Bank Employees Salary Increase, 17% Hike Announced for PSB Employees- Check New Salary Chart of all Cadre

 


In a landmark decision, the Indian Banks’ Association (IBA) and workers’ unions recently inked an agreement to enhance the salaries of employees in public sector banks by a substantial 17%, totaling a staggering Rs 12,449 crore. This momentous decision, affecting approximately nine lakh employees, including 3.8 lakh officers in PSU banks like SBI, marks a significant leap in the financial well-being of the banking sector workforce. The agreement, reached on December 7, 2023, through detailed discussions, promises a positive change in the lives of countless bank employees. According to the press release: “The joint note declares all Saturdays as public holidays until the government announces. The revised working hours will come into effect after the announcement. The Indian Bankers Association(IBA) and the Bank Officers’ Associations. The staff and the employees’ unions successfully reached a major wage agreement that will ensure a significant 17 percent increase in wages for officers and employees wage revision and a total of 12.589 billion across 12 public banks participating in the 12th Bipartite Settlement.

This move, subject to necessary approvals from the Centre and the Reserve Bank of India, aims to enhance the work-life balance of bank employees.

 

Bank Employees Salary Revision Latest News:

After a prolonged wait, the IBA and bank unions have settled on a 17% annual salary increase for five years, commencing from the fiscal year 2021-22. This eagerly anticipated wage revision will be effective from November 1, 2022. However, the prospect of a 5-day work week remains uncertain, as unions advocate for the declaration of all Saturdays as public holidays for banks. The distribution of annual wage increases for bank employees will be meticulously calculated, taking into account the fiscal year 2021-22 expenditures.

 

Bank Employees Salary Hike:

Both parties are committed to finalizing a detailed agreement within 180 days from the signing of the Memorandum of Understanding (MoU). The IBA has recommended declaring all Saturdays as holidays for the banking industry under the NI Act, a proposal currently awaiting clarity. The ongoing negotiations encompass various issues, including the implementation of this recommendation before signing the final agreement.

 

Key Points on the 12th Bipartite settlement

1.    * The new pay rates commence from November 1, 2022, and will remain in effect for five years.

2.   * A substantial 17% increase in salary and allowances, amounting to Rs 12,449 crore for all public sector banks, including the State Bank of India.

3.   * The calculation of the new pay involves merging Dearness Allowance points up to 8088 with the basic pay as of October 31, 2022, plus an additional 3%, totaling Rs 1795 crore.

4.   * Annual wage increases for workers and officers will be determined separately based on the fiscal year 2021-22 expenditure breakdown.

5.    * Ongoing discussions regarding pension updates for retirees, with a one-time ex-gratia amount agreed upon for pensioners and family pensioners as of October 31, 2022.

6.    * Applicability of the ex-gratia for retirees of the current settlement period to be discussed later, unaffected by other allowances.

7.    * Recommendation to declare all Saturdays as holidays for the banking industry under the NI Act, with an unclear status.

8.    Resolution of all matters raised during negotiations, including ex-gratia payments for pensioners of private sector banks and foreign banks.

 

Bank Employees Salary Hike Calculator:

With the 12th Bipartite settlement for bank employees finalized, employees are eager to calculate their new pay. The 17% salary hike, including a 3% load factor, will result in a comprehensive increase on the payslip. The Dearness Allowance is merged with the current basic pay, and the Special Allowance is pending as of 7/12/2023.

 

Here’s a breakdown of the 12th BPS salary calculation with a 17% hike:

  1. Load Factor Explained: The load factor, considered in the 12th BPS, benefits bank staff by taking into account both BASIC and DA. This load factor of 3% is applied to both BASIC AND DA.
  2. Total Salary Increase: The total salary increase is exactly 17% as per the 12th BPS settlement. For example, the gross salary before the 12th BPS was Rs. 74,125, and after the 12th BPS, it becomes Rs. 89,601, resulting in a 17% increase on the payslip, as stated in the 12BPS final negotiating committee.
  3. Calculation for Officers’ Salaries: A salary chart is provided for an employee who joined the bank in 2021 with a basic pay of Rs. 36,000 in the 11th BPS. The employee, having completed JAIIB and CAIIB certification courses, receives 1 increment for each. With two yearly increments in 2022 and 2023, the total increments are 4 (1+1+1+1). Each increment is Rs. 1490 in BASIC PAY for officers. The chart shows the salary calculation for an Officer employee with CAIIB qualification and 2 yearly increments.
  4. 1 Lakh Plus Salary in Banks: An officer in banks with CAIIB qualification and 2 years of experience will receive a gross salary of 89k. With additional allowances like rent and petrol, the gross salary of an officer employee in banks can exceed 1 lakh, which is good news for bank staff.
  5. Salary Slip Components Load Factor: The components of the payslip for an officer employee in banks are BASIC, DA, SPECIAL ALLOWANCE, and LOAD FACTOR. The chart shows the load factor of 3%, calculated for the new basic pay of the 12th BPS and new DA, i.e., 3% of (56212+10286) = 1994.

