Bank Salary Increased by 17%: If you are a bank employee then, there is great news for all of you, the year 2024 will begin for you with great news. From this year’s end, lakhs of bank employee will get a 17% hike in their salaries. In this regard, the Indian Banks Association (IBA) has signed a 17 percent annual wage increase agreement with bank unions. As per the decision, the new pay will be effective from 01/11/23 for the next upcoming 5 years. As per the Bank Salary Increased by 17% agreement, the wage revision will contribute Rs 12,449 crore to all public sector banks including State Bank of India (SBI).
Bank Salary Increased by 17% Agreement Signed IBA and bank union
During the meeting, IBA and bank associations demanded a 17 percent increase in pay slip cost, an additional loading of three percent after the merger of dearness allowance, and improvement in pension for all pensioners since 1986, all retirees under the proposed 12th bilateral agreement. According to the Bank Salary Increased by 17% new agreement, “An annual increase of 17 percent in salaries and allowances for the financial year 2021-22 has been approved, taking the overall annual salary and allowances outlay for all public sector banks, including SBI, to Rs 12,449 crore.”
The new pay scale has been prepared by matching it with the basic pay prevailing as of 31.10.2022 by adding 8088 points (average list points applicable for the quarter of July, August, and September 2021) and adding a weightage of 3 percent thereon. Whose total cost will be Rs 1,795 crore.”
Recommendation of 5 days working
Five-day banking has been suggested to the government for positive consideration. Under the earlier wage agreement, banking employees had received a 15 percent salary increase. According to the Agreement, the Parties will “meet on generally agreed dates to consider the status of the Agreement and to prepare a detailed bilateral agreement/joint comment on the issues on which an agreed position is being reached. The Parties will endeavor to “Will do that there should be a compromise/joint.” Comments must be completed within 180 days from the date of this minute.
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IBA and bank union meeting outcomes
- Under the MOU, there will be an increase in the annual salary and allowances of the employees, which will be 17% of the annual wage bill expenditure for the financial year 2021-22, which will total Rs. Rs 12,449 crore, which has been set aside for all public sector banks including SBI.
- The IBA will determine the distribution of annual salary increments among employees and officers based on details of personal and organizational expenses and this will be for the financial year 2021-22.
- The new pay scale will be created by adding dearness allowance with basic pay as of 31.10.2022 and adding 8088 points (as per average index points applicable for the quarter of July, August, and September 2021) and its loading. A contribution of 3% will be Rs 1795 crore.
- The MoU, as a one-time measure, provides for pension as well as monthly ex-gratia to be paid by PSBS to pensioners and family pensioners receiving pension on 31/10/2022. The applicability of the said ex-gratia amount to maintain the existing agreement has not yet been decided.
- The final detailed bilateral agreement/Joint Note on wage revision will be revised within 180 days. The agreement was signed by MV Rao, MD & CEO of Central Bank of India, who will continue to be Chairman of the Council, Shanti Lal Jain MD & CEO, of Indian Bank (Aligned Chairman of the Council – Council Member), Rajesh Sharma MD & CEO – IDBI. Bank, Rajneesh Karnataka MD, and CEO – Bank of India, who is the other member of the committee.
- Employees of the banks were represented by – The All India Bank Employees Union, National Confederation of Bank Employees, Bank Employees Union of India, National Organization of Bank Workers, All India Bank Officers Confederation, National Bank Officers Congress, and National Organization of Bank Officers.
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What is IBA?
The Indian Banks Association (IBA), formed on (26 September 1946), is an unregistered, voluntary association of competent banks and individuals in India based in Mumbai and representing Indian banks and financial institutions. With an initial membership of 22 banks in India in 1946, the IBA currently consists of 247 banking companies operating in India.IBA was formed to develop, coordinate, and strengthen Indian banking and to assist member banks in various ways including implementation of new systems and observation of standards among members.
Vision of Indian Bank Association
To work positively towards a healthy, professional, and visionary banking and financial services industry aligned with public interest.
What are the objectives of the India Bank Association?
- To encourage safe and progressive banking principles, practices, and traditions and to contribute to the development of creative banking in India.
- To provide support to the community and provide various general business to the MBA industry.
- To collect, classify, and disseminate statistical and other information on the structure and operation of the banking system.