Central Government Bank Employees To Get 17% Wage Hike
The Indian Banks” Association and bank employee unions have reached a consensus on a substantial 17% wage hike for central government bank employees. This hike is projected to cost public sector banks an additional Rs 8,284 crore annually and is set to benefit approximately 8 lakh employees across the sector.
The wage hike, effective from November 2022, marks a significant milestone in the ongoing negotiations between the Indian Banks” Association and the All India Bank Officers’ Confederation. A statement released by the Confederation on March 8, 2024, highlighted the key provisions of the new wage settlement, emphasizing its role in enhancing the overall compensation package for bank officers.
Among the salient features of the wage negotiations, the agreement includes provisions for a five-day work week, with all Saturdays recognized as holidays pending government notification. The revised working hours will come into effect following the official notification.
Furthermore, the new pay scales have been constructed to incorporate a substantial increase in salary, with the total quantum of wage revision increase amounting to over Rs. 8,284 crores. Additionally, the agreement addresses long-standing aspirations within the officers” community, including two additional increments for CAIIB and an adjustment of inter se anomalies.
The reworking of the Dearness Allowance formula and the shifting of the index for dearness allowance to the 2016=100 series are expected to further benefit serving and retired officers, providing them with enhanced dearness allowance.