 

Bank New Salary After Wage Revision

  • Good news for public sector bank employees! A 17% wage hike is on the way, following the agreement between Indian Banks’ Association (IBA) and bank unions on the 12th bipartite settlement.
  • The total annual salary for all banks, including the State Bank of India, is set at Rs 12,449 crore.
  • The revision will be effective from November 1, 2022, for five years. New pay scales will consider a 17% increase in salary and allowances, with the Dearness Allowance and a 3% loading factor.
  •  

IBA recommends a five-day work week, and unions want its implementation before the final agreement, expected in the next 180 days. This follows a 15% hike in July 2020 for around 850,000 bank employees.

 

FAQ

How much salary will increase after the 12th Bipartite Settlement?

The salary increase after the 12th Bipartite Settlement is a substantial 17%, totaling Rs 12,449 crore for all public sector banks, including the State Bank of India.

What is the period of the 12th Bipartite Settlement?

The 12th Bipartite Settlement is effective for five years, starting from November 1, 2022.

What is the salary revision in banks?

The salary revision in banks, as per the 12th Bipartite Settlement, involves a 17% increase in salary and allowances for a period of five years.

What is the load factor in salary?

The load factor in the salary calculation for the 12th Bipartite Settlement is 3%. This factor is applied to both Basic and Dearness Allowance, contributing to the overall salary increase.



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Complete Salary Chart of Officers, Clerks and Sub staffs after 12th Bipartite Settlement

 


Bank Office Assistants' (Sub-Staff) revised Salary, DA , HRA and other Allowances payable after 12th Bipartite Settlement.

Stage

Basic pay
-11th BPS

Basic pay
-12th BPS

Special Allowance
26.50% of BP

Transport Allowance

DA New
(15.73%)
of BP,Spl All & Tr All

HRA (10.25% of BP)

Gross Salary

01

14500

19500

5,167.50

850.00

4,013.90

1,998.75

31,530.15

02

15000

20165

5,343.73

850.00

4,146.23

2,066.91

32,571.86

03

15500

20830

5,519.95

850.00

4,278.55

2,135.08

33,613.58

04

16000

21495

5,696.18

850.00

4,410.88

2,203.24

34,655.29

05

16500

22160

5,872.40

850.00

4,543.20

2,271.40

35,697.00

06

17115

22990

6,092.35

850.00

4,708.36

2,356.48

36,997.18

07

17730

23820

6,312.30

850.00

4,873.52

2,441.55

38,297.37

08

18345

24650

6,532.25

850.00

5,038.67

2,526.63

39,597.55

09

18960

25480

6,752.20

850.00

5,203.83

2,611.70

40,897.73

10

19575

26310

6,972.15

850.00

5,368.99

2,696.78

42,197.91

11

20315

27300

7,234.50

850.00

5,565.98

2,798.25

43,748.73

12

21055

28290

7,496.85

850.00

5,762.98

2,899.73

45,299.55

13

21795

29280

7,759.20

850.00

5,959.97

3,001.20

46,850.37

14

22535

30270

8,021.55

850.00

6,156.97

3,102.68

48,401.19

15

23405

31440

8,331.60

850.00

6389.78

3,222.60

50,233.98

16

24275

32610

8,641.65

850.00

6,622.59

3,342.53

52,066.76

17

25145

33780

8,951.70

850.00

6,855.40

3,462.45

53,899.55

18

26145

35125

9,308.13

850.00

7123.04

3600.31

56,006.47

19

27145

36470

9,664.55

850.00

7,390.67

3,738.18

58,113.39

20

28145

37815

10,020.98

850.00

7,658.30

3,876.04

60,220.32

21

29145

39160

10,377.40

850.00

7,925.94

4,013.90

62,327.24

22

30145

40405

10,707.33

850.00

8,173.67

4,141.51

64,277.51

23

31145

41850

11,090.25

850.00

8,461.21

4,289.63

66,541.08

24

32145

43195

11,446.68

850.00

8728.84

4427.49

68,648.00

25

33145

44540

11,803.10

850.00

8,996.47

4,565.35

70,754.92

26

34145

45885

12,159.53

850.00

9,264.11

4,703.21

72,861.85

27

35145

47230

12,515.95

850.00

9,531.74

4,841.08

74,968.77

28

36145

48575

12,872.38

850.00

9,799.38

4,978.94

77,075.69

29

37145

49920

13,228.80

850.00

10,067.01

5,116.80

79,182.61

30

37145

51265

13,585.23

850.00

10,334.65

5,254.66

81,289.53

31

37145

52610

13,941.65

850.00

10,602.28

5,392.53

83,396.45

 

