The 12th Bipartite Settlement (12th BPS) was signed on 8th March 2024. It is an important agreement in the banking industry that determines the salary and other allowances for bank employees in India. It is a negotiation between the United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) and is revised every five years.
The 12th Bipartite Settlement includes a salary hike of 17%, which incorporates a 3% load factor. The load factor takes into account both the basic pay and the Dearness Allowance (DA) and benefits bank staff. The settlement also aims to merge the DA with the current basic pay and address pending issues related to the Special Allowance.
The 12th BPS is expected to provide bank employees with improved working conditions, better salaries and allowances, and enhanced job security. It may also include benefits such as housing loans, medical insurance, and pension schemes. The settlement is crucial for bank employees as it impacts their overall compensation and working conditions.
Pensioners dropped like hot bricks. No revision of pension since 40 yrs. And pre 2002 retirees get a huge Rs 44 pm as ex gratia.
Ramu
Mumbai. 10/3/24