Five-day work week, big hike: Bonanza for bankers awaits government nod
Indian Banks' Association (IBA) and bank employee unions have reached a consensus on an annual wage hike of 17 per cent, a move that is expected to have a substantial impact on public sector banks.
This decision will lead to an additional yearly expenditure of approximately Rs 8,284 crore for these banks, benefiting around 8 lakh bank employees. The wage hike is set to take effect from November 2022.
The All India Bank Officers' Confederation announced that as part of the agreement, all Saturdays will be recognized as holidays, subject to government notification. The revised working hours will come into effect upon government notification.
According to the press release, “The Joint Note recognizes all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government.”
IBA Chief Executive Officer Sunil Mehta expressed his satisfaction with the agreement, stating in a post on X (formerly Twitter), «Today marks a significant milestone for the banking industry as IBA and UFBU, AIBOA, AIBASM, and BKSM have signed the 9th Joint Note and 12th Bipartite Settlement regarding Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022.»
Bonanza for bankers
Explaining the intricacies of the new pay structure, the Confederation stated, «The new pay scales have been constructed after merging Dearness Allowance corresponding to 8088 points and additional load thereon.»
Under the revised wage settlement, the female employees will
