12th bipartite settlement: We are delighted to inform all bankers that the 12th Bipartite Settlement has been signed, introducing several changes in the leave policies for employees. These changes aim to improve the work-life balance and well-being of bank employees by providing them with more flexible and comprehensive leave options. Let’s explore the details of these newly introduced leave policies and the benefits they offer.
Sick Leave:
- Single male parents are eligible for sick leave when their child is 8 years old or younger.
- Employees can take sick leave for their special child who is 15 years old or younger for a maximum of 10 days per calendar year.
- Women employees are entitled to one day of sick leave per month without the need for a medical certificate.
- Employees aged 58 and above can take sick leave for the hospitalization of their spouse at a location other than their workplace, for a maximum of 30 days per calendar year.
- Sick leave is granted to employees at a rate of one month for each year of service, up to a maximum of 720 days during their entire employment.
- In the case of delivering more than two children in a single delivery, maternity leave can be granted for a period of up to 12 months.
Bereavement Leave:
- Employees are granted bereavement leave in the event of the demise of family members (spouse, children, parents, and parent-in-law). The number of days for bereavement leave is determined by each bank.
Special Leave:
- Defence representatives in departmental enquiries are granted one day of special leave to prepare their defense submissions, with a maximum of 10 such leaves.
Maternity Leave:
- Maternity leave is granted to female employees for a maximum period of 9 months when legally adopting a child under the age of one year.
- Maternity leave can also be granted for In vitro fertility (IVF) treatment, provided a medical certificate is produced, within the overall limit of 12 months.
- Special maternity leave of up to 60 days is granted in the event of a stillborn child or the death of an infant within 28 days of birth.
Casual Leave:
- Four half-day casual leaves have been introduced for all employees.
- Employees can avail a total of two days of casual leave for half a day on four occasions throughout the year. Two occasions can be in the morning, and two occasions can be in the afternoon.
- Casual leave in this category can be availed after applying 24 hours in advance.
Privilege Leave:
- Accumulated privilege leave can be encashed up to 255 days at the time of retirement or upon the death of an employee while in service.
Leave Bank Scheme:
- The Leave Bank Scheme is a staff welfare scheme that allows employees to voluntarily encash their Privilege Leave. The monetized value of the leave is pooled under a Leave Bank system. Special leave is then granted to employees who have exhausted all their leaves due to contingencies.
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