Pact with IBA includes full medical reimbursement for staff and family
Mumbai, May 25:
The wage-settlement pact between bank unions and industry body Indian Banks’ Association (IBA) includes, among others, additional holidays on the second and fourth Saturdays of a month. Cash and transfer transactions will take place as per the operations of individual banks, but RTGS, NEFT and other clearing functions will not be available on second and fourth Saturdays and other notified holidays.
The RBI has given in-principle approval for the Saturday holidays and it is expected to come into effect by July after approval from the government and the Law Ministry. The medical insurance will cover 100 per cent reimbursement for self and dependents in the staff’s family as against the earlier 90 per cent and 70 per cent, respectively. “Now, we also have a consolidated policy from four public sector non-life insurance companies which gives ₹4 lakh and ₹3 lakh as a floater cover for the family,” IBA Chairman TM Bhasin said.
He added that for workmen, the arrears up to May 31 will be given immediately. For officers, the arrears will be equivalent to the DA and basic payable to them. They should get this in the June salary payable in July. Prior to that, it will be given as an ad-hoc measure, subject to approval.
“Since, the Government is on the same page, we hope to get the approval soon. Usually, the revision of officers’ service regulation takes about four to six months,” Bhasin said.