There has been a change in the signing date for the Bank Salary Settlement, also known as the 12th Bipartite Settlement (BPS). Previously scheduled to be signed on March 11th, the signing date has now been rescheduled to March 8th.
The 12th Bipartite Settlement is an agreement between the Indian Banks Association (IBA) and bank employee unions, which determines the revision of salaries, allowances, and service conditions for bank employees. The settlement is expected to be in effect for the next five years, starting from November 1, 2022.
Earlier, the Indian Banks’ Association had decided to convene a meeting of the constituent unions to conclude the Bipartite Settlement followed by formalizing it by signing the same with the representatives of constituent workmen unions/ Officers’ association on Monday, 11th March 2024 at 3.00 PM in Chennai.
