State Bank employees to get more benefit & pay !!

State Bank employees to get more benefit & pay hike, awaits Govt. approval.
The State Bank of India employees, who had protested the 17.5 per cent pay increase on the grounds that they already had the pension option and would therefore lose out, are in for some bonanza.


The bank management is awaiting approval from the government to provide for an additional 6.4 per cent increase, which will cost the bank around Rs 290 crore. In addition, there is a proposal before the government for raising the pension for senior officers by around 40 per cent and for clerical and junior management grade employees by around 50 per cent.
A senior executive said the bank had already provided Rs 290 crore for the expected impact of the salary increase. SBI union representatives had not signed the wage settlement agreement with IBA.

Probable D.A. for Bank employees

Probable D.A. for Bank employees for Nov'10, Dec'10, Jan'11 : 46.20%
The exact increase for DA cannot be given at this stage as GOI has yet to announce the CPI for the month of September, 2010. However,
based on the CPI already announced for the month of July, 2010 and August, 2010, we are doing this guess work. The CPI announced so far are as follows:-
Month CPI
July, 2010 4063
August, 2010 4063
September, 2010 Yet to be announced


Assuming that there will be marginal increase in CPI for September, 2010, the revised DA is likely to be around 46.20%, for the months of November, December, 2010 and January, 2011 as per the revised salary structure (i.e. increase of 36 slabs !!). [The present DA is 40.80% for the months of August, September, October, 2010).