full-fledged Settlement can be signed at the earliest. A preliminary round of the meeting of the Working Group for Workmen was held on 20 th August, 2020 through virtual mode. IBA was represented by Chairman of the Working Group Shri Rakesh Sharma (MD&CEO, IDBI Bank), Shri S K Kakkar, Sr. Advisory-HRA, IBA and other members of this Small Committee. From our  side, we were represented by the General Secretaries of our four organisation. Since BEFI did not sign the MoU, IBA did not invite them to be part of this Small Working Group. 

 

Gist of discussions: Out of Rs. 7898 crores (15%) of total amount agreed in the MOU for employees and  officers put together, the amount apportionable for workmen employees  would be Rs. 3385 crores. Out of this. Rs. 495 crores would be towards Pay +  DA and balance Rs. 2890 crores would be distributed to other components. 

Tentative proposals on new Payscales were discussed and the same would be finalised in the next round of meeting. The issue of dispensing with the Graduation increment and constructing the clerical payscales accordingly was discussed but not yet finalised. DA rates from November, 2017 would be 0.07% per slab of 4 points of quarterly average increase over 6352 points. We took up the issue of grant of one more stagnation increment and also improvement in periodicity i.e sanction of all stagnation increment every two years for clerical cadre like substaff. Issue will be further discussed and finalised Some discussions took place on Special Pay, Special Allowance, etc. but it was decided that the same would be finalised after finalising the payscales.