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Wage Revision and Settlement on Pension option for Bank Employees

Dedicated to the memory of Com. Prabhat Kar on his Birth Centenary

MEMORANDUM OF SETTLEMENT dated 27th April 2010 between the Managements of 46 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, Indian National Bank Employees‟ Federation and National Organisation of Bank Workers.

SHORT RECITAL OF THE CASE

(A) The Indian Banks‟ Association (IBA) on behalf of its member banks named in the
Schedule I hereto, signed a settlement dated 2nd June 2005 with the All India Bank
Employees‟ Association (AIBEA), National Confederation of Bank Employees
(NCBE), Bank Employees‟ Federation of India (BEFI), Indian National Bank
Employees‟ Federation (INBEF) and National Organisation of Bank Workers (NOBW)
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
2nd June 2005 was operational for a period of 5 years from 1st November 2002.
(B) The AIBEA, NCBE, BEFI, INBEF and NOBW (hereafter jointly called the Unions)
submitted their Charter of Demands dated 29th October 2007 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 initially agreed after negotiations that the total quantum of wage increase
arising out of a Settlement to be signed in this regard shall be Rs.2,577 crores per
annum including the cost of superannuation benefits and accordingly signed and
exchanged minutes on 27th November 2009 at Mumbai. It is agreed that for the purpose
of this settlement, the additional cost of pension be shared equally between the parties
at the rate as agreed to pension costed accordingly.
(E) The IBA and the Unions signed a minutes of the discussions on 25th February 2008 on
various issues. Extending another option for pension to those who did not opt for
pension when Bank Employees‟ Pension Regulations, 1995 dated 29th September 1995/
26th March 1996 were implemented was one of the issues to be considered. After
several round of discussions and valuing the liability through an actuarial calculation, it
is agreed to extend another option to join the pension scheme to those who did not opt
for pension when Bank Employees‟ Pension Regulations, 1995 dated 29th September
4
1995/ 26th March 1996 were implemented, on the terms and conditions agreed and
incorporated in the Settlement dated 27th April 2010 signed between the parties.
(F) Management proposed that a scheme for introduction of performance linked variable
pay in addition to fixed pay be considered as part of this wage revision exercise to
increase efficiency in operations. After preliminary discussions, the parties agreed to
pursue the matter further after finalisation of this settlement, to reach a consensus.
(G) The parties negotiated the aforesaid demands and issues and have reached an agreement
as set out herein under in full satisfaction of their demands.
(H) 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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Please click on the following Links to get the text of the Settlements, Arrears Calculation Software, etc. When asked “open” or “save”, choose the “save” option and store the file in your local computer for best results.

1. Text of the Settlement on Wage Revision click here

2. Text of the Settlement on Pension option click here

3. Salient features of the Settlement click here

4. Arrears Calculations for Clerks click here

5. Arrears Calculations for Sub-staff click here

6.Arrears Calculations for Part Time Employees click here

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