Allahabad Bank: Salary & Allowances – Part I
City Compensatory Allowance
The general concept behind the payment of city compensatory allowance is to compensate the employees for the high cost of living in bigger cities.
CCA shall be paid at the rates as given below :-
Places in Area I and in the State of Goa
4% of Basic Pay subject to a
maximum of ` 540/- per month
Places with population of five lakhs and over, State Capitals, Chandigarh, Pondichery and Port Blair
3% of Basic Pay subject to a maximum of ` 375/- per month.
Mid-academic Year Transfer Allowance
If an officer is transferred from one place to another in the midst of an academic year and if he/she has one or more children studying in school or college in the former place, he/she is entitled to Mid- Academic Year Transfer Allowance of ` 700/- per month from the date he/she reports to the latter place upto the end of the academic year in respect of all the children, provided that such allowance shall cease if all the children cease studying at the former place.
On and from 01.05.2010, Deputation Allowance will be paid at the following rates:
a) An officer deputed to serve outside the bank – 7.75% of pay with a maximum of Rs.2,300/- p.m.
b) An officer deputed to an organization at the same place or to the training establishments of the Bank -
4% of pay with a maximum of Rs.1, 200/- p.m.
If an officer employee is required to officiate in a post in a higher scale for a continuous period of not less than 7 days at a time or an aggregate of 7 days during a calendar month, he/she is entitled for an officiating allowance equal to 6% of his pay for the period for which he/she officiates. Officiating Allowance will rank as pay for the purpose of Provident Fund and not for other purposes.
Fixed Personal Pay
Officers, who were in service of bank as on 01.11.1993 were granted one advance increment on account of computerization and these officers on reaching the maximum of respective scales of pay are eligible to be granted Fixed Personal Pay (FPP) equal to the last increment drawn by them in the scale, at rates as in Joint Notes, on completion of one year at the maximum of the respective scale of Pay. The FPP so drawn by the employee is to remain frozen for the remaining period of his service, in a particular cadre/scale, except when the rate of FPP is revised consequent to wage revision in the industry.
In this connection, it is to clarify that when an employee is promoted to the next higher cadre/scale after earning FPP in the lower cadre/scale, then he would continue to get the same amount of FPP in the promoted scale(except when FPP is changed on wage revision) till such time he reaches the maximum in the promoted cadre/scale. On completion of stipulated one year at the maximum of the promoted cadre/scale , he shall be sanctioned FPP as applicable to the higher cadre/scale in which he is placed.
Fixed Personal Pay together with House Rent Allowance (if applicable) shall be paid at the following rates:
DA as on 01.11.2007
Total F.P.P. payable where bank’s
accommodation is provided
i) F.P.P. as indicated in “C” above shall be payable to those officer employees who are provided
with bank’s accommodation.
ii) F.P.P. for officers eligible for House Rent Allowance shall be “A” + “B” plus House Rent
Allowance drawn by the officer
iii) The increment component of F.P.P. shall rank for superannuation benefits.