Govt. approved officers settlement and allow for ad-hoc arrears and new salary.
However it seems new rate of NPS contribution by employer and family pension issues will take some time.
F. No. 4/2/2/2015-IR
Government of India
Ministry of Finance
Department of Financial Services
New Delhi - 110 001
Dated 18th December 2020
Indian Banks' Association
World Trade Centre Complex
Centre 1. 6th floor,
Mumbai - 400 005
Subject: 11th Bipartite Settlement and Joint Note dated 11.11.2020, on wage revision
1. Reference is invited to Indian Banks' Association's letters no. HR&IR/KSC/
Govt/665/9308 and 9309, dated 11.11.2020, on the above subject.
2. In this connection, the undersigned is directed to convey to Indian Banks'
(a) 'no objection of the Government for advising Public Sector Banks to pay ad-hoc amount of arrears, revised salary, allowances to serving officers, and revised pension and arrears to existing pension optees who have retired, with effect from 1.11.2017, as per agreed provisions of the 11th bipartite settlement, pending amendments to relevant regulations as per procedure laid down under
relevant enactments, subject to adjustment of ad-hoc amount already released;
(b) that it may submit a detailed proposal, along with financial implications/
liabilities in respect of family pension and employer's contribution under the new pension scheme, at IBA proposed rates.
(S. R. Mehar)