All India Bank Officers Confederation said in a joint note that it has been agreed to recognize all Saturdays as holidays pending the notification of the government. Apart from this, the revised working hours will be effective after the notification of the government.
There will be an additional burden of Rs 8,284 crore. This increase, effective from November 2022, will directly benefit 8 lakh employees. Indian Bank Association and Bank Employees Union agreed on two major things on Friday. Both the unions have agreed on an annual salary increase of 17 percent for the employees. This move will lead to an additional annual expenditure of approximately Rs 8,284 crore for public sector banks. About 8 lakh bank employees will directly benefit from the increase in salary, which will be effective from November 2022.
All India Bank Officers Confederation said in a joint note that it has been agreed to recognize all Saturdays as holidays pending the notification of the government. Apart from this, the revised working hours will be effective after the notification of the government.
What’s in the new agreement?
The notification said, “The new pay scale has been made by including dearness allowance of 8088 marks and additional burden on it.” Under the new pay agreement, all women employees will be given one day sick leave every month without giving medical certificate. Will be allowed to take. It states that Accumulated Privilege Leave can be encashed up to 255 days at the time of retirement/death of an employee during service.
IBA Chief Executive Officer Sunil Mehta said in a tweet that “Today is an important decision for the banking industry, which is a milestone, IBA along with UFBU AIBOA AIBASM and BKSM have agreed to pay revision for bank officers and employees. The 9th Joint Note and 12th bilateral agreement have been signed in this regard. This agreement will be effective from 1 November 2022.
Today marks a significant milestone for the #bankingindustry as IBA and #UFBU #AIBOA #AIBASM and #BKSM have signed the 9th Joint Note and 12th #Bipartite Settlement regarding #Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022. @PIB_India #dfs pic.twitter.com/QDC4TC8CIY
— IBA_Chief_Executive (@ChiefIba) March 8, 2024
For retired employees, it was agreed that the Ex-Gratia Amount would be paid every month in addition to the pension/family pension paid through public sector banks including SBI. This payment will be made to those pensioners and family pensioners who have become eligible to receive pension on or before the due date. This also includes people who retired on 31 October 2022.
