9th Joint Note on Officers’ Wage Revision
Wage Settlement for Officers of the Banking Industry
We are pleased to announce the successful conclusion of negotiations between the Indian
Banks Association’ and the All India Bank Officers’ Confederation culminating into signing of
the 9th Joint Note on 8th March, 2024.
The new wage settlement entails several benefits aimed at enhancing the overall
compensation package for our officers. We believe these provisions not only acknowledge the
hard work and dedication of our officers but also serve as a means to attract and retain top
talent within the banking industry.
The salient features of the wage negotiations i.e. the 9th Joint Note are as under:
1. Paving the way for 5 day banking – The Joint Note recognizes all Saturdays
as holidays, pending government notification. The revised working hours will
be effective after notification by the government.
2. Substantial Increase in Salary – The total quantum of wage revision increase (Payslip
component) is more than Rs. 8284 crores being the 17% of the cost of Payslip component
of establishment expenses of Public Sector Banks.
3. The new pay scales have been constructed,
after merging Dearness Allowance
corresponding to 8088 points and additional load thereon.
4. With the applicable load of 3.22% the effective load on the basic pay post-merger of
dearness allowance @ 30.38% is 4.20%.
5. The long-drawn aspiration of the officers’ community for two additional
increments for CAIIB (CAIIB Part-II) is achieved.
6. Officers who have completed CAIIB (CAIIB Part-II) shall be eligible for two increments
w.e.f 01.11.2022.
7. Officers shall be eligible for three PQPs instead of two PQPs hitherto. PQP-I -Rs 1370/- ,
PQP-II Rs 3425/- and PQP III- Rs 5480/-
8. The effective load for officers completing CAIIB shall be increased substantially.
9. Inter se anomaly on account of additional increment for CAIIB is taken care of.
10. Inter se anomaly on account of sanction of PQP has also been taken into account.
11.The new scales of pay ranges from Rs. 48480/- to Rs.173860/- covering all the scales
from Scale I to VII, with effect from 01.11.2022.
12.Reworking of the Dearness allowance formula: The conversion factor on account of
merger of Dearness Allowances worked out at 0.0549. Instead of being rounded off to
0.05, it is raised to 0.06 extending benefit to serving and retired officers.
13.The index for dearness allowance is shifted from 1960=100 series to 2016=100 series
resulting into shifting the conversion factor from 0.06 to 0.99 as per 2016=100 series
benefitting the officers with enhanced dearness allowance.
14.The factor of 0.99 as per 2016=100 series is converted to 1.00 improving the
dearness allowance further.
15.Thus, there will be additional benefit in percentage terms in dearness allowance as per
the agreed changes negotiated above.
16.The Dearness Allowance shall be payable as 1.00 % of ‘pay’ per percentage point of
Index. The DA in the above manner shall be paid for every variation of rise or fall over
123.03 points in the quarterly average of the All India Consumer Price Index for Industrial
Workers Base 2016=100. 0.01% change in DA on ‘pay’ for change in every second
decimal place of CPI 2016 over 123.03 points.
17.Dearness Relief on pension in the above manner shall be paid half yearly for every
variation of rise or fall over 123.03 points in the quarterly average of the All-India
Consumer Price Index for Industrial Workers Base 2016=100.
18.Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II after
reaching maximum of the higher scale are presently eligible for five stagnation
increments. With effect from 1st November, 2022, these officers shall be eligible for
seven stagnation increments with frequency of two years each, of which first two shall
be Rs. 2680/- each and next five shall be Rs. 2980/- each.
19.Officers in MMG Scale II who have moved to Scale of Pay for MMG Scale III after
reaching maximum of higher scale are presently eligible for five stagnation increments.
With effect from 1st November, 2022 these officers shall be eligible for seven
stagnation increments with frequency of two years each, of Rs.2980/- each.
