Trending:
Pay Revision In Banking Sector? This Much Hike Announced For Public Sector Bank Employees
The Indian Banks' Association (IBA), along with union representatives, has reached an agreement to increase wages for public sector bank employees by 17 per cent, amounting to a total of Rs 12,449 crore. According to The Times of India report, this significant pay raise is set to benefit approximately nine lakh employees, including 3.8 lakh officers across the sector.
Pay Revision In Banking Sector (Image Source: iStockphoto, TN Digital)
The Indian Banks' Association (IBA), along with union representatives, has reached an agreement to increase wages for public sector bank employees by 17 per cent, amounting to a total of Rs 12,449 crore. According to The Times of India report, this significant pay raise is set to benefit approximately nine lakh employees, including 3.8 lakh officers across the sector.
Effective from November 2022, the wage revision, applicable for a period of five years, will also include arrears for the preceding 12 months. The report added that the agreement covers all public sector banks, including the State Bank of India (SBI), and extends to several old-generation private banks that have their salaries tied to this revised scale.
Additionally, the IBA has proposed making all Saturdays bank holidays under the Negotiable Instruments Act, a request that has been pending with the central government for several months.
The new pay scale will be formulated by merging the dearness allowance, based on an average index point of 8,088 for July, August, and September 2021, with the basic pay as of October 31, 2022. This will include an additional loading of 3 per cent, totaling Rs 1,795 crore.
The distribution of the annual wage increase will be worked out by the IBA, dividing it between workers and officers based on the breakdown of establishment expenses for the fiscal year 2022.
The agreement also includes a one-time ex-gratia payment, along with pension, to pensioners and family pensioners who were receiving pension as of October 31, 2022. The details for retirees of the current settlement period are still to be finalised.
A comprehensive bipartite settlement or joint note on the wage revision is expected to be finalised within 180 days. The memorandum of understanding (MoU) represents the 12th bipartite wage hike agreement since the initiation of the industry's collective bargaining system in 1966.
End of Article
Subscribe to our daily Newsletter!
Videos
03:18
Amitabh Bachchan's Heartwarming Moment with Grandson Agastya Nanda in front of his Fans
02:10
Raveena Tandon addresses CONTROVERSIAL statements regarding Khushi Kapoor and Agastya Nanda in The Archies
02:27
iQOO 12 5G | Glimpse of Exciting Leaks! | Funtouch OS Android 14, Qualcomm Snapdragon 8Gen3 & More
02:15
OnePlus 12 Design & Looks | OnePlus 12 Latest Updates | OnePlus 12 Colour Available | Gadget Times
03:53
Urfi Javed Flaunts her Topless Style | Jennifer Mistry's HEARTWARIMNG note for TMKOC