AINBEA, Nabard management sign 9th bipartite wage settlement

The All India Nabard Employees Association (AINBEA) and Nabard management signed the 9th bipartite wage settlement at Nabard headquarters in Mumbai on Tuesday, following approval from the Centre for wage revisions. This settlement, effective retrospectively from November 1, 2022, and lasting until October 31, 2027, provides an average wage increase of 20% for workmen staff across all service lengths. The total financial impact of the wage revision is estimated at ₹170 crore annually, with ₹510 crore allocated for arrears. Additionally, pension revisions for Nabard-recruited staff, aligning them with former RBI employees, will involve a one-time arrear payment of ₹50.82 crore and an additional ₹3.55 crore in monthly pension payments.

AINBEA had previously advocated for pension updates, the resumption of concessional funding from RBI, and the rejection of new labor codes. The association highlighted Nabard’s strong performance as a development financial institution (DFI) and emphasized the importance of concessional finance to further reduce interest rates for farmers and women in rural areas.

At a gate meeting, AINBEA reiterated its commitment to strengthening Nabard’s role in supporting small and marginal farmers and voiced support for an all-India strike on February 12 against the new labor codes.

(Source：The Hindu - Business Line)