20.Officers in substantive MMG Scale III i.e. those who are recruited in or promoted to
MMG Scale III are presently eligible for six stagnation increments after reaching
maximum of the scale. With effect from 1st November, 2022, these officers shall be
eligible for eight stagnation increments, with frequency of two years each, of which
first four shall be Rs. 2980/- each and next four shall be of Rs. 3360/- each.
21.Officers in SMG Scale IV are presently eligible for two stagnation increments. With
effect from 1st November, 2022, these officers shall be eligible for five stagnation
increments after reaching maximum of the scale, with frequency of two years each, of
which the first stagnation increment shall be Rs. 3360/- and next four shall be of Rs.
3680/- each.
22.Officers in SMG Scale V are presently eligible for one stagnation increment. With effect
from 1st November, 2022, these officers shall be eligible for four stagnation
increments after reaching maximum of the scale, with frequency of two years each of
Rs.4000/- each.
23.Officers in TEG Scale VI shall be eligible for three Stagnation Increments after
reaching maximum of scale, with frequency of two years each, out of which first two shall
be of Rs.4000/- each and the third stagnation shall be of Rs.4340/-.
24.Officers in TEG Scale VII shall be eligible for three Stagnation Increments of
Rs.4340/- each, with frequency of two years each after reaching maximum of scale.
25.Fitment on Promotion – Every Officer on promotion shall be fitted in a higher
stage in the new scale of pay with a protection of a minimum differential of one
increment in Pay drawn by him/her in the pre-promoted cadre or scale,
removing the anomaly in fitment.
26.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon,
with effect from 01.11.2022 for JMGS I is 26.50%.
27.Disintegration of scales for payment led to higher payment of Special allowance to MMGS
II and MMGS III. The Special Allowance, as percentage of basic pay, carrying the
applicable DA thereon, with effect from 01.11.2022, for MMGS II and MMGS III is
28.30%.
28.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon,
with effect from 01.11.2022 for SMGS IV and SMGS V is 30.50%.
29.The Special Allowance, as percentage of basic pay, carrying the applicable DA thereon,
with effect from 01.11.2022 for Scale VI and Scale VII is 31.50%
30.Fixed Personal Pay has been proportionately increased with applicable DA thereon.
31.House Rent allowance has been increased to 8%, 9% and 10% of pay, in respect to the
area of posting.
32.Capital cost on account of HRA increased to 12%, 13.5% and 15%, respectively.
33.The city compensatory allowance (CCA) has been increased to Rs 1900/- per month and
Rs 2300/- per month based on place of posting.
34.Location Allowance – W.e.f. 01.11.2022 a fixed allowance of Rs.1200 /- p.m. is payable
to all Officers posted in areas other than the areas that are eligible for CCA.
35.Deputation allowance – An Officer deputed to serve outside the bank to an organization
in a different place other than the present place of posting will be paid deputation
allowance @ 7.75% of Pay with a maximum of Rs. 7500/- per month
36.An Officer deputed to another organization at the same place or to the training
establishment not owned by the Bank will be paid deputation allowance @ 4% of Pay
with a maximum of Rs.3750/- per month.
37.Upon deputation of an Officer to another office / branch within the same municipal limits/
urban agglomeration, in Metro / Major ‘A’ Class cities where the distance of such
deputation is 20 km and more from the parent branch / office, halting allowance shall be
payable.
38.Hill and Fuel allowance for Places with an altitude of 1000 meters and above but less than
1500 meters will be paid @ 2% of Pay subject to a maximum of Rs. 1450 per month.
39.Hill and Fuel allowance for Places with an altitude of 1500 meters and above but less than
3000 meters will be paid @ 2.5% of Pay subject to a maximum of Rs. 1900/- per month
40.Hill and Fuel allowance for Places with an altitude of 3000 meters and above will be paid
@ 5% of Pay subject to a maximum of Rs. 3750/- per month
41.Special area allowance is revised as extended to central government employees.
42.Learning allowance has been increased to Rs 850/- per month plus applicable DA thereon.
