12th Bipartite Settlement Date: The 12th Bipartite Settlement has brought about a significant increase of 17% in both salary and allowances for bank workers. This settlement or adjustment, which was already implemented on November 1, 2022, is set to remain in effect for a period of five years. As part of this modification, public sector banks collectively will allocate a total sum of Rs 12,449 crore. To stay up-to-date with the latest information and updates regarding the 12th Bipartite Settlement, reliable sources such as PwLive, Zeebiz, and YouTube videos can provide valuable insights. In this article, we will be discussing more details regarding the 12th Bipartite Settlement Date, the Latest News, and the Salary Update details, which will be explained in depth below.
Please note that the information provided as of this writing, is current and based on the latest news and updates available. To ensure you have the most up-to-date and accurate details about your pay and benefits, it is recommended to verify official sources or consult with your bank. Members from the Union of Workmen’s Unions and the Association of Officers’ Union recently had a meeting with the Indian Banks’ Association, which represents bank management. The purpose of the meeting was to discuss pay adjustments for officers and employees in banks. The main goal is to ensure that the banking system is strengthened in order to meet the needs of clients and other stakeholders.
Both management and representatives from the union or association recognize the importance of this reinforcement. The banking sector is facing various challenges that require the system to be improved for better productivity, efficiency, and responsiveness. In order to tackle these issues effectively, there was a unanimous decision to resolve the disagreement regarding remuneration and establish a formal Memorandum of Understanding (MOU). This step will ensure that the system becomes more effective in addressing the challenges faced by the banking sector. Below is the overview table that will give you a better understanding of the 12th Bipartite Settlement Dates and other details that you are eager to know from this article.
Agreement Between Indian Banks’ Association (IBA) and United Forum of Bank Unions (UFBU)
Representatives
Bank Employees
Effective Date
1st November 2022
Duration
5 years
Annual Salary Increment (%)
17
Wage Revision (Total Cost)
12,449 INR
Wage Revision For
Public Sector Banks
Latest News Updates
29th January 2024
Online New Sources
PwLive, Zeebiz, and YouTube Videos
Aim of Settlement
Strengthening Banking Systems
Memorandum of Understanding (MoU) Signed Date
7th December 2023
Other Details
Check Article
Tthe main aim or goal of this settlement or agreement between the IBA and UFBU is that the banking systems in the country need to be strengthened, and hence there should be a mutual understanding between both parties. The Memorandum of Understanding (MoU) must be signed, and hence the banking associations have signed an MoU on December 7, 2024. Also, the 12th Bipartite Settlement was implemented and became effective on November 1, 2022, and it will continue until 2027, around October 31st. For more information, you can continue reading this article, or else you can kindly visit the online sources, which are already available on PwLive, Zeebiz, and YouTube videos.
12th Bipartite Settlement Date
The wage revisions for bank workers are set to take effect on November 1, 2022, as part of the 12th Bipartite Settlement. It’s worth noting that the Memorandum of Understanding (MoU) for the 12th Bipartite Settlement was signed on December 7, 2023. Following that, on January 12, 2024, representatives from IBA and UFBU held a meeting to finalize the cost sheets.
The 12th Bipartite Settlement Conference, scheduled for December 7, 2023, has been the focus of recent reports. If you want to stay updated on the latest news related to this settlement, you can check out a playlist on YouTube dedicated to banking-related updates. The most recent update on the playlist was posted on December 7, 2023. It appears that the finalization of the deal is still in progress as conversations and negotiations continue. To get the most accurate and up-to-date information, it is recommended to refer to official announcements or reputable news sources. As of this writing, this is the latest information that we have tried to provide related to the 12th Bipartite Settlement.
Scale IV and V Salary 12th Bipartite Settlement
Stage
Old Basic Pay
DA Merged (8088 Points – 30.38%)
3.00% Load Factor
New Basic Pay
New Gross (Expected)
Total Gross Increase (Expected)
1
76010
23091.84
2973.06
102080
167629.70
27087.00
2
78230
23766.27
3059.89
105060
172503.10
27881.00
3
80450
24440.71
3146.72
108040
177377.50
28677.00
4
82670
25115.15
3233.55
111020
182251.90
29473.00
5
84890
25789.58
3320.39
114000
187126.30
30268.00
6
87390
26549.08
3418.17
117360
192620.30
31170.00
7
89890
27308.58
3515.96
120720
198114.30
32070.00
2
92390
28068.08
3613.74
124080
203609.30
32972.00
3
94890
28827.58
3711.53
127430
209090.30
33859.00
4
97620
29656.96
3818.31
131100
215092.40
34846.00
5
100350
30486.33
3925.09
134770
221092.50
35831.00
12th Bipartite Settlement Calculations
CCA is not added to the Gross Salary. Eligible staff can add CCA to their Gross Salary.
Slight variance will be there for those who are having PQP.
DA is calculated at 0.05% of Pay per slab.
Special allowance (Expected) is calculated at 30.75% of Pay for Officer Scale-I, II, III and 33% for Officer Scale-IV, V.
According to the latest information on the date of the 12th settlement between the two countries, a meeting was convened to discuss the issue on December 7, 2023. Officials kept the facts secret, and there are speculations and debates on the contents of the expenditure report. The cost details have not yet been finalized and published, as the parties involved have requested to renegotiate some of the agreement clauses due to their concerns.
The 12th draft bilateral payroll was tweeted on February 4, 2024, but revealed nothing new. There is no further information about the settlement date in the YouTube video released on December 8, 2023, which gives viewers access to the 12th bilateral bank salary adjustment in the new 19th century.
12th Bipartite Settlement Salary
The salary or compensation details of the 12th Bipartite Settlement are not widely available, but according to news reports, bank employees will receive a 17% increase in their salaries and allowances as part of the settlement. We cannot confirm the accuracy of a YouTube video that was released on January 17, 2024, which provides an estimate of the gross pay after the settlement.
Frequently Asked Questions – 12th Bipartite Settlement Date
Ques: When was the 12th Bipartite Settlement implemented?
Ans: The 12th Bipartite Settlement was implemented on November 1, 2022.
Ques: What is the time duration for the implemented 12th Bipartite Settlement?
Ans: The time duration for the implemented 12th Bipartite Settlement is 5 years.
Ques: When was the MoU signed by the banking authorities of IBA and UFBU?
Ans: The MoU was signed by the banking authorities of IBA and UFBU on December 7, 2023.
