Key Points
The Indian Banks' Association (IBA) and bank employee unions have reached a consensus on an annual wage hike of 17 per cent, a move that is expected to have a substantial impact on public sector banks...
This decision will lead to an additional yearly expenditure of approximately Rs 8,284 crore for these banks, benefiting around 8 lakh bank employees..
The All India Bank Officers' Confederation announced that as part of the agreement, all Saturdays will be recognized as holidays, subject to government notification..
IBA Chief Executive Officer Sunil Mehta expressed his satisfaction with the agreement, stating in a post on X (formerly Twitter), "Today marks a significant milestone for the banking industry as IBA and UFBU, AIBOA, AIBASM, and BKSM have signed the 9th Joint Note and 12th Bipartite Settlement regarding Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022."..
Furthermore, provisions have been made for retired employees, ensuring that the monthly ex-gratia amount will be paid in addition to the pension or family pension provided by the Public Sector Banks, including the State Bank of India, to pensioners and family pensioners who became eligible for pension on or before October 31, 2022, including those who retired on that date...
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Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval
08, Mar, 24New Delhi, Mar 8 (PTI) Indian Banks’ Association and bank employee unions on Friday agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs 8,284 crore for public sector banks. As many as 8 lakh bank employees are set to benefit from […]