Special Pay--SUB STAFF

11th BPS

12th BPS

Armed Guard

590

795

Senior Office Assistant (Daftry/Bill Collector)

590

1145

Special Office Assistant (Head Peon)

1120

1505

Office Assistant(tech) (Electrician)

3090

4150

Office Assistant(tech)(AC Plant Operator)

3090

4150

Driver

3590

4825

Head Messenger(IOB)

2470

3320


Fixed Personal Pay--SUB STAFF.

11th BPS

12th BPS

Without Qtrs

With Qtrs

Increment
Component

Without Qtrs

With Qtrs

Increment
Component

At all places

1140

1030

1000

1585

1445

1345

Graduation/Professional Qualification-Office Assistants (Sub-Staff)

Grade Pay/PQA

12th BPS

After 1Year

820

After 2Year

1640

After 3Year

2460

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 Read MoreBank Employees Salary Increase, 17% Hike Announced for PSB Employees


Bank Customer Service Associates'(Clerk) Revised Salary-Pay ,DA ,HRA and other Allowances payable after 12th Bipartite Settlement

Stage

Basic pay
- 11th BPS

Basic pay
- 12th BPS

Special Allowance
- 12th BPS

Transport Allowance
- 12th BPS

DA New
-12th BPS (15.73%)-

HRA
(12th BPS)

Gross Salary
(12th BPS)

01

17900

24050

6,373.25

850.00

4919.28

2465.125

38,657.66

02

18900

25390

6,728.35

850.00

5,185.92

2,602.48

40,756.75

03

19900

26730

7,083.45

850.00

5,452.56

2,739.83

42,855.84

04

20900

28070

7,438.55

850.00

5,719.20

2,877.18

44,954.92

05

22130

29720

7,875.80

850.00

6,047.52

3,046.30

47,539.62

06

23360

31370

8,313.05

850.00

6,375.85

3,215.43

50,124.32

07

24590

33020

8,750.30

850.00

6,704.17

3,384.55

52,709.02

08

26080

35020

9,280.30

850.00

7,102.14

3,589.55

55,841.99

09

27570

37020

9,810.30

850.00

7,500.11

3,794.55

58,974.96

10

29060

39020

10,340.30

850.00

7,898.08

3,999.55

62,107.93

11

30550

41020

10,870.30

850.00

8,296.05

4,204.55

65,240.90

12

32280

43360

11,490.40

850.00

8,761.67

4,444.40

68,906.47

13

34010

45700

12,110.50

850.00

9,227.30

4,684.25

72,572.05

14

35740

48040

12,730.60

850.00

9,692.92

4,924.10

76,237.62

15

37470

50380

13,350.70

850.00

10,158.54

5,163.95

79,903.19

16

39200

52720

13,970.80

850.00

10,624.17

5,403.80

83,568.77

17

40930

55060

14,590.90

850.00

11,089.79

5,643.65

87,234.34

18

42660

57400

15211

850.00

11,555.42

5,883.50

90,899.92

19

45930

61800

16,377.00

850.00

12,430.95

6,334.50

97,792.45

20

47920

64480

17,087.20

850.00

12,964.23

6,609.20

101,990.63

21

49910

67160

17,797.40

850.00

13,497.50

6,883.90

106,188.80

22

51900

69840

18,507.60

850.00

14,030.78

7,158.60

110,386.98

23

53890

72520

19,217.80

850.00

14,564.06

7,433.30

114,585.16

24

55880

75200

19,928.00

850.00

15,097.34

7,708.00

118,783.34

25

57870

77880

20,638.20

850.00

15,630.62

7,982.70

122,981.52

26

59860

80560

21,348.40

850.00

16,163.90

8,257.40

127,179.70

27

61850

83240

22,058.60

850.00

16,697.17

8,532.10

131,377.87

28

63840

85920

22,768.80

850.00

17,230.45

8,806.80

135,576.05

29

65830

88600

23,479.00

850.00

17,763.73

9,081.50

139,774.23

30

-

91280

24,189.20

850.00

18,297.01

9,356.20

143,972.41

31

-

93960

24,899.40

850.00

18,830.29

9,630.90

148,170.59

 

