What is the bank clerk salary after 10th bipartite wage agreement?
The bipartite wage agreement hiked the basic salary of the clerical cadre candidates by 15% in the public sector banks. The 10 bipartite wage settlement for bank employees was signed by United Forum of Bank Unions (UFBU) and Indian Banks Association (IBA) in May 2015.
Clerical cadre in nationalised banks across the country is one of the most offered job opportunity at present and thousands of aspiring candidates with will to join banking sector are taking part in giving the examination in order land to the job. Though the salary of the bank clerks have not been at par a few months earlier, until the 10th bipartite settlement came in. The bank clerks and officers of nationalised public sector banks were demanding this wage agreement for quite long. Though all the demands of the workers were not fulfilled but some of them were answered in the wage agreement, making the salary structure look better for the bank clerks over the country. The bipartite wage agreement hiked the basic salary of the clerical cadre candidates by 15% in the public sector banks. The agreement also allowed the bank staffs to get second and fourth Saturday of the months as holidays. The alternative Saturday’s would now become full working days which were initially half day in public sector banks.
Unions and IBA ink wage pact
The 10 bipartite wage settlement for bank employees was signed by United Forum of Bank Unions (UFBU) and Indian Banks Association (IBA) in May 2015. The settlement covers 25 public sector banks, 11 private banks and seven foreign banks. The new agreement will come into force from November 2012, and will be in force for five years.
According to the notification, the monthly emoluments of a subordinate staff joining the bank would be Rs.15, 000, and a newly-appointed graduate clerk would get an initial salary of Rs.20, 000. Dearness allowances, house rent allowances, qualification allowances, special allowances etc. also revised.
Salary Structure after 10th Bipartite Settlement
Initially the basic salary of the clerical cadre candidates was Rs. 8000/- on which other allowances and DA were calculated. According to the new settlement the clerical candidates in the PSUs would receive the 60% of the DA merged in the basic along with the revised hike making it Rs. 12812/- pm. House rent allowance is also increased to 15% of the DA which is Rs. 1921/- pm. Candidates would be provided Dearness Allowance of Rs. 5124/- pm., which is 40% of the basic. Another Rs. 1908/- pm. would be added as DA which is 9.5% increase in the final pay slip component. Apart from all this the candidates would be provided the fixed Rs. 225/- as fuel expense every month. The gross salary which was at Rs. 17225/- before the agreement has risen to Rs. 21990/- pm. for clerical candidates. Though there would be dedications such as Provident fund, taxes, union fee, benefit funds from the gross salary making it somewhere around Rs. 19461/- pm. in hand. For clerical candidates who are working in SBI the salary would be Rs. 2000/- extra from all other commercial nationalised banks. It is due to the fact that SBI offers more allowances to its employees including newspaper allowance, medical aid, clerk allowances and food and beverage allowances.