Recently IBA (Indian Banker’s Association) agrees to pay the Government Bank’s employees in 10th Bipartite settlement an increase of 9.5% on Payslip cost. What exactly is this Payslip cost, which is making news commonly in this year Salary hike and Wage settlement ?
Helping new and young bankers in understanding this New Concept PAYSLIP COST : Just follow !!!
There are various heads under payslip components like : Basic Pay, FPP (Fixed Personal Pay), PQP (Professional Qualification Pay), Special Pay, DA (Dearness Allowance) , HRA ( House Rent Allowance), CCA (City Compensatory Allowance ) etc. These are the regular payment made to employees and generally comprised of so called Pay Slip of Month.
There are also other costs which are not included on Payslip buy paid to employees like cost of Superannuation i.e. Provident Funds, LFC, NPS , Gratuity, Medical reimbursement etc.
IBA Agrees to hike the salary on Payslip by 9.50% excluding the retirement benefit. Previous 9th Settlement offer was 10.30% out of 17.50% If calculated. It means there is no hike on current salary compare to previous year.
Union demands 30% on pay slip cost , still they agreed on cancellation of Strike..
In my opinion Payslip Hike is not acceptable in case of young bankers because those who are under NPS the basic pay+DA component is important.
What DO you Say ?