12th Bipartite Settlement updates for the Public Sector Bankers - Hike in wages and other allowances for the government bank employees are decided every five years. The timeframe usually take a long years-long discussion between the Union Forum of Bank Unions(UFBU) and the Indian Bank’s Association (IBA).
UFBU represents various bank unions where as Indian Bankers'Associations, IBA represents managements of participating banks. The salary of officers and clerks of mainly PSBs are governed by the bipartite settlement between UFBU and IBA.
The current bipartite wage settlement (11th BPS) was signed on 11.11.2020 and was effective from 01.11.2017 to 31.10.2022, after a gap of 3 years. Under the 11th Bipartite Wage Settlement, the bank employees got a 15% increase in payslip components.
Also Know - 11th BPS Salary Payment to Officers - Circular
Further, for the first time, a performance-linked Incentive (PLI) was introduced as a payslip component.
The 12th Bipartite Wage settlement is due from 01.11.2022. The discussion for the implementation of the 12th BPS is yet to start and Bankers Union has not shown any interest in start the talk early. It is advisable for them to make the ground works like charter of demands and other discussion ready to settle it at earliest.
The latest news updates of the 12th bipartite settlement shall be shared here.
Tags:
12th Bipartite