SBI Alert: The performance-linked incentive or the salary of 15 days will be provided to SBI employees as the largest lender in India registered a strong 41 per cent jump in its net profit.
New Delhi: SBI Salary Alert – In a cheer amid Covid pandemic, around 2.5 lakh staff of State Bank of India (SBI) are likely to receive additional salary of 15 days. The likely remuneration is performance-linked incentive, according to a Times Now report.
The performance-linked incentive or the salary of 15 days will be provided to SBI employees as the largest lender in India registered a strong 41 per cent jump in its net profit. The likely salary of 15 days will be for the previous financial year that ended on March 31.
In November, 2020 a wage agreement was signed with Indian Banks’ Association. The agreement paved the way for the public sector banks to pay incentives to respective employees if the lender reports a positive net profit and a growth in operating profit. As per the agreement, if a public sector bank registers 5 to 10 per cent growth in the operating profit, then employees of that bank will get 5 days’ salary which will be basic and Dearness allowance (DA). If there is a rise of 10 to 15 per cent, the salary hike will be for 10 days. Employees are entitled to get 15 days’ salary if the public sector bank registers a operating profit more than 15 per cent. However, it must be noted that at the same time Banks must register a positive net profit, the Times Now report says.
SBI on Friday reported an 80 per cent surge. This translated into standalone net profit at Rs 6.450.75 crore for the fourth quarter ended March 2021. On a consolidated basis, the State Bank of India reported a 60 per cent increase in net profit at Rs 7,270.25 crore compared to Rs 4,557.49 crore in the fourth quarter of the previous fiscal. For the entire financial year 2020-21, the bank reported a 41 per cent jump in standalone profit at Rs 20,110.17 crore, from Rs 14,488.11 crore in the previous financial year, as per a PTI report.
