OFFICERS WAGE AGREEMENTS OF THE PAST CRITICAL OBSERVATIONS

(Amount in Rupees)
Bipartite Settlement Number Date of the Settlement Date of Effect Merger of D. A. at points Revised Basic Pay Minimum Maximum Ratio of Basic Pay at the lowest to the highest Significant Achievements Major Criticisms/ Areas of Failure

1 2 3 4 5

19-10-1966

01-01-1966

100

N. A.

N. A.

N. A.

12-10-1970

01-01-1970

100

375

1550

1:4.13

First ever bipartite settlement in the banking industry for wages and other issues of award staff was reached. This made improvements in existing scales and some other new aspects. This made improvements in existing scales and some other new aspects, after a long, protracted struggle. This made improvements in existing scales and allowances. This made improvements in existing scales and allowances.

01-08-1979

01-09-1978

200

700

3500

1:5

17-09-1984 10-04-1989

01-07-1983 01-11-1987

332 600

1175 2100

4600 7000

1:3.91 1:3.33

Since it was only a beginning, many important issues were not touched. Officers wages were fixed after award staff wages were decided. D.A. neutralization was poor. For officers, D.A. was revised at halfyearly intervals, whereas it was quarterly for award staff. This settlement was made after a gap of about 10 years. Thus, we lost one more wage revision due in the interregnum. Disparities in D.A. slabs continued. Periodicity/Frequency of wage was formally increased to 5 years. From this revision onwards, the gap between bank officers and Class I officers of central government started widening. Income Recognition & Asset Classification norms were introduced for the first time in Indian Banks in 1993 affecting the profitability of the banks. Rise in salaries & allowances did not reflect the market trends. After this settlement, bank personnel have been consistently and repeatedly denied fair wages in tune with market conditions. Viewed against 6th Pay Commission recommendations, this is a terribly disappointing settlement. nd To achieve 2 option for pension, wage revision was greatly compromised. Pensioners were miserably let down. On the whole, this settlement created heart-burn in everyone.

14-02-1995

01-11-1992

1148

4250

14000

1:3.29

This made improvements in existing scales and allowances.

01-01-2000

01-11-1997

1684

7100

21300

1:3

For the first time, 100% D.A. neutralization was achieved effective from 01-02-1995.

8 9

01-06-2005 27-04-2010

01-11-2002 01-11-2007

2288 2836

10000 14500

32600 52000

1:3.26 1:3.59

For the first time, both award staff and officers presented a joint charter of demands. Staff were made to become so desperate that they were forced to accept whatever that was offered ultimately. Second option for pension to P.F. optees was achieved.