Latest Bipartite Settlement Updates

This is what has been finalized and will be

signed by IBA and UFBU latest latest before

15th Oct 2020. New salary will be from Nov

2020. Arrears of 36 months will be paid

before Navratri I.e. before 27.10.2020 (after

deducting arrears already paid last year)

--New Basic to be 1.515 times existing

basic.

--Special Allowance 15.50% of new basic

--HRA at 7/8/9 % based on area

classification

--CCA, PQP etc fixed at 1.515 times

existing levels

--Medical fixed at 12,000 from existing

8,000

--P.F. deduction continues at 10% of new

basic

--14% employer contribution for NPS.

-- NPS Employee contribution kept constant

at 10% (Basic pay plus DA)

--PLI formula same as per MOU.

Further, LEVY amount has been finalized by

UFBU @ 2% of gross arrears