:::::PSU bank employee unions withdraw strike call, settle wages ::::: ::::: AIBOC Congratulates Its Cadre For Settling at 15% Increase + 2 Saturdays Being Off :::::

Tuesday, March 3, 2015

Moody's downgrades IOB, Central Bank's deposits

Ratings agency, Moody's, has downgraded ratings for and Indian Overseas Bank's (IOB) local and foreign currency from "Baa3" to "Ba1" following government's policy to differentiate between public sectors banks (PSBs) when distributing capital.
The has indicated that efficient banks will receive capital from its majority owner (Government of India). have to reorient policies to rejig businesses and compete forcapital.

Tuesday, February 24, 2015



In the meeting 12.08.2013 it is decided to merge 4440 points of CPI with Basic pay.

What does it mean?

As on 01.11.2011 CPI was 4440 for D.A calculation i.e 401 slabs, 60.15%(@0.15% per slab)
As on 01.11.2012 CPI was 4876 for D.A calculation i.e 510 slabs,      76.50% (@0.15% per slab)
Now after merging 4440 points D.A. for balance 436 points i.e 109 slab will remain.
This 109 slab will not be calculated @ 0.15% as it will lead to giving D.A on D.A +basic.
Hence it will be reduced.

To what extent?

In 8 th bi-partite settlement D.A. merger was at 2288 points. % per slab was 0.18%
In 9th bi-partite settlement D.A. merger was at 2836 points. % per slab was 0.15%

How 0.18 became 0.15?
It is simple maths.  (2288/2836)*0.18=0.145=0.15%

Likewise this time it will be (2836/4440)*0.15=0.0958=0.10%
This rate is not announced officially, but this is the method of calculation.

If higher % is announced it is a good news for us. Isn’t it?

What is the effect of merging D.A with Basic Pay?


On 01.11.2012
Basic Pay =8000.
 D.A. (old) =6120 (@76.50%)                               
 Total        =14120

On 01.11.2012
Basic Pay  =12812. (160.15% of 8000)
D.A. (New)=1396.50(109*0.10%)
Total          =14208

Now, Basic pay of 8000 becomes 12812
IBA has not revealed the % of wage increase yet.

Any % announced will be calculated on 12812 and not on 8000.

This is the effect of D.A.merger.

All our benefits like  HRA, CCA, PF CONTRIBUTION, PENSION, COMMPUTATION,LOAN ELIGIBILITY etc.,are calculated on the basis of basic pay only. Hence we have to increase Basic pay substantially.
Therefore this merger point is a good one.

Effective date from 01.11.2012 and its importance:

In previous settlements effective date was postponed by an year or so and different heads like B.P, D.A., Spl.Allow, etc., was given effect on different dates thereby loosing the arrears substantially.

This time it is achieved from the day one.
===========================================================Posted as received.

Govt committed to work for betterment of every citizen: Jaitley

Expressing happiness over the conclusion of 10th bipartite wage negotiations between Public Sector Banks (PSBs) and their employees, Finance Minister Arun Jaitley today said the government is committed to work for the betterment of every citizen.

"Our government is committed for the betterment of lives of every citizen, including government employees. The 10th bipartite settlement between PSBs and their employees reinforces the government's commitment to better lives and working environment for the people.

"I am indeed happy for every bank employee on his wage hike," Jaitley said in a Facebook post.

Yesterday, public sector bank employee unions had withdrawn their call for a four-day nationwide strike, with the management agreeing to 15% hike in wages at an extra burden of Rs 4,725 crore per year and acceding to the demand for a holiday on second and fourth Saturdays.

The banks, however, will work full-day on remaining Saturdays instead of the current practice of half-day.

The unions had threatened to go on four-day strike from February 25, demanding 19% hike in wages.

The wage revision would benefit about 8.5 lakh employees and officers in 45 banks, including old generation private sector banks and a few foreign lenders.

Wage revision in PSU banks is done every five years. The previous revision was done in 2007.

Courtesy:Business Standard

Monday, February 23, 2015

AIBOC Congratulates Its Cadre For Settling at 15% Increase + 2 Saturdays Being Off

     We give below the contents of AIBOC circular issued on 23rd Feb 2015, after signing of broad agreement with IBA.  This will give some more insight about the final things that are likely to emerge in next 90 day or so.

Dear Comrades,


We convey our heartiest congratulations to all our members on this historic day for achieving a long awaited settlement for which we struggled unitedly and determinedly with all our valor. Ultimately after a period of two years and approximately 4 months and 18 rounds of talks, tenth Bipartite Settlement has been achieved ! This finally brought an end to long period of unnecessary anxiety thrusted upon the minds of each one of us Comrades, Kudos to unity and perseverance of our
members ! Our members are aware of the relentless efforts and innovative ways adopted by our Organisation from time to time to achieve the long pending justified demands. We explored and did not hesitate to traverse all possible routes to reach final destination of wage settlement. In today’s talks also, our Organisation played a major role by taking firm stand on some of the finer points.

