How to calculate Overtime wages?

As concept of overtime was stopped many years back, even senior employees forgot the calculations, leave alone new comrades.

For the benefit of all I hereby give the details of calculations with examples.

Overtime work shall be paid for at the rates mentioned below:

Category of Employee	% of hourly emoluments
	Full Working Days	Half Working Days
CLERKS
First two quarter hours of overtime work	@ 100	@ 100
Next four quarter hours of overtime work	@ 170	@ 170
Next four quarter hours of overtime work	@ 200	@ 170
Rest of the overtime work	@ 200	@ 200
Subordinate Staff
First four quarter hours of overtime work	@ 150	@ 150
Next four quarter hours of overtime work	@ 200	@ 170
Rest of the overtime work	@ 200	@ 200

AIBOC circular on Tax collection!

AIBOA circular on  tax collection on holidays:

IBA:BKS:40:2014                                                                                      March 29, 2014

The Chairman

Indian Banks Association

World Trade Centre

Cuffe Parade, 6^th Floor

MUMBAI-400 005

Sir,

REG:  Special Tax collection drive by Government of India through Banks

            Rationalisation of the compensation

We have on our hand the RBI circular RBI/2013-14/535 dated 26.03.2014 addressed to all Chairman and Managing Director of all agency Banks to keep select branches open as a regular working day for transacting Government business at key locations based on the volume of transactions upto 08.00 pm on 29^th to 31^st March 2014, where 31^st March 2014 has not been declared as a Public holiday.

2.         However, RBI, vide its circular DPSS[CHE]/1446/01.02.003/2013-14 dated 28^th March 2014 addressed to Officer In-charge, Clearing operation of Banker’s clearing House at Chennai [BCHC] to conduct the special clearing at all clearing houses across the country on 29^th to 31^st March, 2014 which are as follows.

RBI NOTIFICATIONS FOR MAR 29,30 AND 31

RESERVE BANK OF INDIA                             Date : 26 Mar 2014

Banks and RBI to facilitate Tax Payments on March 29, 30 and 31, 2014.

With a view to providing greater convenience to tax payers, it has been decided that all designated branches of agency banks and RBI Offices conducting government business will keep their counters open for extended hours on Saturday, March 29, and Monday, March 31, 2014 till 8.00 p.m. This arrangement will apply where March 31, 2014, has not been declared as a public holiday. On Sunday, March 30, 2014, and on Monday, March 31, 2014 (at places where holiday under the Negotiable Instruments Act has been declared), agency banks would keep select branches open for transacting government business at locations identified by them based on volume of transactions.

SPECIAL TAX COLLECTION DRIVE BY GOVERNMENT OF INDIA THROUGH BANKS.

ALL INDIA BANK OFFICERS' CONFEDERATION  (AIBOC)

ALL  INDIA  BANK  OFFICERS'  ASSOCIATION   (AIBOA)

INDIAN NATIONAL BANK OFFICERS' CONGRESS (INBOC)

NATIONAL ORGANISATION OF BANK OFFICERS (NOBO)

                                                                                                                                                                                    24th March,2014.

The Chairman,

Indian Banks Association,

MUMBAI.

/Sir,

REG:    SPECIAL TAX COLLECTION DRIVE BY GOVERNMENT OF INDIA THROUGH BANKS.

We have the confirmed information that the Government of India has initiated the expeditious steps to collect the tax revenues from the tax payers by providing special opportunity to pay the tax dues through Banks on 29^th, 30^th and 31^stMarch 2014,being the holidays declared by the State Governments in consultation with the respective Regional Offices of Reserve Bank of India under NI Act.

1.         The taxpayers are aware of the payment of taxes on 15th September,2013 as well as at the end of March 2014.    They are expected to plan the calendar and schedule of payment well in advance. Having failed in their duties,  

Bank Karmachari Sena Mahasangh version of talks!

   Following are the details of discussions as per  Bank Karmachari Sena Mahasangh

(trade union wing of Sivasena Party) (award staff union)and not a member of UFBU but negotiating with IBA seperately Ref.: BKSM/09/2014                                                           March 3, 2014

On 9^th Meeting dt.03.03.2014

.Following are the details

.......In my experience of having negotiated & signed three Bipartite settlement and this being the fourth one. I felt disillusioned for the first time about the approach of 1BA towards the present wage revision negoliation held today.Initially, Shri Bhasin, Chairman of the Negotiating committee, appraised all negotiating members of all the Unions representing at IBA.. that IBA had discussed the issue of Wage Revision with all the CMDs and Committee members of IBA and that there was unanimous decision amongst them that the Ranks are not in position to even give 10% Wage rise in the pay slip components. He stressed that under the circumstances that when all Banks are struggling hA rd to keep their respective balance sheet upright, stated that he was unfortunately constrained that they cannot offer anything over & above the present offer of 10% increase in pay slip components.

THE HINDU  >NEWS » NATIONAL

CHENNAI, March 16, 2014

Updated: March 16, 2014 23:46 IST

Bank unions seek five-day workweek

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Apart from seeking early settlement of wage revision, the United Forum of Bank Unions (UFBU) has renewed its appeal for introduction of five-day workweek and regulated working hours for officers.

The issue was discussed in detail at a recent meeting with the Indian Banks’ Association (IBA) in Mumbai. On its part, the UFBU said working hours could be increased by 45 minutes a day as most of the branches function for four hours on the weekend.

Bipartite Talks with IBA held on 14-3-2014

The text of UFBU Circular No. 22 dt. 14-3-2014 on the outcome of the discussions with IBA . 

“In our Circular No. 20 dated 3rd March 2014, we had informed about the details of the discussions held with the IBA on that day.  Another round of discussions were held today in IBA office, Mumbai between IBA and UFBU.  IBA’s team was led by Mr R.K.Dubey (CMD, Canara Bank), Chairman of the IBA’s Core Committee, Mr M.V.Tanksale, Chief Executive, IBA and other Executives.  UFBU was represented by leaders of all our constituent unions.

Carrying forward the discussions held in the last round of talks, some of the important issues like introduction of 5 Day Banking, regulated working hours for officers, etc. were discussed further.  While appreciating our viewpoints, IBA wanted further inputs from the Unions in order to examine the issues and to take up the matter with higher authorities.  We stressed on the need for providing quarters/ housing accommodation to all employees, particularly to those recruited in the Banks in the recent years.