Bank Wage Revision 2024 Latest News, Settlement, Update, History, PDF
Bank Wage Revision 2024- India's Bank Union agree to 17% Salary Hike but demand a 5 Day work week.
Priyanka Dahima25 Jan, 2024
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Bank Wage Revision 2024
According to a statement released on December 7, the Indian Banks Association (IBA) and other bank unions have achieved an agreement about Bank Wage Revision 2024 and have decided to enhance salaries by 17% annually for five years beginning in the fiscal year 2021–2022. The revised Bank Wage will take effect on 01st November 2022. But before banks accept the pay agreement, the unions have insisted that all Saturdays be proclaimed public holidays. This indicates that a bipartite settlement agreement has been set up by a memorandum of understanding (MOU) between the IBA, the United Forum of Banks, and other unions and associations. But the unions won't sign the final contract until the decision to implement a five-day work week is made.Bank Wage Revision 2024 Latest News
According to the Bank Wage Revision 2024 Latest News, the pay revision will cost the banks a total of Rs 12,449 crore for all public sector banks, including the State Bank of India (SBI). During the meeting, the bank unions and the IBA signed a Memorandum of Agreement that included additional loading of three percent following the merger of dearness allowance, a seventeen percent increase in pay slip costs, and an improvement in pension for all pensioners starting in 1986, including retirees under the proposed 12th bipartite settlement . The Memorandum of Understanding states that the yearly rise in salary and benefits is agreed to be 17% of the annual pay slip expenses for FY 2021–2022, or Rs 12,449 crores for all public sector banks, including SBI.Bank Wage Revision 2024 Settlement
- The wage revision will be effective from November 1, 2022, for a period of five years.As per the agreement, there will be a 17% increase in salary and allowances, based on the annual pay slip expenses for the fiscal year 2021-22.
- This amounts to Rs 12,449 crore for all public sector banks, including the State Bank of India.To calculate the new pay scales, the Dearness Allowance corresponding to 8088 points will be merged with the basic pay as of October 31, 2022. Additionally, a loading of 3% will be added, totaling Rs 1795 crore.
- The distribution of the annual wage increase between workmen and officers will be determined separately based on the breakup of establishment expenses for the fiscal year 2021-22.While the demand for pension updation for all retirees is still under discussion, it has been agreed that a one-time ex-gratia amount will be considered along with the pension for pensioners and family pensioners who were receiving pension as of October 31, 2022.
- The applicability of this ex-gratia for retirees of the current settlement period will be further discussed.It's important to note that the ex-gratia amount will not be subject to any other allowances, including dearness allowance.
- All other issues raised by managements and unions/associations during the negotiation process, including the payment of ex-gratia to pensioners and family pensioners of private sector banks and foreign banks, will be resolved to mutual satisfaction.
Bank Wage Revision 11th Bipartite Settlement PDF
The 11th bipartite settlement signed between IBA and UFBU in November 2020, effective from 01st November 2017 to 31st October 2022, is yet to be implemented by the management. While all the employees of the 29 banks represented by the IBA are drawing wages as per this settlement. Along with increase in salary, Performance-Linked Incentive (PLI) is also being introduced in public sector banks for first time ever. In this article, we have shared below the how salary hike will impact the wages of the employees along with the new salary structure of bank employees recruited through IBPS, SBI, RBI and other banks. We have attached below the 11th Bipartite Settlement PDF.🔥 Trending Blogs
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