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12th Bipartite Settlement: Latest Update

In the latest update regarding the 12th Bipartite Settlement, the United Forum of Bank Unions (UFBU) and the Indian Bank Association (IBA) are working towards revising bank employees' salary, allowances, and service conditions. This settlement, which takes place every five years, aims to address the needs of the banking sector.

The previous bipartite settlement, the 11th BPS, was only signed on 11th November 2020, three years past its due date. However, some demands from the bank unions were still unresolved at that time. It was agreed that the revision of bank employees' salary and service conditions through the 12th Bipartite Settlement would commence on 1st November 2022, benefiting a significant number of employees in the sector.

Ahead of the 12th Bipartite Settlement, a meeting was held on 21st October 2022 between four bank officers' associations - All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC), National Organization Of Bank Officers (NOBO) - and representatives from the Indian Banks' Association (IBA). The purpose of this meeting was to discuss the desired revisions in detail.

During the meeting, a "Charter of Demands" was submitted to the Indian Banks' Association, outlining the increase in salary and additional benefits in service conditions that the bank unions were seeking. The agreement reached between the Indian Banks' Association and the United Forum of Bank Unions is expected to play a crucial role in setting more favorable terms and conditions for bank employees' employment, welfare, and overall performance within the sector.

Importance of the 12th Bipartite Settlement

The 12th Bipartite Settlement holds significant importance as it can lead to better working conditions, improved salaries and allowances, and enhanced job security for bank employees. It also offers various other benefits, such as housing loans, medical insurance, and pension schemes, contributing to a better and more comfortable life for these employees and enabling them to save for the future.

Moreover, as per the "Charter of Demands," the 12th BPS emphasizes the creation and maintenance of healthier working environments and seeks to manage the bank employees' workloads at an acceptable level.

Current Status of the Charter of Demands

As of now, the negotiations pertaining to the "Charter of Demands" for the 12th BPS have not yet commenced. The bank employees' salary revisions and other working condition updates, originally set to be applicable from 1st November 2022, are still pending. While the United Forum of Bank Unions has already submitted their demands to the IBA on 21st October 2022, the IBA has yet to take any action on the Charter of Demands.

Summary of the Charter of Demands

The Indian Bank Association has not responded to the Charter of Demands for the 12th Bipartite Settlement. This indicates that the IBA has not taken the initial step of requesting permission from the banks to initiate negotiations.

The demands put forward by the UFBU include incorporating five banking days in a week, revising pension conditions for retired bank employees, resolving outstanding issues and matters, ensuring adequate recruitment for better customer service, eliminating the New Pension Scheme and reinstating the Old Pension Scheme, and initiating immediate negotiations for salary revisions, allowances, and working condition updates.

In conclusion, the 12th Bipartite Settlement holds immense significance for the United Forum of Bank Unions and their employees. This ongoing agreement seeks to address their demands and contribute positively to the banking sector.