Bank Employees Salary Increase, 17% Hike Announced for Public Sector Bank Employees

Bank Employees Salary Increase: According to the press release: "The joint note declares all Saturdays as public holidays until the government announces. The revised working hours will come into effect after the announcement. The Indian Bankers Association (IBA) and the Bank Officers' Associations. The staff and the employees' unions successfully reached a major wage agreement that will ensure a significant 17 percent increase in wages for officers and employees wage revision and a total of 12.589 billion across 12 public banks participating in the 12th Bipartite Settlement.

Bank Employees Salary Revision Latest News

Finally, after a long wait, the Indian Banks Association (IBA) and bank unions have agreed on a 17% increase in salaries each year for five years, starting from the fiscal year 2021-22. The wage revision will take effect from November 1, 2022. Although public sector bank employees have received a salary hike, it's uncertain if their request for a 5-day work week will be accepted.

The unions have been asking for all Saturdays to be declared public holidays for banks before they agree to the wage agreement. The distribution of annual wage increases for bank employees will be calculated separately based on the breakdown of expenses for the fiscal year 2021-22.

Also Read: Bank Holiday 2023

Bank Employees Salary Hike

Both parties will meet at mutually convenient times to finalize a detailed agreement on the issues where they have reached a consensus. They aim to complete this agreement within 180 days from the date of the memorandum of understanding (MoU). The IBA has already suggested to the government to declare all Saturdays as holidays for the banking industry under the NI Act, as discussed in previous negotiations with unions/associations. The unions/associations are pushing for the implementation of this recommendation before signing the final agreement.

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Bank New Salary After Wage Revision

• Good news for public sector bank employees! A 17% wage hike is on the way, following the agreement between Indian Banks' Association (IBA) and bank unions on the 12th bipartite settlement.
• The total annual salary for all banks, including the State Bank of India, is set at Rs 12,449 crore.
• The revision will be effective from November 1, 2022, for five years. New pay scales will consider a 17% increase in salary and allowances, with the Dearness Allowance and a 3% loading factor.
• IBA recommends a five-day work week, and unions want its implementation before the final agreement, expected in the next 180 days. This follows a 15% hike in July 2020 for around 850,000 bank employees.

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