Under the Seventh Pay Commission, 46 percent dearness allowance is being given to central employees. Meanwhile, consent has been given for 17 percent salary revision of government bank employees for 5 years.
A big good news has emerged for the employees and pensioners of the country’s public sector banks. There has been a consensus on the demand for salary hike from November 1, 2022, which means that now the salary of government bank employees (Bank Employees Salary Hike) can increase. Indian Banks Association (IBA) and the union have agreed to 17 percent salary revision for 5 years.
MoUs have been signed regarding salary increase, under which it has been said that 17 percent salary increase will be implemented from November 1, 2022. To this, the benefit of 3 percent dearness allowance will be added on the basic salary. Besides, pension revision has also been agreed upon during the agreement. The association has also agreed to work in banks for 5 days. However, the final decision on this will be taken by the Finance Ministry.
The pension of pensioners will also increase.
All India Bank Officers Confederation (IBA) has informed about the consent to the salary increase by sharing a post on the social media platform X. AIBOC said that any remaining issues will also be discussed before finalizing the joint note. In its post, AIBOC said that the amount distributed does not meet their initial expectations, but the good thing for pensioners is that after a long wait, there will be a revision in pension.
Agreement signed for salary hike
AIBOC said that we are happy to inform that the Memorandum of Understanding for Employees Salary Hike has been officially signed. There is a fund allocation of 17 percent for this expenditure, which includes basic and dearness allowance. Along with this, pension workers will also get ex-gratia amount.
*Update on the 9th Joint Note – AIBOC Secretariat*
We are pleased to inform you that we have officially signed the preliminary Memorandum of Understanding (MoU) for the 9th Joint Note. We have a fund allocation equivalent to 17 percent of the establishment expenses for… pic.twitter.com/vNuZHpOtr4
— All India Bank Officers’ Confederation (AIBOC) (@aiboc_in) December 8, 2023
Central employees had received a gift.
It is noteworthy that in November last year, there was a demand to increase the basic salary and dearness allowance for these employees and pension, but till now it was kept pending. At the same time, dearness allowance of central government employees was recently increased under the Seventh Pay Commission, which is effective from July 2023. At present the dearness allowance of these employees is 46 percent and it is expected that this allowance will increase to 50 percent in January.
*Update on the 9th Joint Note – AIBOC Secretariat*
We are pleased to inform you that we have officially signed the preliminary Memorandum of Understanding (MoU) for the 9th Joint Note. We have a fund allocation equivalent to 17 percent of the establishment expenses for… pic.twitter.com/vNuZHpOtr4
— All India Bank Officers’ Confederation (AIBOC) (@aiboc_in) December 8, 2023
