Bank employee unions and the Indian Banks' Association have agreed to increase the annual wage by 17 percent. This move is anticipated to result in public sector banks spending around Rs 8,284 crore more every year.
Starting from November 2022, an estimated eight lakh bank employees are poised to reap the benefits of this wage hike. Under the terms of the agreement, all Saturdays are slated to be recognised as holidays, as outlined in a joint statement. However, the implementation of revised working hours hinges on governmental approval.
The new pay structure is meticulously crafted, amalgamating Dearness Allowance linked to 8088 points and additional load. Notably, female employees will now enjoy the privilege of availing one sick leave day per month sans the necessity of a medical certificate.
Furthermore, accrued privilege leave can be monetized up to 255 days upon retirement or in the unfortunate event of an employee's demise during service.
Emphasising the historic significance of the agreement, Sunil Mehta, the Chief Executive Officer of the Indian Banks' Association, underscored its pivotal role in shaping the future of the banking sector.
Retired employees are also set to benefit, with the accord stipulating the provision of a monthly ex-gratia amount in addition to the pension or family pension for eligible individuals associated with Public Sector Banks, including SBI, who are entitled to pension benefits on or before October 31, 2022.
First Published: Mar 9, 2024 11:10 AM IST
