12th Bipartite Settlement Latest Update

United Forum of Bank Unions (or UFBU) and Indian Bank Association (or IBA) are used to revise the bank employees’ salary, other payable allowances, and service conditions every five years through the bipartite settlement (or BPS) between them.

The last bipartite settlement (i. e. 11th BPS) was jointly signed on 11.11.2020, with a delay of 3 years from its due date. However, at that time, some of the demands from the bank unions still needed to be discussed. It was decided that the revision of bank employees’ salary and service conditions through the 12th Bipartite Settlement will begin on 01/11/2022. This settlement was expected to benefit a lot of employees in the banking sector.

Prior to the 12th Bipartite Settlement, a meeting was held between four bank officers’ associations, such as All India Bank Officers’ Confederation (or AIBOC), All India Bank Officers’ Association (or AIBOA), Indian National Bank Officers’ Congress (or INBOC), National Organization Of Bank Officers (or NOBO) and the representatives of the Indian Banks’ Association (or IBA) on 21/10/2022 to discuss the details of the desired revisions.

In the meeting, the “Charter of Demands” was submitted to the Indian Banks’ Association. The Charter of Demands includes an increase in salary and some additional benefits in service conditions. It was a collective agreement between the Indian Banks’ Association (or IBA) and the United Forum of Bank Unions (or UFBU). This agreement was expected to be a very important event in the banking sector as it was going to set more profitable terms and conditions for bank employees’ employment, welfare, and overall performance.

What Is The Importance of the 12th BPS?

The 12th Bipartite settlement can provide bank employees with better and improved working conditions, better salaries and allowances, and better job security to them. In addition, the 12th BPS will also provide them with various other benefits, like provision of housing loans, provision of medical insurance, provision of pension schemes, and many more. These benefits will be of tremendous help to the bank employees to lead a better and more comfortable life, and they will be helped to save more money for their future.

The 12th BPS, as per the submitted “Charter of Demands,” also includes the condition that reasonable efforts will be taken to create and maintain healthier working environments and that the bank employees’ workloads should be managed at an acceptable level.

Current Status of The Charter of Demands on the 12th BPS

As of today, the negotiations with regard to the “Charter of Demands” of Settlement have not started yet. The revision of the bank employees’ salaries and other working conditions, which were due to be applicable on 01/11/2022, are still to be addressed. The United Forum of Bank Unions have already submitted their demands to the IBA on 21/10/2022, but the IBA has not taken any action on the Charter of Demands so far.

Summary of The Charter of Demands

Indian Bank Association (or IBA) is not responding to the “Charter of Demands” of the 12th Bipartite Settlement. It means that IBA is not even taking the initial step by requesting permission from the Banks to start negotiations.

Following are some critical issues and some significant demands, which include:

UFBU demands to incorporate five banking days in a week and wants to revise Pension conditions for former retired bank employees. Moreover, it urges the IBA to resolve outstanding matters/issues. In addition, the UFBU requires just good enough and acceptable recruitment in all banking positions to ensure better customer service. UBFU also appeals to eliminate the New Pension Scheme and to restore the Old Pension Scheme instead; they demand immediate negotiations initiations on the “Charter of Demands” for salary, other allowances, and revising working conditions.

The Bottom Line

Hopefully, after carefully reading this article till the end, you must have easily and quickly learned about the 12th Bipartite Settlement. Now, you can understand how crucial this agreement is to be done for the United Forum of Bank Unions and their bank employees.