Saturday, January 16, 2016

Letter from Department of Financial Services ( DFS ) to Chief Executives of all PSBs

In a surprising move, Department of Financial Services   (DFS) , GOI  has sent communication to Chief Executives of all public sector banks asking them to initiate process of  negotiation for next wage settlement and conclude it prior to the effective date of 1.11.2017.  Probably, it is the first time;  the government has taken initiative to commence process of negotiation so early. AIBRF has welcomed the move hoping the bank managements and unions will start the process in  all seriousness. However there is no mention regarding retirees'  issues in the letter.

Click here to view the letter by DFS

Source AIBRF website  


  1. Just happened to go through the Bank Pension Calculator of I find the Commutation factor is older one.If The commutation factor of Central government is followed then the factor totally changer as per Therefore the calculator seems to be misleading as far as Commutation of pension is concerned. Further if New Pension Rules of Central Government is followed then Pension is calculated as 50% of Last Pay drawn or Average emoluments of of last 10 months which ever is more. This also needs to be incorporated.