Wage Revision Settlement: The Central Government wants to see the decision on salary increase of bank employees before the implementation of the Code of Conduct, hence the signing is now taking place on March 8 instead of March 11.
Bank Employees Salary Hike: On March 8, 2024, 8.50 lakh bank employees working in public sector banks are going to get a big gift. The salary hike of bank employees is going to be approved before the announcement of the dates of Lok Sabha elections to be held after a month. The Indian Bank Association, the management body of the country’s public sector banks, has sent an invitation to all the bank unions UFBU to sign the wage revision settlement on March 8, 2024 in Mumbai. With the agreement between IBA and bank unions, bank employees will get a big salary increase before Holi.
Will get the gift of salary increase on March 8
CH Venkatachalam, General Secretary of All India Bank Employees Association, said that earlier the Indian Bank Association had invited to sign the final settlement of salary hike in Chennai on March 11, 2024. But now the Indian Banks Association has changed the date of signing the settlement to 8 March 2024 and has also changed the place of signing the settlement from Chennai to Mumbai. There will be a bilateral meeting between IBA and bank unions in Mumbai on March 8 and the 12th bilateral settlement of wage hike will be signed on the same day. It is believed that under the 12th bilateral settlement, the salary of bank employees can be increased by 15 to 20 percent.
IBA invites UFBU to sign the wage revision Settlement
At Mumbai on 8th March, 2024 ( instead of 11th)#12thBPS#UFBU#AIBEA pic.twitter.com/uwoCY1AHHD— CH VENKATACHALAM (@ChVenkatachalam) March 6, 2024
Pensioners will get compensation
General Secretary of All India Bank Employees Association said while assuring the pensioners that in the 12th BP settlement, ex-gratia will also be paid to the pensioners or family pensioners for the period from January 1986 to October 2022. Will be done. Arrears of compensation will be paid from November 2022.
Salary will increase before implementation of code of conduct
The Central Government also wants to see the agreement on salary hike of 8.50 lakh bank employees at any cost before the dates of Lok Sabha elections as well as the code of conduct coming into force. Delay in salary hike may cause electoral loss to the current ruling party at the Centre, which it wants to avoid. The current 11th salary agreement of government bank employees has ended on November 1, 2022. And because of that, talks were going on between the unions and the IBA to reach a consensus on the salary increase. However, it is not yet clear whether a consensus has been reached on bank holidays on all Saturdays or not. Bank unions are demanding five days working hours in the bank. IBA has also already submitted a proposal to the government to declare all Saturdays as holidays in banks. At present banks remain closed on the second and fourth Saturday of every month.
Will 5 day working be announced?
In the winter session held in December 2023, a question was asked to the government whether any proposal has been submitted to the government by bank unions or IBA regarding the demand of five days working in public sector banks? And is the government going to implement it? Answering this question in writing, Minister of State for Finance Bhagwat Karad admitted that the Indian Banks Association has submitted a proposal to the government to declare holiday in banks on all Saturdays. However, bank employees are waiting to get the gift of holiday on every Saturday along with salary hike.
