NEWS FOR BANKERS
IMPORTANT BANKERS NEWS
EXCLUSIVE NEWS FOR BANKERS
BANK PENSIONERS NEWS /BANK RETIREES NEWS
AIBEA WITHDRAWS STRIKE CALL :
Dated 24.08.2024 : As the management of Bank of India have agreed not to take disciplinary actions against the office bearers / members of AIBEA ( All India Bank Employees union ) , the union has called off its strike call on the Wednesday 28th, August 2024
The grouse of the union against the management of Bank of India was that 13 office bearers of Bank of India Staff Union , Kerala had been suspended .
For Circular issued by AIBEA on the matter , CLICK HERE
AIBEA CALLS FOR A DAY'S BANK STRIKE :
Dated 20.08.2024 : The leading trade union of bank employees , AIBEA ( All India Bank Employees union ) has called for an all India Bankers strike on the Wednesday 28th, August 2024 to protest against the harassment of their members of Bank of India Staff Union , Kerala .
The grouse of the union against the management of Bank of India is that 13 office bearers of Bank of India Staff Union , Kerala have been suspended and disciplinary action taken against them quoting Gross indiscipline .
It is reported that other trade unions of banks like AIBOC , NCBE , BEFI , AIBIA , INBOC and INBEF have supported the strike call of AIBEA .
BANKERS DA TO INCREASE FROM AUGUST 2024
Dated 06.08.2024 : The salary of bankers is set for an enhancement from the month of August 2024 , as the Dearness Allowance ( DA ) payable to bank employees / officers has increased by 1.23 points .
As per 12th bipartite settlement , DA rate will increase 1 % over 123.03 average points index CPI 2016 = 100 .
The earlier average was points up for the quarter ended March 2024 was 139.00 and the average index points for the quarter ending June 2024 is 140.23 points and hence an increase of 1.23 points . Accordingly , new DA rate will be 17.20 % .
The sub- staff DA is set for an increase between Rs 313.87 to Rs 829.04 while clerical staff can expect a hike between Rs 384.66 to Rs 1,472.43
To read AIBEA CIRCULAR on the subject , CLICK HERE
BANKERS DA TO MARGINALLY INCREASE FROM MAY 2024
Dated 10 .06.2024 : The salary of bankers is set for a marginal enhancement from the month of May 2024 , as the Dearness Allowance ( DA ) payable to bank employees / officers has increased by 0.24 points .
As per 12th bipartite settlement , DA rate will increase 1 % over 123.03 average points index CPI 2016 = 100 .
The earlier average was points up for the quarter ended December 2023 was 138.76 and the average index points for the quarter ending March 2024 is 139 points and hence an increase of 0.24 points . Accordingly , new DA rate will be 15.97 % .
The sub- staff DA is set for an increase between Rs 61.24 to Rs 161.76 while clerical staff can expect a hike between Rs 75.96 to Rs 287.30
To read AIBEA CIRCULAR on the subject , CLICK HERE
CENTRAL GOVERNMENT RAISES GRATUITY LIMIT FOR ITS EMPLOYEES :
Dated 01.06.2024 : On the recommendation of the Seventh Central Pay Commission , the maximum limit of retirement Gratuity and Death Gratuity under the Central Civil Services is increased by 25% i.e.from Rs 20.00 Lakh to Rs 25.00 Lakh,with effect from 1 January 2024.
Department of Pension &Pensioners' Welfare of Government of India has issued an office memorandum dated 30.05.2024 and has asked all ministries to being it to the notice of Controller of Accounts/Pay and Accounts Offices and attached or subordinate offices under them.
To read the Office Memorandum dated 30.05.2024 , CLICK HERE
BENEFITS UNDER INTEREST FREE LOANS TO BANK STAFF ARE TAXABLE : SUPREME COURT
Dated 09.05.2024 : In a land mark judgment , A bench of Justices Sanjiv Khanna and Dipankar Datta have said the that interest-free or concessional loans provided by banks to their staff has to be treated as fringe benefits or amenities and are subject to taxation .
The bench also noted that the fixation of SBI’s rate of interest as the benchmark is neither an arbitrary nor unequal exercise of power, as the rule-making authority has not treated unequal as equals.
Section 17(2)(viii) of the Income Tax Act, 1961 and Rule 3(7)(i) of the Income Tax Rules, 1962 were challenged by various bank employees unions and officers associations . They had argued that the said legislations were arbitrary and actual interest rate charged by the banks to its customers had to be taken as benchmark .
Banks generally extend various loans like housing loans , educational loans and Festival advance at concessional interest rates .
Complete details can be had in the link in the article of Times of India attached
Source : Various media houses
DEFINITION OF A FAMILY FOR BANK EMPLOYEES :
Dated 24.03.2024 : In the recently signed bipartite agreement between UFBU and IBA , the definition of a family for bank staff is as follows :
FAMILY of a Bank employee shall include the following family members :
i Employee's spouse,
ii. Wholly dependent unmarried children (including step children and legally adopted children)
iii. wholly dependent physically and mentally challenged brothers I sisters with 40% or more disability,
iv. widowed daughters and dependent divorced I separated daughters,
v. sisters including unmarried/ divorced/ abandoned or separated from husband/ widowed sisters,
vi. parents wholly dependent on the employee.
