HIGH-LIGHTS OF TODAY'S ( 23.02.2015) SETTLMENT
1. Wage Revision will be effect from 01.11.2012
2. The annual wage increase in Salary and allowances @ 15% which works out to Rs.4,725 Crores on Salary Slip Components.
3. The new scales will be constructed after merging Dearness Allowance corresponding 4440 Points as on November, 2011, which works out to 60.15% and adding a load factor of 2% on Basic Pay and Dearness Allowance as on 31.03.2012 amounting to around Rs.597.00 Crrores.
4. Distribution of Annual Wage Increase between Workmen Unions and Officers' Associations will be worked Separately based on break up of establishment expenses as on 31.03.2012.
5. Every Second and Fourth Saturday of the Month will be a holiday and other Saturdays will be full Working days.
6. All other issues of the Managements and Unions/Associations discussed during the Process of Negotiations will be settled to the mutual satisfaction.
7. The Parties will meet on mutually convenient dates to draw out a detailed Bipartite Settlement/Joint Note on the various Issues on which consensus position have been reached. The parties will endeavor to finalize the Bipartite Settlement/Joint Note within a period of 90 days from the date of this minutes.
(BALVINDER SINGH SIDHU)