Bank employees to get 17 percent hike annual salary hike, IBA and Unions sign joint note

As per a recent update, employees of public sector banks will be receiving a 17 percent hike in their annual wages. This comes after the bank unions and Indian Banks’ Association signed the 9th joint note and the final 12th bipartite settlement agreement on Friday.

With this move, as many as eight lakh bank employees will get a salary hike, effective from November 2022. Further, an additional annual outgo of about Rs 8.28 Crore will be recorded for public sector banks.

Notably, a total of Rs 12,449 Crore for all banks will be spent for wage revisions. The revision will be effective for a period of five years. The settlement covers a total of 25 banks, which includes 12 public sector lenders, 10 private, and three foreign banks.

Further, the All India Bank Officers Confederation said that through a joint note, it has been agreed to recognize all Saturdays as holidays. However, this note is yet to get the government’s notification. The revised working days and hours will be effective only after the government’s notification.

It is noteworthy mentioning that under the new wage settlement, all women employees would be allowed one-day sick leave per month without medical certificate.

IBA Chief Executive Officer Sunil Mehta said in a tweet, “Today marks a significant milestone for the #bankingindustry as IBA and #UFBU #AIBOA #AIBASM and #BKSM have signed the 9th Joint Note and the 12th bipartite settlement regarding wage revision for Bank Officers and Employees, which will take effect on Nov 1, 2022.”

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