Key Points
The Indian Banks' Association and unions have reached an agreement on a 17% wage hike for all public sector banks, totaling Rs 12,449 crore..
Talks between the Indian Banks' Association and representatives of workmen unions and officers' associations were held on December 7, 2023, regarding the wage revision, and an MoU was signed..
This amounts to Rs 12,449 crore for all public sector banks, including the State Bank of India...
The Indian Banks' Association has already recommended to the government the declaration of all Saturdays as holidays under the NI Act for the banking industry, based on previous negotiations with unions/associations..
All other issues raised by managements and unions/associations during the negotiation process, including the payment of ex-gratia to pensioners and family pensioners of private sector banks and foreign banks, will be resolved to mutual satisfaction..
