Indian banks association, Aiboc and All banking solutions wage revision
Indian Banks association, Aiboc wage revision or All banking solutions wage revision and update is here. Indian Banks’ Association (IBA) as a representative body of management of banking in India operating in India – an association of Indian banks and financial institutions. IBA currently represents 150 banking companies operating in India. IBA was formed for development, coordination and strengthening of Indian banking, and assist the member banks in various ways including implementation of new systems and adoption of standards among the members. According to tha latest news, the Indian Banks Association has signed an industry wide wage agreement with a host of worker unions and officer associations, which would result in a 17.5% increase on the establishment expenses of Rs 27,520 crore as on March 31, 2007.The ninth bipartite wage revision agreement was signed between six workmen unions, four officers’ associations and IBA on today Tuesday Apr 28 2010.About 7.5 lakh bank employees and officers of 26 nationalised banks, 12 private sector banks and eight foreign banks will be receiving 17.5 per cent increase in their wages, effective from Nov 1, 2007. The basic pay of officers at the entry level will be between Rs 14,500 and Rs 52,000 per month as against the floor of Rs 10,000, IBA said in a statement.The basic pay for clerical staff will range between Rs 6,200 and Rs 23,900 while subordinate staff will get between Rs 5,500 and Rs 13,800 per month. The hike will be very marginal for the lower level employees .New employees will become a part of a defined contributory retirement benefit scheme as governed by the “contributory pension scheme introduced for employees of the central government with effect from April 1, 2004.”Wage revisions take place every five years after a bipartite agreement is signed between the association and unions. This is current agreement and is the ninth such agreement.Final statement from Indian banks association, AIBOC or The All India Bank Officers’ Confederation and all banking solutions wage revision is Upto 17.5%.