee contribution kept constant at 10% (Basic pay plus DA)
–PLI formula same as per MOU.
NOTE : This is completely based on the draft discussion between IBA and UFBU and final note may differ.
Also Read – Calculate Your 11th BPS Salary with 15% hike
Most IMPORTANT : top of the above, LEVY amount has to be finalized by UFBU but seems to be @ 2% of gross arrears.