Indian Bank Unions: Information related to salary increase was given by All India Bank Officers Confederation by sharing information on X (earlier Twitter). AIBOC also said that any remaining issues will be discussed before finalizing the joint note.
Bank Salary Hike: If you yourself or any member of your family works in a bank, then this news is useful for you. Yes, news of increase in salary of government bank employees and pensioners has come to light. A consensus has been reached on wage revision between the Indian Banks Association (IBA) and other bank unions. An annual increase of 17% in salary was agreed for five years starting from the financial year 2021-22. It will be made effective from November 1, 2022.
Demand for public holiday on all Saturdays
However, the unions also demanded that before signing the wage agreement, all Saturdays should be declared public holidays for banks. MoUs have been signed on salary increase. Under this, 3 percent dearness allowance will be added to the basic salary. Under this agreement, pension amendment has also been approved. The final decision regarding 5 days working in banks will be taken by the Finance Ministry.
The annual increase in pay and allowances will be 17% of the annual salary slip expenditure for FY22. This will be around Rs 12,449 crore for all public sector banks including SBI. According to the MOU, the new salary structure will be made on October 21, 2022 after merging DA corresponding to 8,088 points of basic pay and adding it at a loading of 3%. This will be Rs 1,795 crore.
Information related to salary increase was given by All India Bank Officers Confederation (IBA) by sharing information on X (earlier Twitter). AIBOC also said that any remaining issues will be discussed before finalizing the joint note. On the agreement on salary increase, AIBOC said that it is happy to inform that an MOU has been signed to increase the salary of the employees. There is a fund allocation of 17 percent for this. This includes both basic and DA.
Recently, dearness allowance was increased by the Central Government under the Seventh Pay Commission of Central Employees. This increase in DA was made effective from July 1, 2023. At present, DA is being paid to central employees at the rate of 46 percent. It is expected that in the next DA hike it may increase to 50 percent.
