Operating/Net Profit of the individual bank(optional for private & foreign banks). The PLI is payable to all employees annually over and above the normal salary payable. The PLI matrix decides the amount payable to the employees (in number of days of pay=Basic+DA) depending on the annual performance of the Bank. All the employees will get the number of days of pay as incentive depending on where in the matrix the Bank’s performance fits in, broadly as per Matrix under:
• From this calendar year each employee below 55 years of age can encash PL upto 5
days per year for any one festival ( 7 days for those above 55 years of age).
would be at 14% of Pay and DA against 10% now.
• Improvement in service conditions discussed and agreed upon so far would be duly
• All other pending issues including 5 days banking, updation of pension, etc. are open
and would be further discussed.
• The full-fledged and final settlement with revised payscales and allowances and
incorporating all the agreed issues would be concluded within the next 90 days.
• Thereafter the Settlement will be implemented and revised salaries would be paid
meeting room and participated in the discussions. During his address to all the
participants, he informed that IBA agrees in principle to improve Family Pension
to uniform rate of 30% for all family pensioners without any ceiling and the
existing ceilings of family pension will be removed. Necessary approval of the
Government would be obtained.
Addressing the participants, he expressed his satisfaction on the satisfactory
signing of the MoU which includes wage increase and new schemes like PLI and
encashment of privilege leave, etc. He emphasized the need the ensure a robust
banking system which is responsive to the present-day challenges facing the
country and our economy and hence the importance of improving productivity,
efficiency and responsiveness to the needs of the customers and other
stakeholders of the banks.
He also made a special reference to the service being rendered by bank
employees and officers under the present pandemic circumstances amidst all
difficulties. He also informed that the Government is also appreciative of the
same and informed that all this could have been possible because of the positive
attitude of the Finance Minister for the Bank Employees as well as Officers.
From our side, we expressed our thankfulness to him for his positive interventions
during the course of negotiations which has helped in reaching the MoU. We also
assured him that the entire banking fraternity would surely rise to the occasion,
as hitherto, and it would be our endeavour to improve the services, productivity
We also brought to the attention of the IBA, the various problems faced by bank
employees and officers in discharging their duties under lockdown and Pandemic
COVID-19 situation and IBA assured to discuss and resolve these issues at their
level at the earliest. To our request to fast track compassionate appointments in
the case of the families of the employees/officers who lost their lives due to
corona infection, IBA assured to look into the same.
Comrades, the signing of the MoU marks the culmination of the long process of
our negotiations during which we had to engage ourselves in agitations including
strike actions. The unity and co-operation amongst our unions and members has
resulted in achieving this satisfactory MoU amidst the present uncertainties and
challenges posed by Covid19 pandemic. We congratulate all of our unions and
members for this achievement in the most difficult circumstances.