It’s Official: Banks to work 5 Days a week: Employees get 17% annual wage hike
The Indian Banks’ Association and bank employee unions have reached an agreement on a 17% annual wage increase, which will result in an extra expense of about Rs 8,284 crore for public sector banks annually.
Starting in November 2022, up to 8 lakh bank employees are expected to gain from the pay increase.
In a joint statement, the All India Bank Officers Confederation stated that all Saturdays would be observed as vacations till further notice from the government.
The government’s announcement of the new working hours will take effect, it stated.
“The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon,” it said.
All female employees would be permitted to take one sick day each month under the new wage settlement without having to provide a medical certificate.
According to the statement, accumulated privilege leave can be paid for up to 255 days upon retirement or the passing of an employee while they were still employed.
As per the agreement, retired employees who became eligible to draw pension on or before October 31, 2022, including those who retired on that date, will receive a monthly ex-gratia amount in addition to their pension or family pension from Public Sector Banks, including SBI.
