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PSU bank employees to receive 17% salary hike in top 5 benefits from IBA, unions agreement

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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.

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