New Delhi: The Indian Banks’ Association and bank employee unions reached a consensus on Friday, finalising an annual wage hike of 17 per cent. Additionally, an agreement was reached to recognise all Saturdays as holidays, subject to government notification.
“Today marks a significant milestone for the #bankingindustry as IBA and #UFBU #AIBOA #AIBASM and #BKSM have signed the 9th Joint Note and 12th #Bipartite Settlement regarding #Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022. @PIB_India #dfs,” IBA chief executive officer Sunil Mehta said in a tweet.
This decision will lead to an estimated additional annual expenditure of around ₹8,284 crore for public sector banks.
The wage increase, effective from November 2022, is expected to benefit approximately 8 lakh bank employees.
Comments are closed.