12th BPS: On March 8, 2024, the Indian Banks Association (IBA) and bank unions signed the 12th bipartite settlement, marking an important milestone in the ongoing negotiations for salary revision and service conditions for bank employees. The signing ceremony took place in Chennai, and the invitation to participate was extended by the IBA to the United Forum of Bank Unions (UFBU).
The 12th bipartite settlement is expected to be effective from November 1, 2022, and will be in effect for the next five years. As per the agreement, bank employees will receive a 17% increase in salary.
The negotiations for the settlement have been ongoing for a significant period, with discussions and meetings held between the IBA and bank unions. A Memorandum of Understanding (MOU) was signed on December 7, 2023, after a year of bilateral negotiations. Subsequently, cost sheets were signed between the IBA and UFBU on January 12, 2024, following a lengthy discussion.
The signing of the settlement marks an important step towards the implementation of the revised salary structure and service conditions for bank employees. Further details and updates regarding the settlement are expected to be communicated through circulars and official announcements.
Retired staffs every time neglected during bipartite settlement as the Negotiations are not getting any benefits from pensioners. In nutshell every time pensioners are neglected. It is one of our great achievements not to provide any sympathy as if they are burden to institutions.
It is one of the worst BPS in history for employee of the bank. Shame shame shame.
It is logical to seek reduction of number of years from 15 to 10 for full pension for seeking commutation benefits. Hence we may include the above along with updating of pension.
For working bank men 12th BP is allright but whatabout pensioners.We should be ashamed of it. Something is alltimes not better than nothing.Something genuine/justfiable is better than nothing.Is exgratia genuine/justifiable?
Till Sri Venkatachalam is in signing panels pensioners can’t get anything from the settlement
Everything is for pensioner only.. what about working staff??
Does private bank adhere to Govt. Rules for caste based reservation. If not why Govt. Wage revision applied to them. Pensioners are the pillars of PSU banks and should always be included in any wage settlement done. All wage settlement contents should be such that it takes the PSU forward and not backward. There should not be any discrimination on the basis of gender, caste, religion at the time of promotions, postings, else very soon PSU will have categorised employees who are just white elephants
The bank officers association and unions miserably failed in getting 5 day week in this digital era. Other financial institutions like LIC and all Central & State Govt. are working only 5 days who do not have as much risk and responsibility as bankers have.
It is the signing of the death warrent for pensioners. Just like throwing a piece of bread to starving man.only supreme court is the ultimate goal.