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Home > News & Articles > 12th Bipartite Settlement Salary Calculator: Latest News, Salary, Settlement Date, Wage Revision, Benefits
Updated on 07th May, 2024 , 7 min read
On March 8, 2024, the 12th Bilateral Agreement and the 9th Joint Memorandum were signed in Mumbai, marking a significant development in the Indian banking sector. The accord comes after months of negotiations between the Indian Bankers Association (IBA) and bank staff. This twin agreement represents a favorable outcome after overcoming various barriers throughout the negotiations.
Authorized officials from the Association of Officers' Union & the Union of Workmen's Unions met with the Indian Banks' Association, which represents bank management, to discuss wage increases for bank officers and employees. The management team, as well as the executives and people of the Union/Association of Workers, agree that improving the banking system is required to meet the needs of stakeholders and customers.
The UFBU and IBA signed a Memorandum of Understanding on December 7, 2023, as part of a year-long bilateral negotiation process. The following meeting was conducted on January 12, 2024, and after a lengthy discussion that lasted until late at night, the cost sheets were signed by IBA and UFB. However, official sources continue to maintain a shroud of secrecy around the expense statement's facts. As a result, there has been discussion and dispute about whether the hacked information is still being circulated. Along with the monthly ex-gratia payment, PSBs will accept pensioners' and family pensioners' pensions on October 31, 2022, as a one-time resource applicable to the existing bilateral/joint funding, notwithstanding unions'/associations' demand for an update of pensions for all retirees.
The bipartisan meeting on January 12th featured limited discussion, and decisions appear to be taken unilaterally within an exclusive working group. According to trustworthy sources, there has been a push to renegotiate key parts of the agreement due to concerns raised by several unions within the UFBU about what they believe to be an arbitrary approach, as well as social media uproar among bankers. As a result, the cost data's finalization and dissemination have been postponed.
The 12th Bipartite settlement for bank workers has been finalized, and everyone is excited to compute their new salary based on the rise. The pay increase at banks is set at 17%, with a 3% load factor. This means that your total pay on the pay slip will increase by 17%. The Dearness Allowance (DA) is integrated into the existing base salary.
Here's a breakdown of the 12th Bipartite Settlement Salary Calculator, with a 17% increase:
Good news for staff of public banks! The Indian Bankers Association (IBA) and banking confederations signed the 12th Bilateral Agreement, which resulted in the 17% salary. The total yearly remuneration for all banks, including State Bank of India, is Rs 12,449 crore. The modification will take effect on November 1, 2022 and last for five years. The new pay scales provide for a 17 percent increase in pay and benefits, excluding dearness, with a 3% utilization rate. The IBA recommends a five-day work week, which unions want implemented before a formal agreement is signed next year, 180 days. This follows a 15% rise of around 850,000 bank workers in July 2020.
These calculators provide several benefits:
For individuals who prefer to use Excel for various computations, there is a 12th Bipartite Settlement calculator available in Excel. This calculator has a simple interface that allows you to enter your information and receive precise answers immediately in Excel. Using the 12th Bipartite Settlement calculator in Excel, you can easily determine your income without the need for complicated formulae. This programme simplifies the procedure and allows you to organize all of your computations in one area.
While the actual increase varies by individual circumstances, the 12th Bipartite Settlement is expected to result in an overall 17% increase in salary and allowances. Use the offered calculators to determine your specific rise based on your pay structure.
Calculate the 12th BPS Salary: Based on the 12th BPS Memorandum of Understanding (MOU) signed on December 7, 2023, your new Basic Pay will be determined in a simple manner! First, we need to determine your current Basic Pay, which we'll refer to as 'A'. Then we'll add 30.38 percent, designated as 'B'. Next, we'll calculate a load factor by taking 3% of the sum of 'A' and 'B', which will be denoted as 'C'. Finally, your new basic pay will be calculated by adding 'A', 'B', and 'C' together.
To illustrate this method, let's say your current basic wage is Rs. 36,000.
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By - Nikita Parmar 2023-08-25 09:48:44 , 11 min readThe Indian Bank Association (IBA) and bank staff unions have reached an agreement on the 12th bipartisan wage raise deal. This settlement will be in force for the next five years, beginning November 1, 2022.
At the meeting on February 13, 2024, UFBU made it evident that all outstanding issues, including 5 day banking, have to be resolved before signing the 12th bipartite agreement / settlement.
The basic pay scale for bank clerks is Rs 11,765 - Rs 42,020. Here, the basic pay is Rs 11,765. The key allowances that a bank clerk receives are as follows: Dearness Allowance: In banks, DA is reviewed quarterly and is based on the CPI stated by the banks, which means that DA can rise with higher CPI and vice versa.
These calculators offer various advantages: Transparency: Obtain a thorough report of your wage structure under the revised method. Accuracy: Removes the potential of human calculating errors. Planning: Estimate your future wage growth and budget accordingly.
The 12th BPS (Bipartite Settlement) wages revision will take effect on November 1, 2022 and last for five years.
During their meeting, the IBA and bank unions signed a Memorandum of Understanding that agreed to a 17% rise in pay slip costs. This comprises a three percent additional loading after integrating dearness allowance and an increase in pension for all pensioners since 1986, including retirees under the planned 12th bipartite settlement.
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