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Last modified / updated Jan. 01, 2016

Eighth Bipartite Settlement

The salient features of 8thBipartite Settlement of the workmen in the Banking Industry and the Indian Bank's Association dated 02.06.2005; are given hereunder :

Scales of pay :
W.e.f. 01.11.2002, the scales of pay shall be as under:-

Stagnation Increments :
Six stagnation increments @ Rs. 560/- and Rs. 270/- at the frequencies of 3 years and 2 years to Clerical and Subordinate Staff respectively

Definition of Pay :
Pay for the purpose of DA, HRA and superannuation benefits shall mean Basic Pay, Stagnation Increment, Special Pay, Graduation Pay, Professional Qualification Pay and Officiating Pay, if any.

Dearness Allowance :
From 01.02.2005, Dearness Allowance shall be payable at 0.18% of Pay with no ceiling. Dearness Allowance shall be calculated and paid on Basic Pay, Special Pay, Graduation Pay, Professional Qualification Pay and Officiating Pay, if any.

City Compensatory Allowance :
The rates of CCA will be as under w.e.f. 01.11.2002:-

Item Clerical Subordinate
At the higher CCA centres i.e. with population of over 12 lakhs including the state of Goa 4% of Basic pay (Minimum Rs. 175/- & Maximum Rs. 375/- pm)4% of Basic Pay (Maximum Rs. 270/- p.m.)
At the lower CCA centres i.e. places with population of 5 lakhs and over, State Capitals, Chandigarh, Pondicherry and Port Blair3% of Basic pay (Minimum Rs. 145/- & Maximum Rs. 300/- pm)3% of Basic Pay (Maximum Rs. 190/- p.m.)

House Rent Allowance :

Area Rate as %age of pay (No Minimum/No Maximum)
Places with population of more than 45 lakhs 8.5
Places with population of more than 12 lakhs 7.5
Places with population of 2 lakhs and over (other than places in (1) above) and State Capitals and Capitals of Union Territories. 6.5
Places with population below 2 lakhs 6

Transport Allowance :
To be paid @ Rs. 105/- p.m. w.e.f. 01.11.2002 to all permanent employees. Part-time employees shall also be paid Transport Allowance on pro-rata basis.

Medical Aid :
Payable @ Rs. 1500/- p.a. w.e.f. 01.11.2002

Definition of Family :
The term wholly dependent child/parent shall mean such member of the family having a monthly income not exceeding Rs.2,550/- p.m. (earlier it was Rs.1,500/-).

Leave Fare Concession :
Maximum permissible distance once in two years will be 2250 km. for Subordinate Staff and 1750 km. for Non Subordinate Staff and under 4 years block, the permissible distance would be 4500 km. and 3500 km. for Subordinate Staff and Clerical Staff respectively. Permissible Mode of Travel :

Encashment of LFC Facility - New Facility introduced :
An employee can either undertake travel availing of leave fare concession and claim reimbursement upto his entitlement or to encash the facility for the concerned block. In such case, he will be entitled to receive a lump-sum equivalent to 75% of notional train fare for the admissible distance. However, LFC facility for travel to place of domicile is not encashable.

Washing Allowance & Cycle Allowance :
Payable to Subordinate Staff shall stand revised to Rs. 75/- and Rs. 60/- p.m. respectively.

Officiating Pay :
If a workman other than subordinate staff officiates in a post in higher cadre either for a continuous period of 7 days or more or an aggregate of 7 days in a calendar month, he shall be paid officiating pay w.e.f. 01.06.2005 as per the existing prescribed rates.