In the case of physically and mentally challenged children irrespective of age, they shall be construed as dependents even after their marriage subject to however fulfilling the income criteria for dependent .
Dependent's income criteria :
Wholly dependent family member shall mean such member of the family having a monthly income not exceeding Rs.18,000/ (It was Rs. 12,000 under 11th BPS). If the monthly income of the parents exceeds Rs.18,000/- or the aggregate of monthly income of both the parents exceeds Rs.18,000/-, both the parents shall not be considered as wholly dependent on the employee.
Note: For the purpose of medical expenses reimbursement scheme, and Leave Fare Concession, for all employees, any two of the dependent father, mother, father-in law, mother- in-law shall be covered. The employee will have the choice to substitute either of the dependents or both once in a calendar year.
The above criteria for a family member and dependent family member will be applied only
1) for the purpose of availing LFC and
2)for reimbursement hospitalization expenses/coverage under the Medical Insurance Policy,
IMPROVEMENT IN LEAVE RULES
Dated 16.03.2024 : In the recently signed bipartite settlement , following changes / improvements have been made under the leave rules for the staff :
1. When leave is applied by an employee and the same is declined by the Manager, the valid reason for such decline of leave will be informed to the employee so that the employee can take up the matter with higher authorities or with the Union.
2. 2 days of Casual leave may be availed for half a day on 4 occasions in a year out of which 2 occasions would be in the morning and 2 occasions in the afternoon. Note: Casual Leave under this category can be availed after applying 24 hours in advance.
3.A single male parent can avail sick leave for the sickness of his child of 8 years and below by production of medical certificate about child's sickness.
4. Employees can avail sick leave for the sickness of their Special Child of 15 years and below for a maximum period of 10 days in a calendar year by production of medical certificate about child's sickness.
5. Women employees shall be allowed to take one day Sick Leave per month without production of any medical certificate.
6. In case of employees of the age of 58 years and above, if wife or husband falls sick and hospitalized in another centre than the place of work, he/she need not avail privilege leave and they will be granted sick leave (maximum of 30 days in a calendar year). This will help the employee to conserve his/her privilege leave which can be encashed at the time of retirement.
7. Employees shall be granted sick leave at the rate of one month for each year of service subject to a maximum of 720 days. (24 years x 30 days). (now it is 540 days for 18 years, then another 90 days after 24 years and another 90 days after 30 years, i.e. 720 days in 33 years)
8. In case of delivery of more than two children in one single delivery, Maternity Leave shall be granted upto 12 months continuously.
9. Maternity Leave shall be granted to a female employee for a maximum period of 9 months, for legally adopting a child who is below one year of age.
10. Maternity Leave will be granted for In vitro fertility (IVF) treatment subject
to production of medical certificate, within the overall limit of 12 months.
11. Special maternity leave upto 60 days shall be granted in case of still born or death of the infant within 28 days of birth.
12. Employees shall be granted Bereavement Leave on the demise of the family members (spouse, children, parents and parent-in-law) and number of days of such leave shall be decided by each Bank at their level.
13. For calculating privilege leave, casual leave and mandatory leave will not be excluded.
14. Principal Office bearers of All India Workmen Unions/Associations (AIBEA, NCBE, etc) shall be granted Special Leave upto 25 days in a calendar year. 15. Advance notice of 10 days for availing privilege leave will be waived for office bearers and Executive Committee members of a registered trade union.
16. Employees who are Defence Representatives in departmental enquiry proceedings will be granted one day special leave for the purpose of preparing the defence submissions of an employee. Such special leave shall be granted for a maximum of ten occasions in a year.
17. Leave Encashment: Accumulated privilege leave can be encashed upto 255 days now 240 days) at the time of retirement or upon unfortunate death of an employee while in service.
18. Introduction of Leave Bank Scheme: Looking to the contingencies where some of the employees get affected with very major ailments like cancer, cerebral stroke, paralysis, major organ transplantation, end stage liver disease, kidney failure, etc., or on account of major accidents, where the hospitalization, treatment and convalescence is prolonged and where in such cases, employees are absent from office on medical grounds for prolonged periods and have exhausted all the leave to their credit and hence are under compulsion to seek grant of extraordinary leave without pay, it has been agreed to evolve a staff welfare scheme under which provision would be made for voluntary encashment of Privilege Leave by the employees and the monetized value of such leave would be pooled under a Leave Bank system in each Bank out of which, special leave would be sanctioned to the employees affected by such contingencies. A Scheme would be formulated within 90 days.
Source : AIBEA CIRCULAR
NO CHANGE IN BANKERS DA
Dated 01 .02.2024 : No change in bankers DA as the average consumer index points have decreased in the quarter ending December 2023 to 9122.33 points from earlier average of 9124.51 points . Accordingly the DA slabs have remained same at 693 .
The next review of DA will be for the month of May 2024 salary
To read AIBEA CIRCULAR on the subject , CLICK HERE
AIBEA WITHDRAWS STRIKE NOTICE :
Dated 18.01.2024 : AIBEA had planned strikes on 19th & 20th, January 2024 to press for their demand for stopping outsourcing of manpower and more recruitment of staff in banks . it had also issued strike notice .
A reconciliation meeting between AIBEA and bank managements was initiated by the chief labour commissioner ( CLC ) , Delhi yesterday . In the meeting IBA reiterated that the above issues are part of charter of demands submitted by the unions and it would be discussed in the on-going 12 th bipartite negotiations . Further IBA will issue circulars to banks to maintain status quo in the matter of outsourcing .
In view of te above development , AIBEA has decided to withdraw the notice / call for the strike .
STRIKE CALL BY CENTRAL BANK OF INDIA EMPLOYEES / OFFICERS WITHDRAWN :
Date 19.12.2023 : Various employee unions and officers associations of Central Bank of India affiliated to AIBEA , AIBOA , INBEF , BEFI & NOBW had given a strike call on 26th , December 2023 pressing their demands for stopping harassment of officers and violation of agreements .
Yesterday discussion between unions and management representatives of CBI took place in the Dy CLC office on all the issues mentioned Strike notice given by the trade unions and an Understanding has been reached . In view of the developments Unions have withdrawn the proposed Strike on 26th December .
BANK EMPLOYEES STRIKE DEFERRED :
Dated 25.11.2023 : After AIBEA served notice of strike , a reconciliation meeting between AIBEA and bank managements was initiated by the chief labour commissioner ( CLC ) , Delhi . CLC advised the banks that ID act and settlements should not be violated by banks.
With regard to outsourcing of man power , managements agreed to maintain status quo on outsourcing. With regard to demand for recruitment of adequate staff , it was agreed that manpower policy will be discussed at IBA level. Hence AIBEA agreed to defer the bankwise and statewise strikes and continue the discussions. However all India Strike on 19 and 20 January 2024 is not withdrawn .
Next Conciliation meeting with CLC is scheduled on 12th January 2024 .
To read AIBEA circular on the issue , CLICK HERE
BANKERS DA SET FOR AN INCREASE FROM NOVEMBER 2023
Dated 31 .10.2023 : The salary of bankers is set for enhancement from the month of November 2023 , as the Dearness Allowance ( DA ) payable to bank employees / officers from November 2023 to January 2024 will go up by 61 slabs .
The average consumer index points have increased in the quarter ending September 2023 to 9124.51 points from earlier average of 8881.28 points . Accordingly the DA slabs have gone up by 61 slabs from 632 slabs to 693 . DA as % of Basic pay will increase by 2.52 % from 44.24 % to 48.51 % .
To read AIBEA CIRCULAR on the subject , CLICK HERE
IBA Circular dated 01.11.2023
BANKERS DA SET FOR AN INCREASE FROM AUGUST 2023
Dated 31 .07.2023 : The salary of bankers is set for enhancement from the month of August 2023 , as the Dearness Allowance ( DA ) payable to bank employees / officers from August 2023 to October 2023 will go up by 36 slabs .
The average consumer index points have increased in the quarter ending June 2023 to 8881.28 points from earlier average of 8736 points . Accordingly the DA slabs have gone up by 36 slabs from 596 slabs to 632 . DA as % of Basic pay will increase by 2.52 % from 41.72 % to 44.24 % .
To read AIBEA circular , CLICK HERE
Official circular is yet to be issued .
BANKERS DA SET FOR A SLIGHT INCREASE FROM MAY 2023
Dated 29 .04.2023 : The salary of bankers is set for enhancement from the month of May 2023 , as the Dearness Allowance ( DA ) payable to bank employees / officers from May 2023 to July 2023 will go up by 8 slabs .
The average consumer index points have increased in the quarter ending March 2023 to 8763 points from earlier average of 8704 points . Accordingly the DA slabs have gone up by 8 slabs from 588 slabs to 596 . DA as % of Basic pay will increase by 0.56 % from 41.16 % to 41.72 % .
To read AIBEA circular , CLICK HERE
BANKERS DA SET FOR A INCREASE FROM FEBRUARY 2023
Dated 31 .01.2023 : The salary of bankers is set for enhancement from the month of February 2023 , as the Dearness Allowance ( DA ) payable to bank employees / officers from February 2023 to April 2023 will go up by 32 slabs .
The average consumer index points have increased in the quarter ending December 2022 to 8705 points from earlier average of 8576.69 points . Accordingly the DA slabs have gone up by 32 slabs from 556 slabs to 588 . DA as % of Basic pay will increase by 2.10 % from 38.92 % to 41.16 % .
Official circular is yet to be issued .