Bank Employees Salary Hike: Good news has come for 8.50 lakh bank employees and the long standing demand of pensioners for pension revision seems to be fulfilled.
Bank Employees Salary Hike: There is good news for government bank employees. Indian Banks Association (IBA) and unions have agreed on a wage settlement to increase the salaries of government employees. Indian Banks Association (IBA) and unions have agreed to 17 percent salary revision for 5 years. This salary increase was pending from November 1, 2022 and MoU has also been signed for this.
What are the main points of the decision?
Among the benefits that will be given under the signing of the salary agreement, 17 percent salary increase will be applicable from 1.11.2022. In this, there will be benefit of 3 percent loading on Basic + DA. Along with pension revision, the rule of 5 days working will be applicable. Now this matter is in the court of the Finance Ministry.
*Update on the 9th Joint Note – AIBOC Secretariat*
We are pleased to inform you that we have officially signed the preliminary Memorandum of Understanding (MoU) for the 9th Joint Note. We have a fund allocation equivalent to 17 percent of the establishment expenses for… pic.twitter.com/vNuZHpOtr4
— All India Bank Officers' Confederation (AIBOC) (@aiboc_in) December 8, 2023
(AIBOC) tweeted
All India Bank Officers Confederation has informed in the post on X that Comrade Balachandra has been signed with the PM (President) on behalf of AIBOC and any remaining issues will also be discussed before finalizing the joint note. It also said that although the amount distributed does not meet their initial expectations, there is a good news for the pensioners as now after waiting for a long time, they will get the ‘ex-gratia’ amount i.e. pension revision.
AIBOC expressed happiness
After the agreement with IBA regarding 17 percent increase in salary, pension revision has also been agreed upon. The matter regarding the demand for leave on every Saturday is still stuck and the note has not been signed. However, AIBOC has said that it has obtained a commitment to implement 5 days working (five day banking) before giving the final touch to the joint note settlement and this is on record. AIBOC has agreed to this agreement especially considering IBA’s assurance on 5 days working and relief for pensioners. Despite the salary percentage and weightage being less than expected, it is a matter of happiness for 8.50 lakh bank employees of the country.
