Money & Banking

Breakthrough in IDBI Bank wage talks

Vinson Kurian THIRUVANANTHAPURAM | Updated on March 12, 2018 Published on March 10, 2018
IDBI Bank had issues a circular to all heads of branches/offices in terms of which the maximum number of outsourced employees to be deployed is sought to be 'quantified and restricted.'

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The IDBI Bank management and All India IDBI Officers Association have reached a ‘broad consensus’ over the terms of revision of wages pending from 2012. This was the outcome of a meeting between the association’s representatives and the bank’s Executive Director-HR, according to industry sources.

The bank has agreed to take this forward for further course of action for early implementation of revised pay and allowances for 2012-2017.

The outline of structure and modalities of calculation for the payslip and non-payslip components for Grade A, B and C for the period is more or less clear now. Components include basic pay, dearness allowance, HRA, additional personal allowance (a new component) along with eligible DA and ranking for superannuation benefits.

Others include special allowance along with DA against notional reduction of grade allowance, city compensatory allowance (CCA, being introduced fresh), and restoration of JAIIB/CAIIB additional increments prospectively.

Officers will also be offered conveyance allowance out of gross salary at existing limits by way of reimbursement; telephone reimbursement at existing levels; LFC benefits; and encashment of ordinary leave and its accrual.

The management is also reported to have favoured a proposal to introduce paternity leave.

Published on March 10, 2018
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