Special Pay/-Clerks

12th BPS

Customer Service Associate

1680 from 01.11.2022 and 1970 from 01.04.2024

Senior Customer Service Associate
(Cash)

2605 from 01.11.2022 and 3050 from 01.04.2024

Special Customer Service Associate

3925 from 01.11.2022 and 4600 from 01.04.2024


Graduation/Professional Qualification--CLERKS

Gr Pay/PQA

12th BPS

After 1Year

820

After 2Year

1215

After 3Year

1835

After 4Year

2455

After 5Year

3045

 

Fixed Personal Pay--CLERKS.

At all centres

Without Qtrs

With Qtrs

Increment
Component

3155

2880

2680

 

Results displayed are indicative in nature and for personal use only.we can't gurantee the accuracy. Only important components of salary are given.Depending on the qualification / place of posting you may be eligible for other allownces also.

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Bank Officers' Revised Salary-Pay ,DA ,HRA and other Allowances payable after 12th Bipartite Settlement

Officers Scale I to III

Stage

Basic pay
11th BPS

Revised  Basic pay
12th BPS

Special Allowance
Revised

Learning Allowance

DA (15.73%)
Revised

HRA Area 1-10.00%

HRA Area 2-9.00%

HRA Area 3 - 8.00%

Gross salary Area 1

Gross salary Area 2

Gross salary Area 3

01

36000

48480

12847

850.00

9780.47

4848

4363.2

3878.4

76,805.67

76,320.87

75,836.07

02

37490

50480

13377

850.00

10178.44

5048

4543.2

4038.4

79,933.64

79,428.84

78,924.04

03

38980

52480

13907

850.00

10576.41

5248

4723.2

4198.4

83,061.61

82,536.81

82,012.01

04

40470

54480

14437

850.00

10974.38

5448

4903.2

4358.4

86,189.58

85,644.78

85,099.98

05

41960

56480

14967

850.00

11372.35

5648

5083.2

4518.4

89,317.55

88,752.75

88,187.95

06

43450

58480

15497

850.00

11770.32

5848

5263.2

4678.4

92,445.52

91,860.72

91,275.92

07

44940

60480

16027

850.00

12168.29

6048

5443.2

4838.4

95,573.49

94,968.69

94,363.89

08

46430

62480

16557

850.00

12566.26

6248

5623.2

4998.4

98,701.46

98,076.66

97,451.86

09

48170

64820

17177

850.00

13031.88

6482

5833.8

5185.6

102,361.18

101,712.98

101,064.78

10

49910

67160

17797

850.00

13497.5

6716

6044.4

5372.8

106,020.90

105,349.30

104,677.70

11

51900

69840

18508

850.00

14030.78

6984

6285.6

5587.2

110,212.38

109,513.98

108,815.58

12

53890

72520

19218

850.00

14564.06

7252

6526.8

5801.6

114,403.86

113,678.66

112,953.46

13

55880

75200

19928

850.00

15097.34

7520

6768

6016

118,595.34

117,843.34

117,091.34

14

57870

77880

20638

850.00

15630.62

7788

7009.2

6230.4

122,786.82

122,008.02

114,998.82

15

59860

80560

21348

850.00

16163.9

8056

7250.4

6444.8

126,978.30

126,172.70

125,367.10

16

61850

83240

22059

850.00

16697.17

8324

7491.6

6659.2

131,169.77

130,337.37

129,504.97

17

63840

85920

22769

850.00

17230.45

8592

7732.8

6873.6

135,361.25

134,502.05

133,642.85

Officers Scale II

01

76010

64820

18344

850.00

13215.41

6482

5833.8

5185.6

103,711.47

103,063.27

102,415.07

02

76010

67160

19006

850.00

13687.66

6716

6044.4

5372.8

107,419.94

106,748.34

106,076.74

03

76010

69840

19765

850.00

14228.53

6984

6285.6

5587.2

111,667.25

110,968.85

110,270.45

04

76010

72520

20523

850.00

14769.39

7252

6526.8

5801.6

115,914.55

115,189.35

114,464.15

05

76010

75200

21282

850.00

15310.26

7520

6768

6016

120,161.86

119,409.86

118,657.86

06

76010

77880

22040

850.00

15851.13

7788

7009.2

6230.4

124,409.17

123,630.37

122,851.57

07

76010

80560

22798

850.00

16391.99

8056

7250.4

6444.8

128,656.47

127,850.87

127,045.27

08

76010

83240

23557

850.00

16932.86

8324