43.Officiating Pay – On and from 01.04.2024, an Officer who is required to officiate
in a post in a higher scale for a continuous period of not less than 4 days at a
time OR an aggregate of 4 days during a calendar month, shall receive an
officiating pay equal to 15% of the Basic pay of the person officiating.
44.Officiating pay will be eligible not only for Superannuation benefits, but also for
Dearness allowance and House rent allowance.
45.Mid Academic Transfer allowance has been increased from Rs 1650/- to Rs 2500 p.m.
per child.
46.Closing allowance has been increased to Rs 1500 per quarter.
47.Halting allowance has been increased by 50% across the board.
48.For scale I to Scale III, the halting allowance will range from Rs 1800/- to Rs 2925/- per
day.
49.For scale IV and V, the halting allowance will range from Rs 2150/- to Rs 3375/- per day.
50.For scale VI and Scale VII, the halting allowance will range from Rs 2150/- to Rs 4050/-
per day.
51.Lumpsum compensation on transfer has been increased to Rs 40000 for Scale I to Scale
III.
52.Lumpsum compensation on transfer has been increased to Rs 50000 for Scale IV and
above.
53.Upon transfer, either 15 days lodging & boarding charges or 15 days Halting Allowance
shall be paid to all officers, from the date of joining at new place.
54.On and from 1st November, 2022, reimbursement of medical expenses shall be Rs.
13000/- p.a. for Officers in JMG & MMG (Other than SBI).
55.Reimbursement of medical expenses shall be Rs. 15400/- p.a. for Officers in SMG & TEG
Scales. (Other than SBI).
56.Definition of Family: The income criterion for the term wholly dependent family member
has been increased to Rs.18,000/- (improved from 12000/-).
57.Physically and mentally challenged children, irrespective of age, shall be construed as
dependents even after their marriage, subject to income criteria
58.Officers can now have any two of the parents or parents-in-law as dependents. The
employee will have the choice to substitute either of the dependents or both once in a
calendar year.
59.Entitlement distance increased to 5500 kms (one way) for officers in JMG-Scale-I, MMG
– Scale II & III. For scale IV and above the same will be for 6500 Km (one way).
60.An officer in Junior Management Grade will be entitled to travel by AC 1st class by any
train including Premium Trains like Rajdhani/ Shatabdi/ Tejas/ Vande Bharat/ Amrit
Bharat, etc. (except luxury trains).
61.Reimbursement of fare by premium trains as mentioned above (except luxury trains)
shall be allowed to all officers.
62.Where an officer has applied for LTC/Leave in advance and has also booked the tickets
and the LFC is declined or deferred by the management, the cancellation charges will
be reimbursed by the Bank
63.Where an officer has applied for LFC/leave as per stipulated time and the same is
sanctioned and when advance booking of train tickets is not possible, tickets purchased
under Tatkal/Premium tatkal will be reimbursed.
64.GST Charges levied on Train Fare shall be over and above the entitlement.
65. In view of prevailing dynamic fare system, the cost of train tickets charged on the date
of booking will be reimbursed.
66.LTC / HTC can be availed independently where both husband and wife are working in the
same Bank.
67.Air travel eligibility for travel beyond 500 Kms (reduced from 1000 kms).
68.Additional reimbursement under LFC for officers working in areas not connected by train.
69.LTC facility shall be allowed for an escort who accompanies an Officer with benchmark
disabilities on the journey, subject to certain conditions.
70.A provision will be put in place to record the reason for refusal or postponement of leave
by the management.
71.A single male parent can avail sick leave for the sickness of his child of 8 years and below.
72.Employees can avail sick leave for the sickness of their Special Child of 15 years and
below for a maximum period of 10 days in a calendar year.
73.All Women employees shall be allowed to take one day Sick Leave per month
without production of medical certificate.
74. In case of employees of the age of 58 years and above, sick leave may be granted
towards hospitalization of the spouse at a centre other than the place of work and for a
maximum period of 30 days in a calendar year.
75.An employee shall be granted sick leave at the rate of one month for each year of
service subject to a maximum of 720 days during the entire service.
