Bank Employees Set To Receive 17% Annual Wage Hike

The Indian Banks' Association (IBA) and bank employee unions have reached an agreement on a 17 per cent annual wage hike. This move, effective from November 2022, is expected to benefit around 8 lakh bank employees across the country.

The wage hike agreement, signed on Friday, is set to result in an additional yearly outlay of approximately Rs 8,284 crore for public sector banks. Alongside the wage increase, the agreement includes several other important provisions aimed at enhancing employee benefits and working conditions.

One of the key provisions entails the recognition of all Saturdays as holidays, subject to government notification. Additionally, revised working hours are on the horizon, pending government approval. The agreement also outlines the construction of new pay scales, incorporating Dearness Allowance and additional adjustments.

The agreement also introduces measures to support the welfare of women employees, including the allowance for one day sick leave per month without the requirement of a medical certificate. Another significant provision allows for the encashment of accumulated privilege leave up to 255 days upon retirement or the death of an employee while in service.

Moreover, retired bank employees are set to receive monthly ex-gratia payments, which will be provided in addition to their pension or family pension. This benefit extends to pensioners and family pensioners who became eligible to draw pension on or before 31 October 2022.