One of the issues apart from the Salary negotiation, very dear to our heart, particularly to the lady comrades and other young members has been that of 5 days week. It was only with a great endeavor of convincing the Authorities with lot of facts and figures that IBA partially conceded to our demand and agreed on second and fourth Saturday of the month to be a holiday while making the other Saturdays as full day working. Some of the salient features of the settlement are as under:

PSU bank employee unions withdraw strike call, settle wages

Saturday, February 21, 2015

Finance Minister Shri Arun Jaitley Makes an Appeal

Finance Minister Shri Arun Jaitley Makes an Appeal to all the Employees of Public Sector Banks (Psbs), Their Unions & Associations not to Resort to Agitation Approach by Participating in Bank Strike; Says Bipartite Negotiations in a Cordial Manner is the only Available tool for Settlement
The Union Finance Minister Shri Arun Jaitley has made an appeal to all the employees of Public Sector Banks (PSBs) and their Unions & Associations not to resort to agitation approach by participating in bank strike . He informed the employees of PSBs that banks are already in negotiations with their Unions and Associations for wage settlement The Finance Minister Shri Jaitley said that the bipartite negotiations in a cordial manner is the only available tool for settlement.

The Finance Minister Shri Jaitley said that participating in the proposed strike is neither desirable nor affordable in the interest of the nation. Making an another appeal to the employees of PSBs, their Unions and Associations, the Finance Minister asked them not to resort to such disruptive means, and call off the call for strike.

Wednesday, February 18, 2015

March on to implement the clarion call of UFBU’S struggle programmes

C/o State Banks’ Staff Union, State Bank of India, 84 Rajaji Salai, Chennai – 600 001

Tel. No. : 044-2521 9329 / 2522 7179                                                                      Mobile No.
Fax        : 044-2524 3524                                                                                  94444 12060
E Mail   : sbsuchennai@yahoo.com                                                                  97909 12060                                                                                                                                    

                                                                                          Date : 11-2-2015

Dear Comrades,

  • March on to implement the clarion call of UFBU’S struggle programmes
  • March on to 4 days’ strike and indefinite strike
  • Demand immediate wage revision

By now all our units are aware of the call given by UFBU for further agitational programmes in view of the IBA’s paltry offer in the negotiations held on 3-2-2015.

A meeting of UFBU-Tamilnadu was held in Chennai today in the premises of State Bank of India Officers’ Association.  Com. Thomas Franco Rajendra Dev (AIBOC) presided over the meeting.  The meeting decided and accordingly appeals to all the units and members to gear up their machinery and implement all the programmes successfully.

Programmes in Chennai city:

At 5-15 PM
Demonstration before Syndicate Bank,
Anna Salai    (next to VGP)


Badge Wearing &
Area wise Demonstrations as under

GT Area at 5-15 pm
Indian Bank, Esplanade (Raja Annamalai Mandram)
Anna Salai at 5-15 PM
Oriental Bank of Commerce, Spencer Plaza, Anna Salai
T. Nagar at 4-30 PM
Indian Bank, Panagal park,
Mylapore at 4-30 PM
Bank of Baroda, Adj. to Amrutanjan, Luz
Adyar at 4-30 PM
Indian Overseas Bank, Opp. Adyar (Gandhi Nagar Terminus), Sardar Patel Road
Purasawalkam at 5-00 PM
Indian Overseas Bank, Doveton
Saidapet & Guindy at 5-15 PM
IDBI, 115, Anna Salai, next to Chellammal College, for Women (Halda junction)

Press meet:  A press meet will be organized on 23rd Feb. 2015 at the press club

Hall Meeting : A Hall meeting is being organized on 21st Feb. (Saturday).  The venue and other details will be informed to all units shortly.

24th Feb. 2015:  On the eve of our 4 days strike, a mass demonstration will be held at 5-15 PM on 24-2-2015 in front of State Bank of Hyderabad, Moore Street, Parry’s Corner.

Strike day programmes – Mass demonstrations :  ( at 10-30 AM daily )

Near Collector’s office, Opp. Beach Railway Station
Near Valluvar Kottam, Nungambakkam
Near Chepauk Guest House, Wallajah Road
Union Bank compound, Broadway, Parry’s

We request all our units and members in Chennai city to take note of the above programmes and mobilise accordingly.

In Districts/Towns:

In all the Districts and town centres also, our units should hold similar joint programmes and demonstrations and make the programmes successful.

With greetings,

Yours comradely,