Bank employee unions and the Indian Banks' Association have agreed to a 17% annual wage hike, which will result in public sector banks spending around Rs 8,284 crore more per year. Starting from November 2022, approximately 8 lakh bank employees will benefit from this wage increase. This agreement will lead to significant pay raises for bank employees across India.
A joint note has been agreed upon by the parties to recognize all Saturdays as holidays. However, this is subject to government approval, and the revised working hours will come into effect only after the approval.
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The new pay scales have been formulated by merging Dearness Allowance corresponding to 8088 points and additional load. The new wage settlement also entitles women employees to one day of sick leave per month without needing a medical certificate.
Additionally, accumulated privilege leave can be encashed up to 255 days upon retirement or in the event of an employee's death while in service.
IBA Chief Executive Officer Sunil Mehta highlighted the significance of the agreement, stating that it marks a milestone for the banking industry. Retired employees are also set to benefit, with the agreement stipulating that a monthly ex-gratia amount will be paid in addition to the pension or family pension provided by Public Sector Banks, including SBI, for those eligible to draw pension on or before October 31, 2022.
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