11th bipartite settlement news 2019

The 11th Bipartite Settlement was a wage agreement between the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) in 2019. Here are some key highlights from the news articles:

Date: August 22, 2019

Key Features:

  1. Wage Hike: The settlement provided for a 15% hike in basic pay, which translates to a 12.25% increase in total emoluments.
  2. DA Merger: The merger of Dearness Allowance (DA) with basic pay was done for the period from January 2018 to June 2019.
  3. HRA: The House Rent Allowance (HRA) was increased by 7.5% to 9.5% of the basic pay, depending on the location.
  4. Other Allowances: Other allowances, such as CCA, Medical Allowance, and Leave Travel Allowance (LTA), were also increased.
  5. Pension: The pension was increased by 15% of the basic pay.
  6. Retirement Benefits: The retirement benefits, including gratuity and superannuation, were also increased.
  7. Arrears: The arrears for the period from January 2018 to June 2019 were paid in two installments.

News Articles:

  1. "11th Bipartite Settlement: Banks agree to 15% wage hike, DA merger" - The Hindu (August 22, 2019)
  2. "Banks agree to 15% wage hike, DA merger under 11th bipartite settlement" - Business Standard (August 22, 2019)
  3. "11th Bipartite Settlement: Banks to give 15% hike in basic pay, DA merger" - The Economic Times (August 22, 2019)

Source: The news articles are based on the official press releases and reports from the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU).