12th BPS New Salary and Arrears Calculator, Know More.
12th BPS New Salary and Arrears Calculator
The Indian Bank Association (IBA) and bank employee unions have recently finalized the 12th bipartite wage hike settlement, slated to take effect over the next five years starting November 1, 2022. As per the Memorandum of Understanding (MOU) inked, bank employees are set to receive a significant 17 percent increase in their salaries.
To facilitate the comprehension and assessment of the new salary structure, we offer a salary and arrears calculator. This tool empowers individuals to gauge their revised basic pay, gross and net salary, as well as arrears entitlements for officers, clerks, and sub-staff employed across public sector banks. Access the calculator below to effortlessly compute your financial remuneration in light of this landmark wage adjustment.
The Memorandum of Understanding (MOU) delineates the methodology for determining the new pay scales, amalgamating the Dearness Allowance corresponding to 8088 points (representing the average Index point for the quarter spanning July to September 2021) with the basic pay as of October 31, 2022. Furthermore, a 3 percent loading will be appended, amounting to a total of Rs 1795 crore.
Commencing from November 1, 2022, the 12th Bipartite Settlement (BPS) wage revision will span a duration of five years. An annual increase of 17 percent in salary and allowances has been agreed upon, equivalent to Rs. 12,449 crores, based on the annual pay slip expenses for the fiscal year 2021-22, encompassing all public sector banks, including SBI.
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