Great news for all public sector bank employees! An agreement on wage has been struck between the Indian Banks Association (IBA) and unions. The deal? A boost in the income for the staff of government banks. A consensus between the Indian Banks Association (IBA) and various unions has led to a 17 percent rise in salaries over five years. This awaited pay hike has been pending since November 1, 2022, with a memorandum of understanding signed in acknowledgment.
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The decision of 17 percent salary hike will be implemented
Based on the wage agreement, a pay increase of 17% is set to kick in from November 1, 20222. This includes a 3% loading perk on base pay and DA. Not only does this cover pension alterations, but this also ushers in a five-day work week rule. Now, following the agreement’s approval, this issue is up for review by the Finance Ministry.
AIBOC tweeted this information
The All India Bank Officers Confederation announced on X that President Comrade Balachandra PM signed a key agreement. They’ll talk things over again to iron out any lingering problems before inking the final joint note. Although the settlement doesn’t quite hit their first target, there’s a silver lining for retirees. They’ll finally enjoy the “gratuity” boost they’ve been waiting for, meaning their pension will see an upgrade.
AIBOC expressed happiness over the agreement
The deal for a 17% salary hike with IBA is done. They’ve also agreed on tweaking our pensions. Yet, we’ve hit a wall on the issue of Saturday’s day-off; no signing off on it yet. AIBOC noted, even with a smaller salary percentage, it’s still a win for the country’s 8.50 lakh bank workers.
