This will put an additional burden of Rs 8,284 crore annually on public sector banks. IBA revises the annual salary in consultation with the organizations of bank officers and employees.
There is big news for officers and employees of public sector banks. In fact, the salary of bank employees has increased by 17 percent annually. About eight lakh bank employees will benefit from this decision, which will be effective from November 2022.
An annual salary increase of 17 percent was agreed upon between the Indian Banks Association (IBA) and bank employee organizations. This will put an additional burden of Rs 8,284 crore annually on public sector banks. Let us tell you that IBA revises the annual salary after negotiating with the organizations of bank officers and employees.
Seal on saturday holiday
Meanwhile, the All India Bank Officers Confederation said it has also been agreed to sanction all Saturdays as holidays. But the proposal to amend the working hours will come into effect after the notification of the government. The bank officers’ organization said – The new pay scale has been determined by including Dearness Allowance (DA) of 8088 marks and additional weightage on it.
Under the new wage settlement, all women employees will be allowed to take one day’s sick leave every month even without giving a medical certificate. It states that accumulated Privilege Leave (PL) can be encashed up to 255 days at the time of retirement or death of the employee during service.
What was said by IBA
Sunil Mehta, Chief Executive Officer of IBA, an organization of banks, said on the social media platform ‘X’ – Today is an important milestone for the banking industry. IBA and UFBU, AIBOU, AIBASM and BKSM have signed the 9th Joint Note and 12th Bilateral Agreement regarding pay revision for bank officers and employees. This will be effective from November 1, 2022.
What is announced for retired employees: In case of retired employees, it has been agreed that the monthly ex-gratia amount will be paid in addition to the pension/family pension paid by the public sector banks. This amount will be given to those pensioners and family pensioners who have become eligible to receive pension on or before October 31, 2022. People retiring on that date will also come under its purview.
