Salary Hike Bank Employees: Big news is coming for bank employees. Bank employees may soon see an increase in their salaries in the new year. According to a statement issued on December 7, the Indian Banks Association (IBA) and other bank unions have reached a consensus on salary revision.
Salary Hike Bank Employees : Big news is coming for bank employees. Bank employees may soon see an increase in their salaries in the new year. According to a statement issued on December 7, the Indian Banks Association (IBA) and other bank unions have reached a consensus on salary revision.
A consensus has been reached on an annual increase of 17 percent in salary for 5 years starting from the financial year 2021-22. This increase in salary will be effective from November 1, 2022. However, the unions have demanded that all Saturdays be declared public holidays for banks before signing the salary agreement.
Decision on 5 days working will be taken soon
This means that a Memorandum of Understanding (MOU) has been put in place between the IBA and the United Forum of Banks and other unions and associations for a bilateral agreement. However, the unions will sign the final agreement only when the decision on five-day working is announced.
Salary of bank employees will increase
The annual increase in pay and allowances will be 17% of the annual slip expenses for FY22. This will amount to approximately Rs 12,449 crore for all public sector banks including State Bank of India (SBI). According to the MOU, the new pay scale will be made as per 8,088 points of basic salary on October 21, 2022, after merging Dearness Allowance (DA) and adding it at a loading of 3%, which will be Rs 1,795 crore.
Consensus will be reached on other issues of the bank
The increase in the annual salary of bank employees will be done separately and in phases on the basis of the financial year 2022. Both the Bank Association and IBA parties will continue to meet on fixed dates. So that consensus can be reached on other issues. In the case of 5 days working and two days holiday in banks, under the Negotiable Instruments Act of 1881, the government has already recommended to keep all Sundays and Saturdays as holidays.
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