11th Bipartite Settlement Latest Updates about arrears payment and incorporation of revised salary. The revised salary of public sector bank employees are almost finalized and it is believed that the part arrears will be paid by end of October 2020 or before Durga Puja.
It is also to be believed that the draft note of the revised salary as per 11th BPS between IBA and UFBU will be sgned by 15th October 2020 and new salary will be paid by 1st of Nov 2020 after delay of three years.
The one month salary arears already been paid and will be settled in the final payment.
The other componenets of the revised salary are assumed as :
--New Basic looks to be 1.515 times of existing basic.
--Special Allowance may be 15.50% of new basic.
--HRA seems unchanged at 7/8/9 % based on area
classification.
--CCA, PQP etc may be fixed at 1.515 times of existing levels.
--Medical allowance may be fixed at 12,000 from existing 8,000.
--P.F. deduction will continue at 10% of new basic.
--14% employer contribution may be okayed for NPS.
-- NPS Employee contribution kept constant at 10% (Basic pay plus DA)
--PLI formula same as per MOU.
NOTE : This is completely based on the draft discussion between IBA and UFBU and final note may differ.
Most IMPORTANT : top of the above, LEVY amount has to be finalized by UFBU but seems to be @ 2% of gross arrears.
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11th Bipartite