12th Bipartite Settlement and 9th Joint Note Signed in Mumbai

Long-Awaited Wage Revision for Bank Employees: 12th Bipartite Settlement and 9th Joint Note Signed in Mumbai

In a significant development for the Indian banking industry, the 12th Bipartite Settlement and the 9th Joint Note were signed in Mumbai on 8th March 2024. This agreement brings to an end months of negotiations between the Indian Banks’ Association (IBA) and bank employee unions.

The 12th Bipartite Settlement pertains to wage revision for all bank employees, while the 9th Joint Note specifically addresses the concerns of officers’ associations. This twin signing marks a positive outcome after overcoming several hurdles during the negotiation process.

Key Highlights of the Agreement

• Salary Hike: Bank employees can expect a much-awaited salary increase. While the exact details haven’t been officially released, previous reports suggest a 17% annual wage hike, effective from November 1, 2022.
• Improved Benefits: The agreement likely includes revisions to allowances and benefits packages for bank employees.
• Five-Year Validity: The wage revision is expected to be valid for a period of five years, providing stability for employees.

Positive Impact for All Stakeholders

The signing of the 12th Bipartite Settlement and the 9th Joint Note is a welcome development for all stakeholders involved.

• Bank Employees: This agreement ensures a well-deserved salary increase and improved benefits for bank employees, bringing their compensation more in line with current market standards.
• Banking Industry: A motivated and well-compensated workforce is crucial for the smooth functioning of the banking sector. This agreement will likely contribute to improved employee morale and productivity.
• Customers: Ultimately, a stable and efficient banking sector benefits customers by ensuring better service delivery.

BEFI CIRCULAR

Circular No. 9/2024

8 March 2024

To all Units, Affiliates, Office Bearers, CC & GC Members

Dear Comrade,

12th Bipartite Settlement Signed

The 12th Bipartite Settlement was signed today at Mumbai, a few minutes ago. The 9th Joint Note for the Officers Associations was also signed simultaneously. We are happy that overcoming many hurdles these were signed.

On behalf of BEFI, Com. S S Anil (President), Com. R Ajaya Kumar (Vice President), Com. Ranjan Raj (Vice President), Com. Hari Rao. S (Secretary), Com. Manodip Ghosh (Secretary), Com. Narendra Kumar Nayak (Joint Secretary), Com. Vinitha P H (Joint Secretary) signed along with the undersigned. In the signing ceremony, Com. Pradip Kumar Sarma (Vice President), Com. Prashant S Kadam (CC Member) including several comrades from Maharashtra were present.

We submitted our Charter of Demands on 4 November 2022. After discussion, a Memorandum of Understanding was signed on 7 December 2023. We are happy that 5-day working week for the bank employees and officers found place in MoU as well as the final settlement. We hope it will be implemented shortly.

We consider that any settlement, through bilateral negotiation, may not achieve everything deserved by the employees. We have already informed that we had interventions on every matter came to us during the negotiation. Those have yielded results also. We’ll intimate our members in due course.

We feel that the employees and officers are working under stressful circumstances with distorted work life balance. We hope collective endeavour will be taken to minimise stress and restore work life balance.

With greetings,

Yours comradely,

(Debasish Basu Chaudhury)
General Secretary

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