{"id":1276857,"date":"2023-12-12T07:59:31","date_gmt":"2023-12-12T02:29:31","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1276857"},"modified":"2023-12-12T07:59:49","modified_gmt":"2023-12-12T02:29:49","slug":"9-lakh-psu-bank-employees-will-get-17-salary-hike-govt-banks-will-spend-rs-12500-crore-for-this-extra-salary-2","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/9-lakh-psu-bank-employees-will-get-17-salary-hike-govt-banks-will-spend-rs-12500-crore-for-this-extra-salary-2\/","title":{"rendered":"9 Lakh PSU Bank Employees Will Get 17% Salary Hike: Govt Banks Will Spend Rs 12,500 Crore For This Extra Salary"},"content":{"rendered":"\n<p>Finally, here comes the piece of good news for bank employees as the Indian Banks&#8217; Association (IBA ) and bank unions have agreed to a 17 percent wage hike for bank employees across all the public sector banks in India <a href=\"https:\/\/www.etnownews.com\/news\/17-salary-hike-for-9-lakh-bank-employees-iba-banks-reach-crucial-agreement-update-article-105857546\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">reportedly<\/a>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/12\/Untitled-design-5-2-1-1280x720-1-1024x576-1-1024x576-2.jpg\" alt=\"\" class=\"wp-image-1276864\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/12\/Untitled-design-5-2-1-1280x720-1-1024x576-1-1024x576-2.jpg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/12\/Untitled-design-5-2-1-1280x720-1-1024x576-1-1024x576-2-300x169.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/12\/Untitled-design-5-2-1-1280x720-1-1024x576-1-1024x576-2-768x432.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Salary Hikes For Bank Employees<\/strong><\/p>\n\n\n\n<p>It appears that the Indian Banks Association and bank unions have agreed on a 17% wage hike for all public sector banks, amounting to Rs 12,449 crore.<\/p>\n\n\n\n<p>In this regard, the representatives of the unions and officials of the Indian Bank Association signed an accord late Thursday night.&nbsp;<\/p>\n\n\n\n<p>This amount, which adds up to a staggering Rs 12,449 crore, is planned to benefit around 9 lakh bank employees, including 3.8 lakh officers.<\/p>\n\n\n\n<p>This wage revision will be applicable for five years with retrospective effect from November 2022, as per the media report.<\/p>\n\n\n\n<p>In addition to this the Bank employees will also receive arrears for the past 12 months since November 2022, the report mentioned.<\/p>\n\n\n\n<p>If you are wondering about the applicability, this package will be applicable to all the public sector banks in India, including the State Bank of India (SBI ) and other old-generation private banks.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Five-day Working For Banks&nbsp;<\/strong><\/h2>\n\n\n\n<p>Besides the salary hike issue, the IBA has further asked the central government to declare all Saturdays as bank holidays under the Negotiable Instruments Act.<\/p>\n\n\n\n<p>The IBA had also approached the Union Government with the proposal to declare a five-day work week for banks.&nbsp;<\/p>\n\n\n\n<p>This simply means that if it gets approved, the banks will move to a five-day work week as against the existing schedule of alternate five-day weeks.&nbsp;<\/p>\n\n\n\n<p>As we all know that presently, banks in India are closed on the second and fourth Saturday of the month.<\/p>\n\n\n\n<p>Apart from this, the agreement will work out a one-time monthly ex-gratia for pensioners and family pensioners who were drawing pensions before October 31, 2022.<\/p>\n\n\n\n<p>&nbsp;As per this update, a joint note on bipartite wage revision will be finalized within 180 days.<\/p>\n\n\n\n<p>This MoU represents the 12th bipartite wage hike settlement between the bank&#8217;s association, the unions, and the officers&#8217; association since the industry&#8217;s collective bargaining system started in 1966.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finally, here comes the piece of good news for bank employees as the Indian Banks&#8217; Association (IBA ) and bank unions have agreed to a 17 percent wage hike for bank employees across all the public sector banks in India reportedly.&nbsp; Salary Hikes For Bank Employees It appears that the Indian Banks Association and bank [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":1276864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1048,377],"class_list":["post-1276857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-employees","tag-salary-hike"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>9 Lakh PSU Bank Employees Will Get 17% Salary Hike: Govt Banks Will Spend Rs 12,500 Crore For This Extra Salary - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/9-lakh-psu-bank-employees-will-get-17-salary-hike-govt-banks-will-spend-rs-12500-crore-for-this-extra-salary-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"9 Lakh PSU Bank Employees Will Get 17% Salary Hike: Govt Banks Will Spend Rs 12,500 Crore For This Extra Salary - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Finally, here comes the piece of good news for bank employees as the Indian Banks&#8217; Association (IBA ) and bank unions have agreed to a 17 percent wage hike for bank employees across all the public sector banks in India reportedly.&nbsp; Salary Hikes For Bank Employees It appears that the Indian Banks Association and bank [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/9-lakh-psu-bank-employees-will-get-17-salary-hike-govt-banks-will-spend-rs-12500-crore-for-this-extra-salary-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; 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