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What is bipartite settlement

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What is the bipartite settlement?

Salary is very important  for on job working person. and Everybody wants increment in salary on a regular interval.

Just like pay commission in central government jobs in Banks there is another option called bipartite settlement.

In the public sector banks wage revision takes place on the basis of bipartite settlement.

This settlement takes place between Indian Banks Association (IBA) and United Forum of Bank Unions (UFBU).

IBA is representing bank managements on behalf of government while UFBU is representing bank employees.

It will take place after every five years.

11th Bipartite settlement is due since November 2017 .

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