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10th BPS Approach Paper
10th BPS Approach Paper
SOME IMPORTANT
FACTS
THEIR IMPLICATIONS
On Provident Fund
Since most of the bank staff have opted for pension,
banks need not contribute more on this account.
However, banks must be prepared to pay back the
employees contributions with interest in lump sum, as
and when they retire.
Detailed statistics have been worked out in the form of a Table given
separately. Based on the figures given therein, unions have to hone up
their negotiating skills and clinch the best deal for the bank staff. As can
be understood, only the revised scales of pay under 36 different (9 X 4)
scenarios have been discussed and compared in this Table.
Increase in Basic Pay is always helpful and the most desired one, because
the P.F., D.A., H.R.A. and other Allowances, Gratuity, Monthly Pension,
Commutation of Pension, Encashment of Leave etc. depend on the basic
pay only. In the past, there was not much increase in the officers basic
pay, whereas the award staff, that too sub-staff have been consistently
getting a better deal at the time of each wage revision. This has resulted
in a very peculiar and irrational situation wherein the Sub-staff and Clerks
at the senior level getting higher wages than an MMGS II Officer. This
shall be avoided this time.
It is suggested that priority may be attached to the following components in
the given order.
1. Basic Pay: 65% (Basic Pay here includes all allowances ranking for
P.F.)
2. Pension: 20%
3. Other Allowances: 15%
On Provident Fund
P.F. must be computed at 12% of the revised Basic Pay plus D.A.
Similarly, Interest payable on the balances in Employees P.F. account
must be not less than at the maximum Rate of Interest payable by the
respective banks to the general public on their Term Deposits plus 1% p.a.
additional interest payable for the staff deposits. As of now, this interest is
calculated only at half-yearly intervals. Instead, from 01-11-2012 onwards,
interest on P.F. must be computed and applied at the end of each quarter.
On Payment of Pension
Banks must mobilize adequate funds to pay commuted
pension to all the staff who retire. It will be a large payout in the near future. Moreover, banks must provide for
payment of revised monthly pension to all the eligible
staff in all grades and scales in the months to come.
On Payment of Pension
Pension must be automatically revised basing on the revised pay scales to
all the retirees, without having regard to the date of their retirement.
On Payment of Gratuity
With the increased pay scales, the gratuity payable will
shoot up sharply.
On Payment of Gratuity
Increase in gratuity amount as a result of wage revision shall be kept
outside the wage load to be agreed upon.
THEIR IMPLICATIONS
Unions must insist upon continuing with 1960 series only, as any
fraction of a point increase in 2001 series will not bestow any
benefit to the staff. We will be put to loss, if a fraction of a point in
2001 series is always omitted.
THEIR IMPLICATIONS