Banking Employee Wage , Pay Revision, Calculation Of Pay Scale

Bank Wage Revision – Pension Option for PSU Bank staff 

Salient features:

CALCULATE YOUR SALARY

a) Annual wage increase of Rs. 4816 ( Rs. 2239 crores for officers and Rs. 2576 crores for workmen employees ) w.e.f. 1-11-2007.

b) All the existing employees who are now in PF scheme will be given an option to join the existing pension scheme.

c) All those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.

d) Full settlement on the above to be finalized within 90 days.

Wage revision – what we have achieved:

	7th BPS	8th BPS	NOW
Additional annual wage load	12.25 %	13.30 %	17.50 %
Total quantum of annual wage increase (Officers & Workmen)	1497 crores	2200 crores	4816 crores
Annual Average Per Capita Increase Ø For Workmen employees Ø For Officers	12,550 24,025	23,300 43,600	56,200 91,800

ONE MORE OPTION TO JOIN PENSION SCHEME

"It will take three months for us to finalize the settlement and implement it. The arrears for two years and three months (since November 2007) are likely to be disbursed in cash at one go," C.H.Venkatachalam, Convenor, United Forum of Bank Unions (UFBU), told. He also said that the annual average per capita increase for public sector bank officers would be Rs. 91,800 and in the case of workmen employees it would be Rs. 56,200.

Just as the Sixth Pay Commission award for government employees had a positive impact on the economy and increased demand, the payment of arrears in cash to bank employees is also likely to give a boost to the growth impulses. This is even as the quantum of arrear payout under the ninth bipartite settlement being substantially lower than the arrear payment under the Sixth Pay Commission award.

Under the settlement, public sector banks have agreed to an aggregate annual wage increase of Rs. 4,816 crore (17.5 percent increase over wage bill of Rs. 27,520 crore as on end-March 2007). This amount of Rs. 4,816 crore pertains to only public sector banks and there will be a similar 17.5 percent wage hike for employees and officers in old generation private banks and a few foreign banks, Venkatachalam said. 

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