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    17% annual wage hike, other benefits for bank employees | Action Punjab

    PTC Web Desk: In a significant development for the banking sector, employee unions and the Indian Banks’ Association (IBA) have reached a consensus on a groundbreaking agreement. The deal encompasses a substantial 17% annual wage hike for bank employees, promising financial benefits and improved working conditions.

    Commencing from November 2022, approximately 8 lakh bank employees are set to benefit from the agreed-upon wage hike. The 17% increment translates to an estimated additional expenditure of Rs 8,284 crore annually for public sector banks. This move is expected to provide much-needed relief and recognition for the workforce’s dedicated efforts.

    Saturdays as Holidays Nod Pending

    As part of the agreement, a joint note has been established to recognise all Saturdays as holidays for bank employees. However, this provision is subject to government approval, and the revised working hours will be implemented post-approval. This measure aims to enhance the work-life balance for bank personnel.

    New Pay Scales and Allowances

    The new pay scales have been devised by merging Dearness Allowance corresponding to 8088 points and additional load. This comprehensive approach ensures that the wage structure is reflective of the current economic scenario. The agreement also introduces specific allowances, contributing to an overall improvement in the financial well-being of bank employees.

    Women Employees’ Benefits

    An essential aspect of the agreement is the provision granting women employees one day of sick leave per month without the requirement of a medical certificate. This move recognises the unique needs and challenges faced by women in the workforce, promoting inclusivity and employee welfare.

    Encashment of Privilege Leave

    Accrued privilege leave can now be encashed up to 255 days upon retirement or in the unfortunate event of an employee’s demise while in service. This feature provides flexibility and financial security for employees, ensuring that their hard-earned benefits are accessible when needed the most.

    Retired Employees’ Ex-Gratia Amount

    Retired employees stand to benefit significantly from the agreement, as it stipulates the payment of a monthly ex-gratia amount in addition to the pension or family pension provided by Public Sector Banks, including SBI. This additional support is applicable to those eligible to draw pension on or before October 31, 2022.

    IBA Chief Executive Officer Sunil Mehta emphasised the historic nature of the agreement, considering it a milestone for the banking industry. The holistic approach towards employee welfare and benefits is expected to enhance job satisfaction, employee morale, and overall productivity within the banking sector.

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    Author: actionpunjab

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