Bank Salary Hike: Good news for bank employees, salary will increase by 17%, Saturday holiday also proposed

There will be an annual increase of 17 percent in the salaries of officers and employees of public sector banks. About eight lakh bank employees will benefit from this decision, which will be effective from November 2022. An annual salary increase of 17 percent was agreed between the Indian Banks Association (IBA) and bank employee organizations on Friday. This will put an additional burden of Rs 8,284 crore annually on public sector banks. IBA revises the annual salary in consultation with bank officers and employees' organizations.

Also consider giving all Saturdays a holiday

Meanwhile, All India Bank Officers Confederation said that it has also been agreed to approve holidays on all Saturdays. But the proposal to amend the working hours will come into effect after the notification of the government. “The new pay scale has been determined by including Dearness Allowance (DA) of 8088 marks and additional weightage thereon,” the bank officers' association said.

One day medical leave every month for women employees

Under the new wage agreement, all women employees will be allowed to take one day's sick leave every month even without giving a medical certificate. It states that accumulated Privilege Leave (PL) can be encashed up to 255 days at the time of retirement or death of the employee during service.

Will be effective from 1 November 2022

Sunil Mehta, chief executive officer of banks' body IBA, said in a message on social media platform 'X', 'Today is an important milestone for the banking industry. IBA and UFBU, AIBOU, AIBASM and BKSM have signed the 9th Joint Note and 12th Bilateral Agreement regarding wage revision of bank officers and employees. “This will be effective from November 1, 2022.”

Retired employees will get separate ex-gratia amount

In case of retired employees, it has been agreed that the monthly ex-gratia amount will be paid in addition to the pension/family pension paid by the Public Sector Banks. This amount will be given to those pensioners and family pensioners who have become eligible to receive pension on or before October 31, 2022. People retiring on that date will also come under its purview.