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Bank Employee Salary Hike: 8.50 lakh bank employees working in public sector banks are going to get a big gift on 8 March 2024. The salary hike of bank employees is going to be approved before the announcement of the dates of Lok Sabha elections to be held after a month. The Indian Bank Association, the management body of the country's public sector banks, has sent an invitation to all the bank unions UFBU to sign the wage revision agreement on March 8, 2024 in Mumbai. Due to the agreement between IBA and bank unions, bank employees will get a big salary increase before Holi.
Will get the gift of salary increase on March 8
CH Venkatachalam, general secretary of All India Bank Employees Association, said that earlier the Indian Banks Association had invited to sign the final agreement on wage hike in Chennai on March 11, 2024. But now Indian Banks Association has changed the date of signing. The date of the agreement has been changed to 8 March 2024 and the place of signing of the agreement has also been changed from Chennai to Mumbai. There will be a bilateral meeting between IBA and bank unions in Mumbai on March 8 and the 12th bilateral agreement on wage hike will be signed on the same day. It is believed that under the 12th bilateral agreement, the salary of bank employees may increase by 15 to 20 percent.
Pensioners will get compensation
While assuring the pensioners, General Secretary of All India Bank Employees Association said that in the 12th BP settlement, ex-gratia amount will also be paid to the pensioners or family pensioners for the period from January 1986 to October 2022. The outstanding compensation will be paid from November 2022.
Salary will increase before the implementation of the code of conduct!
The central government also wants to reach a consensus on the salary hike of 8.50 lakh bank employees at any cost before the dates of Lok Sabha elections and the implementation of the code of conduct. Delay in salary hike may cause electoral loss to the current ruling party at the Centre, which it wants to avoid. The current 11th wage agreement of government bank employees has ended on 1 November 2022. And due to this, talks were going on between the unions and the IBA to reach an agreement on the wage increase. However, it is not yet clear whether there has been an agreement on bank holidays on all Saturdays or not. Bank unions are demanding to work for five days in the bank. IBA has already submitted the proposal to declare all Saturdays as bank holidays to the government. At present banks remain closed on the second and fourth Saturday of every month.
Will there be an announcement of 5 day working day?
In the winter session held in December 2023, a question was asked to the government whether any proposal has been submitted to the government by bank unions or IBA regarding the demand of working for five days in public sector banks? And is the government going to implement it? Giving a written reply to this question, Minister of State for Finance Bhagwat Karad admitted that the Indian Banks Association has submitted a proposal to the government to declare holiday in banks on all Saturdays. However, bank employees are waiting to get the gift of holiday every Saturday along with salary increase.