76. In partial modification of Leave Rules, Annexure VI clause 3 of Joint Note dated 11th
November, 2020, the following shall be added as Note 3 – “In case of delivery of more
than two children in one single delivery, Maternity Leave shall be granted upto 12
months.
77.Employees shall be granted Bereavement Leave on the demise of the family members
(spouse, children, parents and parent-in-law) and number of days of such leave shall
be decided by each Bank at their level.
78.Officers who are Defence Representatives in departmental enquiries will be granted one
day special leave for preparing defence submissions, subject to maximum 10 such leaves.
79.Maternity Leave shall be granted once to a female employee for a maximum period of 9
months, for legally adopting a child who is below one year of age, all other conditions
remaining the same.
80.Maternity Leave may be granted for In vitro fertility (IVF) treatment subject to production
of medical certificate, within the overall limit of 12 months.
81.Four Half Day Casual Leaves have been introduced for all employees.
82.A total of two days of Casual leave may be availed for half a day on 4 occasions in a year
out of which 2 occasions would be in the morning and 2 occasions in the afternoon.
83.Casual Leave under the above category can be availed after applying 24 hours in
advance.
84.Special maternity leave upto 60 days shall be granted in case of still born or death of the
infant within 28 days of birth.
85.Accumulated privilege leave may be encashed upto 255 days at the time of
retirement/upon death of an employee while in service.
86.Leave Bank Scheme – A staff welfare scheme under which provision would be made for
voluntary encashment of Privilege Leave by the employees and the monetized value of
such leave would be pooled under a Leave Bank system, out of which, special leave would
be sanctioned to the employees affected by contingencies who have exhausted all their
leaves.
87.All the Banks to evolve and implement a scheme for periodical health checkup of all
employees wherever it is not available.
88.All employees shall be allowed reimbursement of Rs. 500 per year towards annual eye
check-up
89.A Committee will be formed to review other provisions of NPS in line with Central
Government employees viz. regarding the Choice of Fund Schemes and Fund Managers.
90. An additional amount will be paid as Ex-Gratia per month to all Pensioners.
91.Monthly ex-gratia amount shall be paid in addition to the pension/family pension paid by
the public sector Banks including SBI, to pensioners and family pensioners, who became
eligible to draw pension on or before 31st October, 2022 including those who retired on
31.10.2022.
92.Such fixed monthly ex-gratia shall be payable for the month of November, 2022 and
onwards during the period 01-11-2022 to 31-10-2027.
93. It has been agreed and already extended the benefit of 100% DA neutralisation for Pre-
November 2002 pensioners.
94.DA rates will be on uniform basis of 100% neutralisation as in the case of employees/
officers/ pensioners/ family pensioners.
95.Disciplinary & Appeal Regulations and procedure thereof – Comprehensive Guidelines on
Discipline & Appeal Regulations will be brought out after mutual discussion within 3
months from the signing of this joint Note.
96. Special compensatory provisions in respect of State Bank of India for certain benefits
as mentioned in the joint note, will be reviewed and settled at bank level.
97. LTC Monetisation Scheme covering air fare on the lines of some other Banks in the
Industry, will be evolved for all Banks after further deliberations.
Comrades, these are some benefits listed herein. The Joint Note addressed many anomalies with
respect to salaries, fitments across the scales, aiming to restore the dignity of officers.
Any achievements or the benefits in the joint note are not only attributable to present
negotiations but is also a testament of years of hard work and struggles of AIBOC and its
members. We congratulate and thank all our affiliates, past and present leaders, all state units,
the AIBOC secretariat team and all the members for having unflinching trust in AIBOC, and for
staying united, disciplined and resolute during this entire wage revision exercise. We, thus,
dedicate all the achievements of this Joint Note to our dedicated members across the fraternity.
There are certain issues which could not be taken to a logical conclusion in the current exercise
till the signing of the joint note, and which have been minutised as residual issues with IBA.
These will be further discussed and deliberated upon, for them to become a reality in the days
to come.