Updated March 9th, 2024 at 16:59 IST

Bank employees to get 17% yearly salary raise

About 8 lakh bank employees will be eligible for the raise, that will be in retrospective effect from November 2022.

Reported by: Business Desk
Banking | Image:Goodreturns
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5-day work week pending: Bank employees will be eligible for a 17 per cent yearly salary raise, the Indian Banks’ Association and bank employee unions have said on March 8.

The move will lead to an annual spend of about Rs 8,284 crore for public sector banks.

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The wage hike will be beneficial for around 8 lakh bank employees, and will be in effect from November 2022.

Subject to a government notification, the All India Bank Officers’ Confederation said a joint note also agreed to identify all Saturdays as holidays.

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The revision in working hours will only come in effect after the government issues an official stance on the same, the Confederation said.

“The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon,” it said.

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The new salary settlement will also give way for all women employees to avail a day of sick leave each month without the need of submitting a medical certificate.

At the time of retirement or demise of an employee while they are serving, the accumulated privilege leave can be encashed up to a period of 255 days.

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“Today marks a significant milestone for the #bankingindustry as IBA and #UFBU #AIBOA #AIBASM and #BKSM have signed the 9th Joint Note and 12th #Bipartite Settlement regarding #Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022. @PIB_India #dfs,” IBA Chief Executive Officer Sunil Mehta said in a post on X.

For employees who have retired, a monthly ex-gratia amount was agreed upon to be paid along with the pension or family pension paid by Public Sector Banks in the likes of SBI.

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Pensioners and family pensioners, who became eligible to draw pension on or before October 31, 2022, including those who retired on the said date, will be eligible to avail the same.
 

(With PTI Inputs)
 

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Published March 9th, 2024 at 13:53 IST