PSU bank employees will soon get pay hike, arrears for 30 months

PSU bank employees will soon get pay hike, arrears for 30 months

Mumbai, May 22:  Employees of public sector banks, old generation private sector banks and some foreign banks will be a happy lot as they will soon get 15 per cent pay hike, arrears for the last 30 months, and other benefits as part of a deal that the unions and bank managements have reached.

Unions, under the aegis of the United Forum of Bank Unions, and bank managements, represented by the Indian Banks’ Association, have worked out a detailed Bipartite Settlement/ Joint Note and the same will be formalised on May 25.

The benefits that about 7.50 lakh bank employees stand to get are a special pay, a new hospitalisation scheme backed up by insurance and holiday on every second and fourth Saturday in a month.

The back wages (arrears) that bank employees will get for the last 30 months will warm the cockles of their heart. Income tax authorities too will be happy as arrears will be taxable.


S Nagarajan, General Secretary, All India Bank Officers’ Association, said “A special allowance has been introduced for employees… there is a new hospitalisation scheme backed up by insurance.” The wage settlement will benefit 3,04,000 odd officers (as on March 31, 2012) in the banking sector.

Officers will get health insurance cover of Rs. 4 lakh and the clerical and sub-staff will get Rs. 3 lakh cover, he added.

A corporate buffer will be created by banks to reimburse hospitalisation expenditure exceeding the above mentioned limits.

Pointing out that the last wage settlement expired in October 2012, Nagarajan, in a lighter vein, observed that “Five years is the tenure of the wage settlement. We have already exhausted 30 months in coming to a settlement. It’s time now to submit the next charter of demands.”

Vishwas Utagi, Vice President, All India Bank Employees Association, said the wage settlement will benefit about 4.50 lakh clerical and sub-staff in the banking sector.

Bank employees will get close a couple of lakh rupees, on an average, as arrears in gross terms, he explained. Since payrolls are computerised, the arrears could be credited to employees’ accounts in a month.

Utagi said the issue of upgradation of pension of retirees and 100 per cent neutralisation of dearness allowance will be taken up by the United Forum of Bank Unions separately.

Read at: The Hindu Businessline

EPFO to deduct TDS on PF withdrawals in some cases from June

EPFO to deduct TDS on PF withdrawals in some cases from June

New Delhi: Retirement fund body EPFO will deduct tax at source from next month on PF withdrawals where accumulations are over Rs 30,000 and the employee has worked less than five years.

“The Finance Act, 2015 (20 of 2015) has inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The provision shall take effect from June 1, 2015,” an EPFO circular said today.

“Income Tax shall be deducted at source (TDS)… If at the time of payment of the accumulated PF balance is more than or equal to Rs 30,000 with service less than 5 years,” it added.

According to the circular, TDS will be deducted at the rate of 10 percent provided PAN is submitted.

However, in case Form 15G or 15H is submitted by the member, then no TDS shall be deducted. These forms are to declare that their income would not be taxable after receiving payment of their PF accumulations from EPFO.

While Form 15H is submitted by senior citizens (above 60 years of age), Form 15G is submitted by claimants below the age of 60 years.

As per the circular, TDS will be deducted at the maximum marginal rate of 34.608 percent if a member fails to submit PAN or Form 15G or 15H.

However, there are certain exceptions to deduction of TDS by EPFO. TDS shall not be deducted in case of transfer of PF from one account to another PF account.

Besides, it will not attract TDS if the employee is terminated from service due to ill health of member and discontinuation or contraction of business by employer.

EPFO will also not deduct TDS if the employee withdraws PF after a period of five years of continuous service, including service with former employer.

The body will also not deduct TDS where payment is less than Rs 30,000 but the member has rendered service of less than 5 years.

It would also not deduct TDS if the employee withdraws an amount more than or equal to Rs 30,000 with service of less than 5 years but submits Form 15G/15H along with his/her PAN.

The proposal to deduct TDS on PF withdrawals was part of the Finance Bill, 2015.

PTI

All India Bank Officers Association presents Pay & Arrears Calculator for Bank Officers

All India Bank Officers Association presents Pay & Arrears Calculator for Bank Officers

AIBOA has presented a new updated pay and arrears calculator for bank officers through on its official website. Please click here to download the Pay & Arrears Calculator

Joint Note to be signed between Officers Organisations and IBA

As soon as the the joint note is signed we shall up load the full text of the same.

In the meanwhile we furnish here under the HIGHLIGHTS of pay AND other details on which areas of agreement reached for information of members

HIGHLIGHTS

Basic Pay 23700 – 85000

DA @0.10% per slab [ As on date 33.70% ]

Special allowance

Up to Scale III @ 7.75% + DA

Scale IV and V 10% + DA

Scale Vi and VII 11% + DA

HRA @ 7 8 9 %

CCA @ 600 and 870 > 3% and 4% subject to maximum

Medical Aid 8000 up to Scale III & 9050 above ScIII

Stagnation Increment one Additional Increment for Scale II III and IV

Source: AIBOA

Financial Components of Wage Revision – AIBOA Circular

Financial Components of Wage Revision – AIBOA Circular

ALL INDIA BANK OFFICERS’ ASSOCIATION

Circular No.10/VI/2015

May 20,2015

Camp :Mumbai

All Units / State Committees
Dear Comrades,

• Understanding reached on financial components of wage revision.
• 7th Joint Note to be inked on 25th May 2015 at Mumbai Today, the penultimate round on the current wage revision was held at IBA Office, Cuffe Parade, Mumbai at 2.30 p.m. The IBA team was led by Shri Arun Tiwari, CMD, Union Bank, Shri Ashwini Mehra, DMD, SBI, Shri M. V. Tanksale, CEO, IBA, Shri K. Unnikrishnan, Dy. CEO, IBA, Shri K. S. Chauhan, Vice President, HR & IR, IBA besides the support team of IBA.

