PSB Staff May Receive Wage Hike Decision By Mid-Dec
Public sector bank employees may witness a 15-20 per cent salary hike and the implementation of a five-day work week by mid-December as talks for the 12th bipartite settlement enter the final stage. Sources indicate that this marks the first time negotiations have started with a 15 per cent offer, likely resulting in a hike between 15 per cent and 20 per cent.
The announcement of the five-day work week may coincide with the wage hike notification or follow immediately after. The current wage agreement for PSB employees expired on 1 November 2022 and negotiations have been ongoing since then.
The wage revision and workday change will also apply to regional rural banks. In July 2020, 850,000 bank employees received a 15 per cent salary increase through a memorandum of understanding signed by the IBA and the United Forum of Bank Unions. A final meeting between the IBA and bank unions will lead to the signing of a memorandum of understanding, subject to finance ministry approval.
The implementation of a five-day work week would involve branches closing on weekends, potentially requiring extended weekday working hours. Despite potential challenges, sources believe the move aligns with the practices of insurance companies and certain government sectors and would result in savings and improved work-life balance for employees.
