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.
