Indian Banks’ Association and bank employee unions have agreed on an annual wage hike of 17 per cent, leading to an additional yearly outgo of around Rs 8,284 crore for public sector banks.
As many as 8 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2022.
All India Bank Officers Confederation said that a joint note agreed to recognise all Saturdays as holidays, pending government notification.
The revised working hours will be effective after notification by the government, it said.
“The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon,” it said.
Under the new wage settlement, all women employees would be allowed to take one day sick leave per month without giving a medical certificate.
Accumulated privilege leave may be encashed up to 255 days at the time of retirement/upon death of an employee while in service, it said.
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