Pension under the 10th Bipartite Settlement
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
January 29, 2021
MD & CEOs of PSBs .
Release of Stagnation Increment notionally for the purpose of Pension under the 10th Bipartite Settlement/ Joint Note
In the 10th Bi-partite settlement / Joint note signed on 25.05.2015, an additional stagnation increment was considered for award staff and certain scales of officers to be notionally released from 1/11/2012 with monetary benefit to be paid from 1/5/2015. Those staff members who continued to be in the service post 30/4/2015 got monetary benefits in wages as well as benefits in their pension eligibility at the time of retirement. It was not explicitly mentioned in the bipartite/joint note that the benefit of notional stagnation increment would also be extended to those staff members who retired during the period from 1/11/2012 and 30/4/2015. While some banks have also extended the benefit to retirees, others have not extended the benefit of notional stagnation increment to those staff members who retired during the period from 1/11/2012 to 30/4/2015.
2. We have been receiving references from few banks, Officers, and Workmen Unions wherein they have stated that there is a need to clarify to banks that the benefit of notional increment should also be extended to all those staff members/officers who retired from the services during the period from 1/11/2012 to 30/4/2015.
3. The matter was placed in the meeting of the IBA Standing Committee on HR held on 11.01.2021. The Committee after detailed deliberations noted that some banks after obtaining a legal opinion, have already extended the benefit of notional stagnation increment for a pension to workmen and officers who retired during the period from 01.11.2012 to 30.04.2015. Accordingly, to have an industry level uniformity, it was decided that the banks with the approval of their respective boards can extend the benefit of notional stagnation increment for the purpose of pension only to the workmen and officers who were otherwise eligible and retired during the period from 01.11.2012 to 30.04.2015, with monetary benefit from 1/5/2015.
4. Banks may please be guided accordingly.
Gopal Murli Bhagat
Deputy Chief Executive
Related to Your Search:
- 10th Bank Wage Settlement Stagnation Increment – Clarification
- Meeting at IBA Committee – signing the 11th Bipartite Settlement
- DA for Bank Employees – IBA Circular issued on 3.8.2015 for Aug, Sep & Oct 2015
- Bank Employees DA increased to 39.80% for Nov 2015 to Jan 2016
- Dearness Allowance for Workmen and Officer Employees in banks for the months of February, March and April 2013 under IX BPS / Joint Note dated 27/04/2010
- Dearness Allowance for Workmen and Officer Employees in banks for the months of November, December 2018 & January 2019 under X BPS/ Joint Note dated 25.5.2015
- Stagnation Increment – Revision of Pension of Pre-2016 pensioners
- Dearness Allowance for Workmen and Officer Employees in banks – IBA Circulars
- 96.15% Dearness Allowance for November, December 2013 & January 2014 i.r.o. Workmen and Officer Employees