Friday, December 18, 2020

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

Jeevandeep Building, 

3rd floor

Sansad Marg, 

New Delhi - 110 001

Dated 18th December 2020


Chief Executive

Indian Banks' Association

World Trade Centre Complex

Centre 1. 6th floor, 

Cuffe Parade

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'

Association (IBA)-

(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.

Yours faithfully,


(S. R. Mehar)


Tele: 011-23362133



Santosh said...

what did governmane and IBA did all these 3 and half years and asking financial implications now on Family pension and NPS 14%.

Unions miserably failed in all terms.

It is big shame to unions.

Anonymous said...

Without categorical approval from DoF, MoF, IBA would not have signed joint note on revision of Family pension. The FM also was present before the final settlement. I think it is formality to seek such information from IBA once again before accoding final approval . Let us be optimistic.

Anonymous said...

Tomorrow lic meeting. Let's c what happens. Hurray