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10th BPS for Workmen - Detailed Memo of Settlement Issued
by
Rajesh Goyal
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After 10th BPS became due wef 01/12/2012, today i.e. on 25th May 2015, after a gap of 935 days, finally 10th BPS has been signed and AIBEA has released the copy of the Memo of Settlement alongwith its own circular. In its circular CHV has written as follows:-
We are happy to inform all our units and members that the much awaited 10th Bipartite Settlement has been signed by AIBEA this morning in Mumbai. Nearly 5 lac workmen employees will be covered by this Settlement. Because of this Settlement, there would be an increase of Rs.2270 Crores per year in the wages of the bank employees which would be effective from 1st November, 2012. The settlement would cover employees of Public Sector Banks, Private Sector Banks and Foreign Banks. We congratulate all our members on this happy occasion.
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Interestingly, this Memo of Understanding almost contains the same things which we have predicted since 23rd February, 2015 but union leaders were vehemently denying. We will put up the detailed analysis of these later on.
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