address all your queries relating to interpretation
of regulations / provisions of Officers' Service
Regulations and Bipartite Settlement directly
to your respective banks.
IBA has constituted
a negotiating team headed by Shri Harbhajan
Singh, Deputy Chairman of IBA and Chairman
& Managing Director, Allahabad Bank.
The process of negotiations of the Seventh
Bipartite Settlement which was initiated
in May 1998, culminated as a Memorandum
of Understanding on 11th March, 1999 at
Mumbai. In the MOU, IBA has agreed to an
overall wage increase of 12.25% including
the cost of superannuation benefits, of
the wage bill for the financial year 1996-97
for both workmen and officers of all participating
banks. While the settlement would be effective
from 1.11.1997, the benefits will be phased
over a period. Negotiations for working
out the details are in progress, in case
of award staff. In case of officers, a joint
note was signed on 14.12.1999.