10th Bipartite Settlement – Sub Committee Meeting Updates dated 17th March 2015 are as follow :
The sub committee meeting of the Bank Union and IBA held on 17-03-2015 at Mumbai. The outcome of the meeting are :
1. Out of 15% increase in demand it is decided that 7% will be allocated to HRA, 2% basic pay and another 6% in Grade Pay.
2. It is also decided that NO DA will be paid on Grade Pay. (Not good for new employees with NPS scheme as the contribution towards epf will be lesser)
3. The DA slabs will be 0.13% as 0.15% earlier
4. Medical Reimbursement revised to 200% from existing
5. Cashless Medical coverage up to Rs 6 lacs for officers and 100% to their family members
6. PL has been revised to 300 accumulation but ceiling of 10 mandatory leave per year
7. There will be a common leave bank for donation of leave to needy employees
8. The Halting allowance, Diem allowance increased by 150% on LTC
9. It is decided to provide 10 days hotel allowance to be paid on transfer to employee
Beside these there are many other issues which were discussed. The Grade Pay system is good but not beneficial for new employees especially for such employee which are included under NPS.
