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  • FPP-PQP Scale/Settlement Wise, Calculate HRA 150% on Capital Cost of House/Flat & Rent Receipt

    SALARY REVISION FOR OFFICERS w.e.f 01.11.2007

    The Indian Banks' Association (IBA) signed a Joint Note on 27.04.2010 with the Officers' Associations namely All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC) & National Organisation of Bank Officers (NOBO) on salary revision & other issues concerning service conditions for officers in the Banks'

    The salient features of the officers' pay revision w.ef 01.11.2007 is as under

    Scales of Pay

    Scale - I : 14500 - 600/7 - 18700 - 700/2 - 20100 - 800/7 - 25700

    Scale - II : 19400 - 700/1 - 20100 - 800/10 - 28100

    Scale - III : 25700 - 800/5 - 29700 - 900/2 - 31500

    Scale - IV : 30600 - 900/4 - 34200 - 1000/2 - 36200

    Scale - V : 36200 - 1000/2 - 38200 - 1100/2 - 40400

    Scale - VI : 42000 - 1200/4 - 46800

    Scale - VII : 46800 - 1300/4 - 52000

    Stagnation Increments

    JMG Scale - I : 4 increments (first 2 for Rs.800/- each & next 2 for Rs.900/- each) for every 3 completed years of service after reaching top of the scale.

    JMG Scale - II : 3 increments of Rs.900/- each for every 3 completed years of service after reaching top of the scale.

    JMG Scale - III: 4 increments of Rs.900/- each for every 3 completed years of service after reaching top of the scale

    Dearness Allowance :
    With effect from 01.11.2007, the dearness allowance shall be 0.15% of Pay. (Dearness Allowance shall be payable for every rise or fall of 4 points over 2836 points in the quarterly average of the All India Average Working Class Consumer Price Index (General) Base 1960=100)

    House Rent Allowance :



    City Compen-satory Allowance :

    Provident Fund :

    1. While the officers who are presently covered under Pension Scheme & those who will join the Pension Scheme in terms of option being made available under Joint Note dated 27.04.2010 shall continue to contribute 10% of the Pay towards Provident Fund, there shall be no matching contribution

    2. Officers who are presently covered under Contributory Provident Fund Scheme who do not opt for Pension Scheme being made available under Joint Note dated 27.04.2010 shall continue under the Contributory Provident Fund Scheme as hitherto.

    3. There shall be no Provident Fund to officers joining the services of Banks on or after 01.04.2010. They shall be covered by a Defined Contributory Pension Scheme.

    Pension

    The terms of the Bank Employees' Pension Regulations, 1995 shall not apply to the officers who join the services of Bank on or after 01.04.2010. They shall be covered by a Defined Contributory Pension Scheme.

    W.e.f. 01.05.2005, the pension of the officers who retired or died while in service during the period 01.04.1998 to 31.10.2002 & 01.11.2002 to 30.04.2005 will be re-fixed on the basis of the definition of pay applicable at the relevant times. No arrears of pension & commuted value of pension will be payable on account of such re-fixing of pension.

    Dearness Relief will also be payable at the rates applicable at the relevant times. However, the Dearness Relief as above shall be payable for the half year commencing from the 1st day of February & ending with 31st day of July on the quarterly average of index figures published for the months October, November & December of the previous year and for the half year commencing from 1st day of August & ending with the 31st day of January on the quarterly average of the index figures published for the months of April, May & June of the same year.

    Recovery for Rent Free Accomodation/Residence Facility

    1.20% of the first stage of the scale of pay.

    Recovery for Furniture Facility

    0.25% of the first stage of the scale of pay.

    Fixed Personal Pay



    • F.P.P. as indicated in "C" above shall be payable to those officer employees who are provided with Bank's accommodation.

    • F.P.P. for officers eligible for House Rent Allowance shall be "A" + "B" plus House Rent Allowance payable on the last increment of the relevant scale of pay.

    • The increment component of F.P.P. shall rank for superannuation benefits.

    Professional Qualification Pay



    Note
    • An officer employee acquiring JAIIB / CAIIB (either or both parts) qualifications after reaching the maximum of the scale of pay, shall be granted from the date of acquiring such qualification the first installment of PQP & the release of subsequent installments of PQP shall be with reference to the date of release of first installment of PQP.

    • In a case where an officer has already acquired any of the above said qualifications & has not earned any increment or PQP on account of acquiring such qualification/s, he may be, w.e.f. 01.11.2007 or the date of acquiring such qualification/s, whichever is later, released PQP as provided herein above.



    Deputation Allowance w.e.f 01.05.2010

    An officer deputed to serve outside the Bank 7.75% of pay with a maximum of Rs.2,300/- p.m.
    An officer deputed to an organization at the same place or to the training establishment of the Bank4% of pay with a maximum of Rs.1,200/- p.m.


    Hill & Fuel Allowance w.e.f 01.11.2007



    Halting Allowance w.e.f. 01.05.2010

    At the 4 metros, namely Delhi, Mumbai, Kolkata & Chennai, Halting Allowance payable per diem will be Rs.1,200/- for officers in Scale - IV & above and Rs.1,000/- for officers in Scale - I / II / III.

    Leave Fare Con-cession w.e.f 01.05.2010

    An officer in JMG Scale - I is entitled to travel on duty by 1st Class or AC 2-Tier Sleeper by train. He may, however, travel by air (economy class) if so permitted by the Competent Authority having regard to the exigencies of business or public interest.

    An officer in MMG Scale - II & III is entitled to travel on duty by 1st Class or AC 2-Tier Sleeper by train. He may, however, travel by air (economy class) if the distance to be travelled is more than 1000 kms. He may, however, travel by air (economy class) even for a shorter distance if so permitted by the Competent Authority having regard to the exigencies of business or public interest.

    The mode & class by which an officer may avail of LTC shall as the officer is normally entitled to travel on duty. W.e.f. 01.05.2010, an officer in JMG Scale - I while availing LTC will be entitled to travel by air in the lowest fare economy class in which case the reimbursement will be the actual fare or the fare applicable to AC 1st Class fare by train for the distance travelled whichever is less. The same rules shall apply when an officer in MMG Scale - II & III while availing LTC where the distance is less than 1000 kms.

    Definition of Family w.e.f 01.05.2010

    For the purpose of medical facilities & for the purpose of LTC, the expression 'family' of an officer shall mean an officer's spouse, wholly dependent unmarried children (including step children & legally adopted children), physically challenged brother / sister with 40% or more disability, as also parents ordinarily residing with & wholly dependent on the officer.

    The term wholly dependent child / parent, wholly dependent physically challenged brother / sister shall mean such member of the family having a monthly income not exceeding Rs.3,500/- p.m.

    If the income of one of the parents exceeds Rs.3,500/- p.m. or the aggregate income of both the parents exceeds Rs.3,500/- p.m., both the parents shall not be considered as wholly dependent on the officer.

    Mid Academic Year Transfer Allowance w.e.f 01.05.2010 Rs.700/- p.m.

    Compensation on Transfer

    Officers in Scale - IV & above`Rs.12,000/-

    Officers in Scale - I, II & III Rs.9,000/-

    Maternity w.e.f 01.05.2010

    Maternity Leave may also be granted in case of hysterectomy upto a maximum of 45 days

    Note : The officers in the service of the Bank as on 27.04.2010 & who exercise their option to join the Pension Scheme will contribute from their arrears on account of wage revision towards their share in the estimated funding gap. The said amount is worked out @2.8 times of the revised pay payable for the month of November 2007.

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