Friday, June 26, 2015

10th Bank Wage Settlement Stagnation Increment - Clarification

10th Bank Wage Settlement Stagnation Increment - Clarification

IBA  carries out amendment regarding stagnation increment in Clause 40 of Bank Wage Settlement dated 25.05.2015

IBA clarifies on Stagnation Increment under 10th Bank Wage Settlement for Bank Employees

Indian Bank’s Association
HR & Industrial Relations

No. CIR/HR&IR/XBPS/KU/919
June 16, 2015

Designation Officers of Banks which are parties to the 10th Bipartite Settlement/Workmen Union dated 25.5.2016

Dear Sir,

Stagnation Increment


Under the recently signed 10th Bipartite Settlement, it has been agreed that employees shall be eligible for 8th stagnation increment on 1st May, 2015 or two years after receiving stagnation increment, whichever is later.

It has been further agreed that the period of 3 years shall be reduced to 2 years for sanction of 6th stagnation increment.  Accordingly it has bee provided in the Settlement that an employee who has completed two years or more after receiving the fifth stagnation increment as on 1st November, 2012 shall receive the sixth stagnation increment as on 1st November, 2012.

In this connection, we advise that the financial benefit on account of this reduction of eligibility from 3 to 2 years for sanction of the 6th stagnation increment shall accrue on or after 1.5.2015 since the additional cost of such reduction in periodicity from 3 to 2 years has been adjusted at 50% of the actual cost and hence to be effective from 1.5.2015 (30 months out of 60 months of the period of the Settlement).

However under clause 40 of the settlement dated 25.5.2015 in ‘Implementation’ it has inadvertently mentioned as under:-

Stagnation Increment – 8th     1st May, 2015


In view of the adjustment of cost as 50% of the total cost towards improvements in stagnation increment/s this needs to be corrected and read as under:
3     Stagnation Increment improvements (5th to 6th & 7th to 8th Stagnation increment)     1st May, 2015

Member banks may kindly take a note of the above.

 
Yours faithfully,
K. Unnikrishnan
 Dy. Chief Executive


Download IBA Circular No. No. CIR/HR&IR/XBPS/KU/919 dated 16.06.2015

0 comments:

Post a Comment

Now Trending

34% DA Order for Central Govt Employees wef 01.01.2022 - Latest CG Employees DA Order Jan 2022

 DA Order for Central Government Employees from Jan 2022 - Finmin Order 2022 Latest CG Employees DA Order Jan 2022 Dearness Allowance payabl...

Disclaimer:

All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. Our blog "Central Government Staff news" accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog.

Links to other websites that have been included on this blog are provided for public convenience only.

The blog "Central Government Staff news" is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Any suggestions write to us
centralgovernmentnews@gmail.com