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Thursday, July 18, 2024

Employees at PSU Bank will enjoy a 5-day workweek and a 17% pay increase annually


<p>The Indian Banks’ Association and bank employee unions have reached a key agreement to implement a five-day workweek for all PSU bank workers. According to those with knowledge, the Ministry of Finance’s Department of Financial Services (DFS) has approved it.</p>
<p><img decoding=”async” class=”alignnone wp-image-494377″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-employees-at-psu-bank-will-enjoy-a-5-day-workweek-and-a-17-pay-increase-annually-t-750×300.jpg” alt=”theindiaprint.com employees at psu bank will enjoy a 5 day workweek and a 17 pay increase annually t” width=”1000″ height=”400″ title=”Employees at PSU Bank will enjoy a 5-day workweek and a 17% pay increase annually 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-employees-at-psu-bank-will-enjoy-a-5-day-workweek-and-a-17-pay-increase-annually-t-750×300.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-employees-at-psu-bank-will-enjoy-a-5-day-workweek-and-a-17-pay-increase-annually-t-1024×410.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-employees-at-psu-bank-will-enjoy-a-5-day-workweek-and-a-17-pay-increase-annually-t-768×307.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-employees-at-psu-bank-will-enjoy-a-5-day-workweek-and-a-17-pay-increase-annually-t.jpg 1200w” sizes=”(max-width: 1000px) 100vw, 1000px” /></p>
<p>In this respect, an official announcement will be released by the government. In addition, the IBA and the bank unions have reached an agreement on an annual pay increase of 17%, which will take effect on November 1, 2022.</p>
<p>“IBA, UFBU, AIBOA, AIBASM, and BKSM have signed the 9th Joint Note and 12th Bipartite Settlement regarding #Wage Revision for Bank Officers and Employees, which will take effect on November 1, 2022. This marks a significant milestone for the banking industry.” IBA Chief Executive Officer Sunil Mehta tweeted, “@PIB_India #dfs.”</p>
<p>Public sector banks are expected to spend an extra `8,284 crore annually as a result of the decision to implement a five-day workweek. With effect from November 2022, this pay boost is expected to help almost 800,000 bank workers.</p>
<p>In accordance with the agreement reached between the IBA and bank employee unions, Dearness Allowance associated with 8088 points has been included into the new PSU bank employee pay scales. The joint statement states that 4.20% is the effective load on basic pay after the combination of the dearness allowance at 30.38% and an appropriate 3.22% load.</p>
<p>Female workers are entitled to one sick day per month under the amended pay settlement, without requiring a medical certificate.</p>
<p>Furthermore, accrued privilege leave may be redeemed for up to 255 days upon retirement or in the event that an employee passes away while still employed. Monthly ex-gratia payments, in addition to their pension or family pension from Public Sector Banks such as SBI, would be given to retired persons. This applies to retirees and family pensioners, including those who retired on that particular day, who are eligible to collect pension by October 31, 2022.</p>
<p>The government will formally announce this matter.</p>
<p>In this respect, an official announcement will be released by the government. In addition, the IBA and the bank unions have reached an agreement on an annual pay increase of 17%, which will take effect on November 1, 2022.</p>


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