NEWS & ADVICE : PERSONAL LOAN
Pay revision for bank employees
By Vaibhav Aggarwal
Apr 28, 2010
Print    Email    RSS   

A wage revision pact has been signed by the Indian Banks' Association with nine bank unions. The new wage agreement will bring an additional wage component of Rs. 5, 200 crore for 46 banks. This has been said by the All India Bank Employees Association.

The increase in wage burden is worth Rs. 4, 816 crore for 26 public sector banks and Rs. 400 crore for private and foreign counterparts.

The revision has taken a retrospective effect from November 2007 and will hold effect for five years. This would benefit 775, 000 bank employees and officers.

The revision will bring an additional loas of 17.5% as compared to the March 2007 levels. The revision standard would leave the pay of scale I-VII officers in the range of Rs14,500-52,000. With effect from 1st May 2010, the pay scale of clerks would be in the range of Rs7,200-24,900 and in the Rs5,850-11,350 range for subordinate staff.

The revision would also provide 260,000 existing and 50,000 retired employees an option of monthly income pension scheme in lieu of a part of their provident fund.

"We are sure that this agreement on wage Increase coupled with the long-awaited option to join the existing pension scheme will bring relief to the employees and would be a motivation to improve our efficiency in our services to banking customers," Vishwas Utagi, secretary, AIBEA said.

Utagi said that the revision would also encompass those employees who have opted for voluntary retirement scheme.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
BPLR or Base rate?? Which is better…?
Central Bank of India ordered to return...
Get a loan to meet your any personal need
Pay income tax through ATM
Some admissible deductions under Income...


i am loan settelment closure amount 45000 paid but...
We Render Funds Assistance Insurance Service to...
we Offer easy money solution to your financial...
Can I get personal loan even when my cibil score is...
i want to know why my name is in civil record?
My net salary 12500 i want personal loan of Rs 200000

NEWS THIS WEEK
HDFC bank reported the slowest growth in net profit over last 10 years Apr 23, 2014
Online life cover plan rolled out by Reliance Life Insurance Apr 22, 2014
BMB bank launching new 57 branches Apr 8, 2014
Federal rolling out representative office overseas Apr 7, 2014
Vacancies for security guards in reserve bank of India Apr 2, 2014
News Archive