Bank Employees Granted 17% Annual Pay Hike
The Indian Banks' Association and bank employee unions have reached a consensus on a notable annual wage hike of 17 per cent, resulting in an estimated additional annual expenditure of approximately Rs 8,284 crore for public sector banks. This wage revision is set to benefit around 8 lakh bank employees and will come into effect from November 2022.
According to the All India Bank Officers Confederation, the joint agreement entails the recognition of all Saturdays as holidays, pending official notification from the government. Additionally, revised working hours will be implemented following government notification.
The new pay scales have been formulated by merging the Dearness Allowance corresponding to 8088 points and additional load thereon. Notably, under the revised wage settlement, all female employees will be entitled to one day of sick leave per month without the requirement of a medical certificate.
Moreover, accrued privilege leave can be encashed up to 255 days upon retirement or in the event of an employee's demise while in service.
Sunil Mehta, CEO of IBA, expressed the significance of this milestone for the banking industry, highlighting the signing of the 9th Joint Note and 12th Bipartite Settlement regarding Wage Revision for Bank Officers and Employees, effective 1 November 2022.
For retired employees, it has been agreed that the monthly ex-gratia amount will be disbursed in addition to the pension/family pension provided by Public Sector Banks, including SBI, for pensioners and family pensioners eligible as of 31 October 2022, including those who retired on that date.
