The Central Pay Commission recommendations are not applicable to the employees of Public Sector Banks (PSBs). The pay scales of employees in PSBs are revised every five years on the basis of the Bipartite Settlement signed with Workmen Unions and Joint Note signed with Officers’ Associations by Indian Banks’ Association (IBA). Accordingly, IBA negotiates salary and service conditions of employees. As part of negotiations, the terms of payment of pension are also discussed along with the salary revision. The service conditions of Central Government employees differ significantly from those of bank employees and the two are regulated by their respective service regulations. Hence, no comparison can be drawn between the two.
This information was given by Minister of State in the Ministry of Finance Shri Namo Narain Meena in a written reply to Shri A.A. Jinnah in Rajya Sabha as per detail below:
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA
ANSWERED ON-06.08.2013
Revision of pay and pension of bank employees
196 . SHRI A.A. JINNAH
Will the Minister of FINANCE be pleased to state:
(a) whether the Central Pay Commission benefits are not applicable for employees of banks;
(b) if so, how their salaries are revised;
(c) whether the salaries of employees of banks are revised on the recommendations of some other body;
(d) if so, the name of such body;
(e) whether the Minister is aware that after the recommendations of the said body only the salaries of servicing employees are revised and pensioners are ignored by these bodies; and
(f) if so, the detailed reasons for ignoring pensioners of nationalized banks by such bodies whereas separate recommendations are made by pay commission for Central Government pensioners?
ANSWER
The Minister of State in the Ministry of Finance (Shri Namo Narain Meena)
(a) to (f) : see above
Source: Rajya Sabha Q&A
(a) to (f) : see above
Source: Rajya Sabha Q&A
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