Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note

New Delhi: The Indian Banks Association and bank staff unions reached a consensus on Friday to increase bank wages by 17 percent annually. This will mean an extra expense of about Rs 8,284 crore for public sector banks. Starting in November 2022, up to 8 lakh bank employees are expected to gain from the pay increase.

According to the All India Bank Officers' Confederation, a collective agreement was reached to observe every Saturday as a holiday, subject to official government notice. (Also Read: Good News For Job Seekers! Elon Musk's Firm X Has Over 1 Million Openings)

The government's announcement of the new working hours will take effect, it stated. (Also Read: India AI Mission: Check 8 Key Components Of Cabinet's Newly Launched Plan)

"The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon," it said.

One Sick Day For Female Employees

All female employees would be permitted to take one sick day each month under the new wage settlement without having to provide a medical certificate.

Privilege Leave

According to the statement, accumulated privilege leave may be paid for up to 255 days upon retirement or the passing of an individual while they were still employed.

Ex-Gratia Amount

As per the agreement, retired employees who became eligible to draw a pension on or before October 31, 2022, including those who retired on that date, will receive a monthly ex-gratia amount in addition to their pension or family pension from Public Sector Banks, including SBI. 

(With PTI Inputs)