Dearness Allowance for Bank Employees – Likely to increase 29 Slabs or more

Dearness Allowance for Bank Employees – Likely to increase 29 Slabs or more

Likely Bank D.A. from August 2014

Labour Bureau,Ministry of Labour and Employment, Govt.of India, has released All India Consumer Price Index Numbers for Industrial Workers ,Base 2001=100 for the month of May’14, today which stood at 244 points with an increase of 2 points while compared to April figure. ( There was a decrease of 16 slabs during last quarter )

Based on the confirmed AICPIN for April and May and assuming that index number for June may continued on same level , in tune with present inflationary trend , the DA for Bank Employees/Officers for Aug, Sept & Oct may likely to show an increase of 29 slabs Or more as per details furnished here under:

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Central Pay Commission recommendations are not applicable to the employees of Public Sector Banks

Central Pay Commission recommendations are not applicable to the employees of Public Sector Banks

Whether the Central Pay Commission benefits are not applicable for employees of banks…?

The question has been raised by the Hon’ble member in Parliament, the concerned ministry replied that the ‘Central Pay Commission recommendations are not applicable to the employees of Public Sector Banks’. And also answered to the supplementary question of how their salaries are revised.

“The pay scales of employees in PSBs are revised every five years on the basis of the Bipartite Settlement signed with Workmen Unions and Joint Note signed with Officers’ Associations by Indian Banks’ Association (IBA).

Accordingly, IBA negotiates salary and service conditions of employees. As part of negotiations, the terms of payment of pension are also discussed alongwith the salary revision.

The service conditions of Central Government employees differ significantly from those of bank employees and the two are regulated by their respective service regulations. Hence, no comparison can be drawn between the two”.

Recommendations of Central Pay Commission are not applicable to Public Sector Bank Employees…

Recommendations of Central Pay Commission are not applicable to Public Sector Bank Employees…

Recommendations of Central Pay Commission are not applicable to Public Sector Bank Employees. The pay scales of employees in PSBs are revised every 5 years on the basis of the BIPARTITE SETTLEMENT SIGNED WITH WORKMEN UNIONS AND JOINT NOTE SIGNED WITH OFFICERS ASSOCIATIONS BY Indian Bank’s Association.

Public Sector Bank Employees Pension Scheme

Public Sector Bank(PSB) employees pension scheme : Public Sector Banks employees, who have joined on or after 1.4.2010 are covered under New Pension Scheme (NPS) and , the employees of State Bank of India, who have joined on or after 1.8.2010 are covered under New Pension Scheme (NPS).

The below detailed information was presented as a written reply to a question in Lok Sabha by the Minister of State for Finance Shri.Namo Narain Meena on 8.3.2013.

“Most of the employees of various Public Sector Banks (PSBs) are covered under Bank Employees Pension Regulations pronounced in 1995. Employees who did not opt for pension scheme are continuing under Contributory Provident Fund. Employees who have joined on or after 1.4.2010 are covered under New Pension Scheme (NPS). Employees of State Bank of India are covered under SBI Pension Fund Rules which came into existence in 1955. Employees joining State Bank of India on or after 1.8.2010 are covered under New Pension Scheme (NPS).

Employees of Regional Rural Banks cannot be included in the prevailing Pension Schemes of the PSBs since they belong to different organisations.

National Bank for Agriculture and Rural Development( NABARD) has framed a draft Model Pension Scheme and Regulations on the above lines for introducing pension for RRBs which envisages RRBs to decide on introduction of pension for its employees at par with nationalised banks taking inter alia their financial position into consideration”.

Call to increase retirement age of bank employees to 65

Call to increase retirement age of bank employees to 65

The retirement age for bank employees should be increased to 65 for better utilisation of the services of seniors, said INTUC national president G. Sanjeeva Reddy.

Many officers were joining private financial institutions after their superannuation and extending quality services. The Public Sector Units were unable to make use of their services fully as they were retiring by 60, he opined.

Speaking after inaugurating the Eighth Biennial Conference of Union Bank Officers’ Congress of Andhra Pradesh here on Sunday, Mr. Reddy said the INTUC was opposed to the disinvestment plans and selling of shares to private companies from PSUs. He promised bankers of a discussion on their problems with the Centre.

Vijayawada MP Lagadapati Rajagopal, who attended the conference, said banks would collapse if NPAs increased, and underlined the need for prompt payment of loans borrowed by bigwigs.

Advice to seniors

Union Bank of India Staff College Principal P.S.N.M. Sarma said the bank recruited 5,500 employees in the last five years. But, the young officers were leaving the organisation as private financial institutions were offering good salary. The senior officers in banks should change the mindset of the fresh recruits and prevail upon them to stay in the organisation and help in the growth of business, said UBI Hyderabad Deputy General Manager M.N. Teppalwar. The officers appealed to the INTUC president to raise voice on behalf of the All India Union Bank Officers’ Congress (AIUBOC) on wage revision in the proposed bipartite talks.

Mr. Sanjeeva Reddy along with the MP and the bank officers released the ‘service rules’ book of the UBI. Later, they felicitated the branch officers of various districts. Bank officers from the neighbouring States also attended the conference.

AIBUOC president Syed Allbaksh, AP unit president M.M. Bhaskara Rao, general secretary V.V. Ramana, DGMs I.C. Amruth Kumar, D.V. Gupta, and K.L. Raju, and retired officers participated.

Source: www.thehindu.com
[http://www.thehindu.com/news/cities/Vijayawada/call-to-increase-retirement-age-of-bank-employees-to-65/article4377886.ece]

DA & DR Orders issued by IBA

DA & DR Orders issued by IBA

Indian Banks’ Association issued orders regarding the Dearness allowance and Dearness relief to workmen and officer employees and pensioners of banks for the period February 2013 to July 2013.

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