Government issued Notification on Income Tax exemption limit of Rs.25 lakhs for Leave Encashment Receivable by employees at the time of their Retirement, whether superannuation or otherwise w.e.f. 01.04.2023.

In terms of clause 7 of the 11th Bipartite Settlement dated 11.11.2020 and clause 3 of the Joint Note dated 11.11.2020, the rate of Dearness Allowance payable to workmen and officer employees applicable for the quarter May to July 2023 shall be 41.72% of ‘Pay’ against 41.16% of ‘Pay’ for the previous quarter.

A Meeting between IBA and Standing Committee of UFBU on Medical Insurance Scheme was held on 24th April 2023 wherein scope of reduction of premium for retirees, improvement in scheme for active employees and removing difficulties in reimbursement by TPA were discussed.

Bank’s Board in its meeting held on 29.03.2023, revised existing Health Check Up Scheme for Employees.

To know about Revised Health Check Up Scheme Click: http://aipnbsf.org/files/Health%20Check%20Up%20Facility%20for%20Employees.pdf

In the discussions held with IBA on 28-2-2023, it has emerged that for introduction of 5 day working, the total working hours can be increased by 40 minutes per day with cash transactions from 10 am to 4 pm and non-cash transactions upto 4-30 pm.  IBA would take up the matter with higher authorities and concerned stake-holders to take the issue further forward.

For more details about the discussions held Click: http://aipnbsf.org/files/Cir.%204_2.pdf