Now, IBA has issued clarification circular on effect of reduction of one year gap between 5&6th increment.
The circular says though 6th increment is preponed and subsequently preponing or early sanction of 7th increment is effected, those employees will not be paid arrears as a result of this provision.
Financial benefit on the revised sanction of these increments will be effective from 01.05.2015 only.
In simple terms, no arrears will be given for those who are eligible to get these increments but retired from 01.11.2012 to 30.04.2015.
My heart felt condolences to those comrades.
One more question arises,
Whether those employees will get their pension revised based on the notionally fixed new Basic Pay ?
Or they will not be given effect in pension as they unfortunately retired before 01.05.2015?