After 3 Yrs Of Negotiations, Govt Bank Officers Get Rs 1500 Salary Increment; 5-Day Week Rejected

After a 3 years wait, the wage revision for public sector bank (PSU) officers will be signed and delivered. 

Read on to learn more…

After 3 Years PSU Employees Salaries Will See A Hike!

The pending revision of wages since 2017 will finally be implemented. 

As per the Indian Banks’ Association (IBA) and Workmen Unions agreement total quantum of wage increase is ?3,385 crore. In other words, it is 15% of the salary.

At the IBA’s 73rd annual general meeting on November 10 Finance Minister Nirmala Sitharam stated that the PSUs shouldn’t discriminate against employees who wish to retire earlier. This may mean that many more changes might be underway as the minister hinted at embracing the One Rank, One Pension (OROP) scheme which states the same quantitative pension for employees with any date of retirement or rank. 

Although, the employees’ demands of five-day banking were not included in the changes.

Can The Wage Hike Be Considered An Actual Increase in the Salary?

As per the wage revision of 15%, Grade A officers at PSUs will get a wage hike that adds Rs 1,100 to their salary. It also consolidates with the Dearness Allowance (DA) of 6352 points.

In other words, the wage hike is equivalent to what the officers are earning as DA. 

As per subject to the approval of the Centre, family pension shall also now be paid out a uniform rate of  30%. 

IBA’s notification read, “It is agreed that family pension shall be payable at the uniform rate of 30 percent of the Pay of the deceased employee and that there shall be no ceiling on family pension. It is agreed that these provisions, when approved by the Government shall apply to SBI also.”

Furthermore, under the medical aid scheme, the reimbursement of medical expenses has been limited to the amount of Rs 2,355 per annum.