[Banking News] Settlement Reached on Fitment Formula

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Settlement Reached on Fitment Formula

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Title: Banking-News : :anup.sen@xxxxxxxxx: :

 

 

Settlement Reached on Fitment Formula

Instructions for implementation issued

 

 

(Text of the Circular issued by All India State Bank Officers? Federation)

 

We are happy to inform all our comrades throughout the country that the long waiting in the matter of arriving a most satisfactory settlement to fitment on promotion from clerical to officer cadre a bilateral issue between the Federation and the Management has since been reached with the final approval of the Executive Committee of the Central Board of the Bank on 12th January 2007 thereby putting an end to the long drawn suspense and frustration of the rank and file. The fitment formula in State Bank of India is settled between the All India State Bank Officers Federation and the Management independent of the industry level instructions issued by the Indian Banks Association. We have our own agreements based on certain broad parameters. The first and foremost principle was that there has to be protection of the emoluments drawn by the clerical staff on promotion. Thereafter, we introduced a principle ensuring a defined minimum differential on promotion so that the officers are able to feel that they are getting better emoluments on promotion. In course of the last few revisions, the differentials were getting eroded due to the number of new allowances introduced to the clerical staff in successive wage revisions. It is in this background, the Federation was waging a constant battle for ensuring not only protection of the emoluments and differentials but also some more benefit on promotion to officers? cadre.

 

2. The issue assumed a great importance during the 7th and 8th bipartite settlements. The following demands were made on the management:

 

a)    The superannuation benefits that are extended to the clerical staff on certain allowances should be notionally extended to the officers in addition to the amount arrived as differential.

b)    The Officers should get something more than the mere protection of the emoluments in clerical grade on the basis of the notional emoluments that had they continued in the clerical staff.

 

3. These arguments were accepted in principle. A lot of discussions and debates resulted in arriving at a negotiated settlement as regards the quantum of differentials and also the amount that should be given as an additional benefit on promotion with certain restrictions regarding the eligibility etc., We are happy that the current fitment formula is unique in many ways. It is for the first time we have established a right to the differentials which includes all the special features of the allowances and the attendant benefits to such allowances at the time of arriving at the differentials and more over in ensuring an additional sum over and above this differential.

 

4. The understandings on the fitment formula have since been approved by the Executive Committee of the Central Board at its meeting held on 12.01.2007 . We furnish below the salient features;

 

                               I.          In the new fitment formula, the differential of 20th stage i.e. Rs. 2,230/- which corresponds to Rs.1,860/- in terms of Eighth Bipartite Settlement will be protected w.e.f. 01.11.2002 (i.e. the date from which the last wage revision for officers came into effect) and consequent upon increase in special pay of Special Assistants, the protection will be increased to Rs. 2,500/- w.e.f. 01.07.2005. The shortfall, if any, will be paid as Adjusting Pay which will qualify for DA and superannuation benefits. The Adjusting pay will get reduced by the amount of increments/FPP/PQP released to the officer after the effective date of fitment till the Adjusting Pay becomes nil.

 

                            II.          In case of officers who are promoted after reaching the maximum of clerical pay, in addition to Adjusting Pay, an amount of Rs. 560/- will be paid as "Personal Allowance? which will not qualify for DA, HRA, CCA and superannuation benefits and will continue to be paid till the officer reaches the Basic Pay of Rs. 22,900/- Thereafter, the Personal Allowance will be tapered at the rate of ½ of the allowance in two instalments from future increments/FPP/PQP.

 

                         III.          The inter se anomalies, if any on account of revised formula will be looked into on case-to-case basis.

 

5. Comrades, the fitment formula settlement is yet another feather in the cap of the Federation. It is a happy beginning to all our colleagues in the Bank. The official communication with required clarifications and fitment/arrears charts will be issued shortly. While complimenting all our members for the successful accomplishment of the fitment formula, we advise our members to approach the Circle association or the head quarters of the Federation for any assistance or guidance in case they encounter any difficulties in getting their fitment resolved.

 

With Sankranthi, Pongal Lohri greetings,

 

(G.D.NADAF)

GENERAL SECRETARY

 

 

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