Bank Employees 17.50% Salary hike in India

Online, April 27, 2010 (Newswire.com) - New Delhi(India).As per press release by the first ever Indian Banking Information Portal www.bankingonly.com, the Bank 9th Wage Revision finally taken place toady with sign made by Indian Banks Association officials and bank employee's representative organization UFBU today,27 April 2010.
With completion of signature ceremony at Mumbai the PSU bank employees get 17.50 % salary increase from November 2007 with an additional option for pension option such employees who have not opted earlier.
Fro Govt of India , the IBA representative M.V.Nair(Chairman IBA), R.Sridharan(Managing Director, SBI),Narayana Raja - (DMD/CDO, SBI), Rajiv Rishi(E.D, OBC), B.B.Das(CGM, SBI),K.Ramakrishnan (CEO, IBA), K.Unnikrishnan(Dy.CEO, IBA),N.Venugopalan (Special Officer, IBA) participated in the signature ceremony.
The bank employees representative organistion UFBU reprented by
K.S.Shetty, G.D.Nadaf, P.V.Mathew, P.K.Sarkar, T.T.Natarajan, K.Ananda Kumar , T.N.Goel, S.K.Kohli, K.Ramakoteswara Rao, G.Muthuswamy & K.D.Kheda.
The salient features of this settlement are:
1.Highest, in terms of the percentage of increase - 17.5%
2. Success in getting the 2nd option on Pension which was pending for a long time.
3. Introduction of 2 additional stagnation increments for Scale I to III;
4.Ensuring of the better starting Pay without sacrificing the internal relativity and incremental pattern;
5.Improvements in the LFC by providing eligibility for JMGS I, Middle Management Grade II and III to travel by air;
6.Settlement of Halting Allowance with substantial improvements;
7.Improvements in Medical allowance to considerable extent;
8.Improvement in the Project Area allowance and Special area allowance
etc.
For details may visit www.bankingonly.com