Bank News: Wage settlement reached

We reproduce below the bank officers' settlement sent by Dr. Sunil Deshpande, GS, NOBO(BMS).

Dear Brothers / Sisters,
CONGRATULATIONS!
Officers' wage settlement is reached and the settlement is initialled by 4 officers' organisations. The attachment contains circular and wage chart.

Yours faithfully
Sd/-
Dr. S.U.Deshpande
Gen. Sec. N.O.B.O.

(The attachment is reproduced below)

Circular No. 2/2010
Date 03.04.2010

To,
All Affiliates / Members

Dear Brothers & Sisters,
“Hearty Congratulations”
After a long battle, we are happy to inform to all our members that, at the meeting with IBA today, in Mumbai, with the four officers’ organizations, we have finalised distribution of wage rise of 17.5% at various components of salary and allowances. Accordingly, the details of revised scales and allowances w.e.f. 01.11.2007 are as follows -

1) i) Basic Pay :

JMGS – I
Rs. 14,500/- to Rs. 31,500/-
MMGS – II
Rs. 19,400/- to Rs.34,200/-
MMGS – III
Rs. 25,700/- to Rs. 35,100/-

including two Additional Stagnation Increments –

SMGS – IV
Rs. 30,600/- to Rs. 36,200/-
SMGS – V
Rs. 36,200/- to Rs. 40,400/-
TEG – VI
Rs. 42,000/- to Rs. 46,800/-
TEG – VII
Rs. 46,800/- to Rs. 52,000/-

ii) D. A. - At 0.15% per slab for every 4 points rise.

iii) CCA Rates – unchanged.
Higher CCA Area - 4% of Basic – Maximum – Rs. 540
Lower CCA Area – 3% of Basic – Maximum - Rs. 375

iv) HRA – Rates unchanged.
Major ‘A’ class cities - 8.5% of basic
Other places in Area I - 7.5% of basic
Other places - 6.5% of basic

v) Medical Aid - Scale I to III - Rs.5,100/- p.a.
Scale IV & above - Rs.6,320/- p.a.

vi) Stagnation Increments -
Two additional stagnation increments in each scale upto MMGS – III.

2. The other residual issues will be sorted out shortly. It is expected that final Draft settlement duly signed by all the four officers’ Organisations and the Representative of I.B.A., on salary revision and second option for pension for CPF optees will be arrived at during second week of April 2010.

3. Friends, in the given circumstances, when second pension option is made open to all P.F. optees, it is a very big achievement and this is one of the best settlement on salary revision for officers.

We congratulate one and all, for their patience and full support to all calls given by UFBU including strike. This is the outcome of the unity of UFBU and strength and support of all dedicated members, to UFBU.

With Greetings,

Dr. S. U. Deshpande
(General Secretary)