Revised Wages After Wage Settlement

Revised Wages of Officers after 10^th BPS- by  pannvalan

It is being gossiped that the nitty gritty of wage revision is almost finalised and full settlement will be signed on 22-05-2015.  I do not know how far this is true. 

I have gone through several inputs gathered from various sources regarding 10th BPS.  From them, I could form a reasonably accurate opinion on the shape of things to come soon.

It is learnt that the new Basic Pay will be approximately 1.66 times the present basic pay.  The revised Basic Pay is expected be from Rs.24,000 (Officer in JMGS I at the first stage of the scale) to Rs.86,400.

Number of Stagnation increments may also be increased.

It is understood that a new Grade Pay will be introduced.  It will be at 7% of the revised Basic Pay for officers up to MMGS III, at 11% for officers in SMGS IV and SMGS V and at 12% for TEGS VI and TEGS VII. 

While this Grade Pay may attract D.A., it may not be reckoned for computing HRA, CCA, PF, Pension and Gratuity.   It will also affect our future pay scales whenever any revision is made. However, there is no final word on this point.

New D.A. slab is said to be at 0.10% per slab of 4 points in 1960 series of AICPI - IW.

HRA is expected to be at 8%, 9% and 10% respectively, depending on the population group.

CCA is expected to be 3% (Max: Rs.650) for lower CCA Centres and at 4% (Max: Rs.900) for higher CCA centres.

FPP is expected to be at last increment drawn plus D.A. at 60.15% thereon.  For people drawing HRA, HRA amount may also be included in FPP.  It is yet to be made clear.

PQP -1 is expected to be at Rs.670 and PQP-2 is said to be at Rs.1,680.

Medical aid is expected to be Rs.8,300 for officers up to MMGS III and Rs.10,200 for officers in SMGS IV and above.

Because of low hike in Basic Pay (after D.A. merger) and higher load apportioned for HRA, most of the officers particularly who have taken leased accommodation will get only 10% hike in gross pay per month. 

But, there is no word as yet about holiday on 2nd and 4th Saturday, which was used as a bait to cool down the frayed tempers of youngsters and to wean them away from new emerging groups which would have threatened the existence and relevance of UFBU in the banking industry.

However, until I see the full settlement getting signed, I'm keeping my fingers crossed.

Date: 13-05-2015                                                                                                     pannvalan

Bank Bipartite likely to be signed on 22nd May
Some inside information about revised wage of officers
It is learnt from various sources that details of wage revision has already been finalized and the bipartite agreement may be inked on 22nd May 2015....
We have been able to gather some information about the revised wage of bank officers. Though we do not have any particular details about workmen but it can be assumed that it will be in the same line as of the bank officers.

It is learnt that the new Basic Pay will be approximately 1.66 times the present basic pay. The revised Basic Pay is expected be from Rs.24,000 (Officer in JMGS I at the first stage of the scale) to Rs.86,400.
Number of Stagnation increments may also be increased.
It is understood that a new Grade Pay will be introduced. It will be at 7% of the revised Basic Pay for officers up to MMGS III, at 11% for officers in SMGS IV and SMGS V and at 12% for TEGS VI and TEGS VII.
While this Grade Pay may attract D.A., it may not be reckoned for computing HRA, CCA, PF, Pension and Gratuity. It will also affect our future pay scales whenever any revision is made. However, there is no final word on this point.
New D.A. slab is said to be at 0.10% per slab of 4 points in 1960 series of AICPI - IW.
HRA is expected to be at 8%, 9% and 10% respectively, depending on the population group.
CCA is expected to be 3% (Max: Rs.650) for lower CCA Centres and at 4% (Max: Rs.900) for higher CCA centres.
FPP is expected to be at last increment drawn plus D.A. at 60.15% thereon. For people drawing HRA, HRA amount may also be included in FPP. It is yet to be made clear.
PQP -1 is expected to be at Rs.670 and PQP-2 is said to be at Rs.1,680.
Medical aid is expected to be Rs.8,300 for officers up to MMGS III and Rs.10,200 for officers in SMGS IV and above.