Preceding the discussions, there was a preliminary round in which Com. Alok Khare, Vice Chairman, besides the undersigned with the other organizational representatives participated in the exercise.

CEO, IBA while welcoming the representatives of the officers organisations expressed his happiness in the matter of reaching the understandings on distribution of the financial benefits to the officers based on the MOU inked on 23rd February 2015. He emphasized the need to protect and promote the public sector banks image in the eyes of the common man of the country. He also expressed the need to take forward the message of building a sense of belonging to the members of the officers community. Shri Arun Tiwari, CMD, UBI was categorical that the work force needs to be satisfied first through whom the image building and the involvement to build the public sector banks would become possible. Representatives of the four officers organisations responded positively to the observations and expressions made by the members of the IBA team. The agreed load was distributed amongst the pay slip components through mutual discussion and the chart of allocation was signed by the both the parties. The details are as under :

1. Basic Pay –
Scale I – 23700 – 980(7) – 30560 -1145(2)-32850-1310(7)-42020
Scale II – 31705-1145(1)-32850-1310(10)-45950
Scale III – 42020-1310(5)-48570-1460(2)-51490
Scale IV – 50030-1460(4)-55870-1650(2)-59170
Scale V – 59170 -1650(2)-62470-1800(2)-66070
Scale VI – 68680-1960(4)-76520
Scale VII – 76520-2120(4)-85000

2. Dearness Allowance – @0.10% per slab above CPI 4440 currently – 33.70%

3. Addl Stagnation increment – Scale II – 1, Scale III-1, Scale IV-1 (periodicity once in two years)

4. CCA – Higher Area 4% – 870, Lower Area 3% – 600

5. HRA – Major A class – 9%, Area I – 8%, other places -7%

6. Medical Aid – Scale I to III – Rs.8000, Scale IV and above – Rs. 9050

7. Special Allowance – Scale I to III – 7.75%, Iv & V – 10%, VI & VII – 11%
(it attracts Dearness Allowance)

The approval related to holidays on 2nd & 4th Saturdays is pending with Government Authorities for their approval and notification. Comrades, efforts are taken to give true reflection of the above in the joint note coupled with particulars related to other service conditions too. Various suggestions have been made by officers organizations to IBA on these matters.

We shall convey the full details of the joint notes once the same is finally inked on 25th May 2015 at Mumbai.

Comradely,
[s/d]
/S NAGARAJAN/
GENERAL SECRETARY

Source: AIOBA

Bank Employees Pay Scale as on May 2015 – Detailed Entry Level Salary for Clerk, Sub-staff, Officers

Bank Employees Pay Scale as on May 2015 – Detailed Entry Level Salary for Clerk, Sub-staff, Officers

ALL INDIA PNB STAFF FEDERATION
(Affiliated to N.C.B.E.)

Central Office:
R-8/38 Raj Nagar
Ghaziabad (U.P.)
Ph. /Fax No: 0120-4136800 Mobile (G.S.): 9818562336
E-mail: aipnbsf@yahoo.co.in Website: www.aipnbsf.org

 Camp Office:
Punjab National Bank
Preet Vihar, Delhi-92
Circular No. 11/2015

Dated: 20.05.2015

TO ALL MEMBERS

10th BIPARTITE SETTLEMENT AT A GLANCE PAYSLIP INCREASE 15% (Rs.2270 CRORE)

1. Pay Scales: With effect from 01.11.2012-


2. Stagnation Increments: 8 (Eight)
Sub-staff: 8×2 years;
Clerical: 5×3 years + 3×2 years

3. Dearness Allowance: 0.10% per slab of 4 points over 4440 points of CPI 1960 Base

4. PQP: Rs.410, 800, 1210, 1620, 2010

5. Special Pay: Clerical: SWO‘B’- 820, Head Cashier II- 1280, Special Assistant- 1930
Sub-staff: Armed Guard/Bills Collector- 390, Daftary- 560, Head Peon- 740
Driver- 2370, Electrician/AC Plant Helper- 2040, Head Messenger (IOB)- 1630

6. H.R.A.: Population 45 lacs & above- 10%, 12-45 lacs & Goa- 9%, Other Centres- 7.5%

7. FPP: Clerical: 1580, 1570, 1550/1450 (increment component- 1310)
Sub-Staff: 790, 780, 780/730 (Increment component- 655)

8. Transport Allowance: Upto 15th stage- Rs.425, 16th stage and above- Rs.470

9. Special Allowance (A New Allowance Introduced): 7.75% of Basic Pay + D.A. thereon

10. Medical Aid: Rs.2200 p.a.

11. Washing Allowance: Rs.150 p.m.

12. Cycle Allowance: Rs.100 p.m.

13. Dependent family Income Criteria: Income upto Rs 10,000 p.m.

The full Settlement is under preparation and will be signed on Monday, the 25th May, 2015. RBI has given its in principle clearance for implementing full holidays on 2nd & 4th Saturdays. Matter is being expedited with the Government now.

With Greetings,
Yours comradely,
(R.K.SHARMA)
GENERAL SECRETARY

Source: www.aipnbsf.org