The government orders PSU Banks finish the 13th BPS Wage Revision on schedule

The Indian government's Ministry of Finance has issued a formal letter instructing public sector banks to finish the 13th BPS on schedule. The 10th Joint Note and 13th Bi-partite Settlement for Public Sector Bank employees' wage revision is set to go into effect on November 1st, 2027.

The wage revision settlements were previously signed every two to three years. However, the 12th Bi-partite Settlement (also known as the 9th Joint Note) was completed in just 14 months. The government hopes to finish the settlement on schedule this year.

This year, public sector banks have been advised to finish the negotiations within a maximum of 12 months.

According to the government, it has been noted that in the past, significant changes to the relevant regulations have been made after a significant amount of time had passed since the settlements.

It is emphasized that the consequential changes to the pertinent regulations should also be finished before the next wage settlement's due date, since talks for the settlement are now being started in a timely manner.

It usually takes three to four months to implement consequential changes to the regulations. As a result, it is recommended that the banks start the process of amending the pertinent regulations as soon as the negotiations are concluded. This will ensure that the amendment procedures are finished well in advance of the next wage settlement's scheduled start date, which is November 1, 2027.