Team Blitz India
NEW DELHI: The Indian Banks’ Association (IBA) of public sector banks (PSB)sand bank employee unions have signed a memorandum of understanding (MoU) for a 17 per cent increase in salary and allowances for five years.
The increase would be effective November 2022, said a statement issued.
“The annual increase in salary and allowances is agreed at 17 per cent, of the annual pay slip expenses for FY22, which works out to Rs 12,449 crore for all public-sector banks (PSBs), including State Bank of India,” the statement said.
The IBA has recommended the government declare all Saturdays as holidays under the Negotiable Instrument Act in line with earlier negotiations with unions/associations. The organisations had sought the implementation of the same before signing of the final bipartite agreement.
The new pay scales will be constructed after merging dearness allowance corresponding to 8,088 points (average index point as applicable for the quarter of July, August, and September 2021) to the basic pay as on October 31, 2022, and adding thereon a loading of3 per cent, amounting to Rs 1,795 crore, it said.