In Short:
After successful negotiations between IBA and bank unions, PSU bank employees can expect a 17% salary hike from 1st November 2022, along with the merger of Dearness Allowance (DA) corresponding to 8088 points. Additionally, all Saturdays are now recognized as holidays, allowing for a 5-day work week. The DA formula has been reworked to benefit employees, with new pay scales ranging from ₹48,480 to ₹1,73,860. This joint agreement signifies a significant milestone for PSU bank employees, offering better pay and working conditions. Livemint has also been recognized as the fastest growing news website worldwide.
Employees of state-owned banks set to enjoy various benefits
Exciting news for employees of state-owned banks in India! After successful negotiations between the Indian Banks Association (IBA) and various bank employees’ unions, a wave of benefits is set to roll in.
The Deal:
According to a joint note issued by the IBA and bank employees’ unions, the key highlights of the pact include:
1] Big Salary Boost:
17% salary hike: Expect a significant 17% increase in your monthly salary post the IBA, bank employees union pact. The total wage revision increase is more than ₹828 crore, making it a substantial rise. This hike will be effective from 1st November 2022.
2] Dearness Allowance Update:
DA merger: The new pay scales of PSU bank employees are all set to witness the merger of Dearness Allowance corresponding to 8088 points. An added bonus for the hardworking bank employees!
3] Work-Life Balance:
5-day work week: Get ready for a more relaxed schedule as all Saturdays are now holidays for PSU bank employees. Enjoy that extra day off!
4] Reworked DA Formula:
Enhanced benefits: The index for DA is shifting to 201+6 = 100 series, resulting in a positive impact on the DA. This shift will benefit both serving and retired bank officers with enhanced dearness allowance.
5] New Pay Scales:
Financial growth: The new pay scales range from ₹48,480 to ₹1,73,860, covering various scales from scale I to VII. A positive change effective from 1st November 2022.
Congratulations to all the hardworking employees of state-owned banks in India! Exciting times are ahead with these remarkable benefits coming your way.