7491.6

6659.2

132,903.78

132,071.38

131,238.98

09

76010

85920

24315

850.00

17473.73

8592

7732.8

6873.6

137,151.09

136,291.89

135,432.69

10

76010

88600

25074

850.00

18014.59

8860

7974

7088

141,398.39

140,512.39

139,626.39

11

76010

91280

25832

850.00

18555.46

9128

8215.2

7302.4

145,645.70

144,732.90

143,820.10

12

76010

93960

26591

850.00

19096.33

9396

8456.4

7516.8

149,893.01

148,953.41

148,013.81

 

Officers Scale III

01

76010

85920

24315

850.00

17473.73

8592

7732.8

6873.6

137,151.09

136,291.89

135,432.69

02

76010

88600

25074

850.00

18014.59

8860

7974

7088

141,398.39

140,512.39

139,626.39

03

76010

91280

25832

850.00

18555.46

9128

8215.2

7302.4

145,645.70

144,732.90

143,820.10

04

76010

93960

26591

850.00

19096.33

9396

8456.4

7516.8

149,893.01

148,953.41

148,013.81

05

76010

96640

27349

850.00

19637.19

9664

8697.6

7731.2

154,140.31

153,173.91

152,207.51

06

76010

99320

28108

850.00

20178.06

9932

8938.8

7945.6

158,387.62

157,394.42

156,401.22

07

76010

102300

28951

850.00

20779.47

10230

9207

8184

163,110.37

162,087.37

161,064.37

08

76010

105280

29794

850.00

21380.88

10528

9475.2

8422.4

167,833.12

166,780.32

165,727.52

 

Officers Scale IV

01

76010

102300

31202

850.00

21133.49

10230

9207

8184

165,714.99

164,691.99

163,668.99

02

78230

105280

32110

850.00

21745.21

10528

9475.2

8422.4

170,513.61

169,460.81

168,408.01

03

80450

108260

33019

850.00

22356.94

10826

9743.4

8660.8

175,312.24

174,229.64

173,147.04

04

82670

111240

33928

850.00

22968.66

11124

10011.6

8899.2

180,110.86

178,998.46

177,886.06

05

84890

114220

34837

850.00

23580.39

11422

10279.8

9137.6

184,909.49

183,767.29

182,625.09

06

87390

117580

35862

850.00

24270.12

11758

10582.2

9406.4

190,320.02

189,144.22

187,968.42

07

89890

120940

36887

850.00

24959.84

12094

10884.6

9675.2

195,730.54

194,521.14

193,311.74

Officers Scale V

01

89890

120940

36887

850.00

24959.84

12094

10884.6

9675.2

195,730.54

194,521.14

193,311.74

02

92390

124300

37912

850.00

25649.57

12430

11187

9944

201,141.07

199,898.07

198,655.07

03

94890

127660

38936

850.00

26339.3

12766

11489.4

10212.8

206,551.60

205,275.00

203,998.40

04

97620

131340

40059

850.00

27094.72

13134

11820.6

10507.2

212,477.42

211,164.02

209,850.62

05

100350

135020

41181

850.00

27850.14

13502

12151.8

10801.6

218,403.24

217,053.04

215,702.84

Officers Scale VI

01

104240

140500

44258

850.00

29196.06

14050

12645

11240

228,853.56

227,448.56

226,043.56

02

107210

144500

45518

850.00

30023.46

14450

13005

11560

235,340.96

233,895.96

232,450.96

03

110180

148500

46778

850.00

30850.86

14850

13365

11880

241,828.36

240,343.36

238,858.36

04

113150

152500

48038

850.00

31678.25

15250

13725

12200

248,315.75

246,790.75

245,265.75

05

116120

156500

49298

850.00

32505.65

15650

14085

12520

254,803.15

253,238.15

251,673.15

Officers Scale VII

01

116120

156500

49298

850.00

32505.65

15650

14085

12520

254,803.15

253,238.15

251,673.15

02

119340

160840

50665

850.00

33403.38

16084

14475.6

12867.2

261,841.98

260,233.58

258,625.18

03

122560

165180

52032

850.00

34301.11

16518

14866.2

13214.4

266,615.98

264,964.18

263,312.38

04

125780

169520

53399

850.00

35198.83

16952

15256.8

13561.6

275,919.63

274,224.43

272,529.23

05

129000

173860

54766

850.00

36096.56

17386

15647.4

13908.8

282,958.46

281,219.86

279,481.26

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