AIBOA Wage revisions MOU between IBA and Bank officers

Some good news from AIBOA related to the MOU signed between IBA and Bank officers. The details are available on the All India Bank Officers Association website at

Know your arrears based on wage revisions

Joint note on wage revisions

Joint note on Pension

Here are the minutes of meeting held on 27th November 2009.

The attendees at the meeting were IBA representing Management of Banks which are parties to the Bipartite settlement and the Four Officers’ Association AIBOC, AIBOA, INBOC & NOBO on wage revision.

For more details please visit:

Here are the highlights:
The wage revision will be effective from 1.11.2007

The annual wage increase will be Rs.2239 crores

The additional cost of pension on account of wage revision in excess of statutory contribution of 10% of pay will be shared equally between management and employees [13% of pay each] and the share of employees so calculated will be deducted from the agreed wage increase while revising salary and allowances.

All other issues of the Management and Association discussed during the process of negotiation will be settled to the mutual satisfaction.

The parties will meet on mutually convenient dates to draw out a detailed Joint Note on the various issues on which consensus positions have been reached. The parties will endeavor to finalize the Joint Note within a period of ninety days from the date of this minute.

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