The government can give a big gift to the government bank employees. The Ministry of Finance has started the process of increasing the salary of bank employees. The ministry has asked the Banking Association (IBA) to initiate the process of negotiation. Also said that it has also been asked to complete it by December 1. PTI has given this news quoting a senior Finance Ministry official. The matter of review of salaries of government employees and officers is stuck since November 2022.
There will be an increase only after talking to the organizations
According to the official, the Finance Ministry has asked the banking association to complete the negotiations on the increase in salary on time. So that the salary of the employees can be increased on time. The banking association also reaches the result of increase in salary on the basis of the consent made after talks with the employees’ organizations of various banks. The official says that for the change in salary, the ministry has emphasized on fairness and equality. The government is trying to ensure that the salary structure remains competitive with the rest of the units in the banking industry.
Trying to implement salary hike on time
PTI quoted officials as saying that the initial pay hike will help improve working conditions and encourage employees in the banking sector. Apart from this, the Finance Ministry has urged the IBA to ensure that all future wage negotiations are completed before the start of the next period, so that wage revision can be implemented from the due date.
Salary hike for Public Sector Bank employees is a complex issue. The IBA has said that it is committed to reaching an agreement with the unions that is fair to both the banks and the employees. The unions have said that they expect the IBA to be able to offer a reasonable wage hike.
Good condition of public sector banks
According to the official, wage settlement for banks has always been a difficult and time-consuming process, with bank managements and employee unions represented by IBA engaged in strenuous negotiations. The government has decided to increase the salary of the employees at a time when the financial condition of public sector banks is good. His net worth has almost tripled to Rs 1.04 lakh crore in FY2023, from Rs 36,270 crore in FY2014.
