Salary Hike For Bank Employees: The Indian Banks’ Association has signed a 17 per cent annual wage hike agreement with bank unions. The wage revision will be effective from 1.11.2022 for a period of five years.
Read More: RBI Raises UPI Payments Limit To Healthcare, Educational Facilities From Rs 1 Lakh To Rs 5 Lakh
Chennai: New Year 2024 will begin on a happy note for lakhs of bank employees in the country as they will get salary hike by 17% this year-end. In this regard, the Indian Banks’ Association (IBA) has signed a 17 per cent annual wage hike agreement with bank unions. The wage revision will be effective from 1.11.2022 for a period of five years.
According to the agreement, the revision in wages will cost the banks a sum of Rs 12,449 crore for all the public sector banks including the State Bank of India (SBI).
During the meeting, the IBA and the bank unions inked a Memorandum of Agreement for a 17 per cent increase in pay slip cost, additional loading of three per cent after the merger of dearness allowance, improvement in pension for all pensioners from 1986 including retirees under proposed 12th bipartite settlement.
Read More: Petrol, Diesel Fresh Prices Announced For December 8: Check Fuel Rates In Your City
“Annual increase in salary and allowances is agreed at 17 per cent, of the annual pay slip expenses for FY 2021-22, which works out to Rs 12,449 crores for all public sector banks including SBI,” the MoU notes.
“The new pay scales will be constructed after merging Dearness Allowance corresponding to 8088 points (average Index point as applicable for the Quarter of July, August and September, 2021) to the basic pay as on 31.10.2022, and adding thereon a loading of 3 per cent, amounting to Rs 1,795 crore,” it added.
Five-day Working Day Recommended
Five-day banking has also been recommended to the government for favourable consideration. Under the earlier wage agreement, the bankers got a 15 per cent wage increase.
Read More: RBI Repo Rate Status Quo: What It Means For Your Home Loan EMIs?
According to the agreement, the parties will meet “on mutually convenient dates to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions are reached. The parties will endeavour to finalize the Bipartite Settlement /Joint Note within a period of 180 days from the date of this minutes”.
