Good News for Bank Employees: Bank to work for 5 Days a week: Bank Employees to get 17% Annual Hike

Indian Banks’ Association and bank employee unions have announced that the Government has agreed to 5 Days of working for Bank Employees. Saturdays and Sundays will be holidays for Bank. As per the Press Release “The revised working hours will be effective after notification by the government.”

The employees will also receive a substantial increase of 17% in Salary. “The total quantum of wage revision increase (Payslip component) is more than Rs. 8284 crores being the 17% of the cost of Payslip component of establishment expenses of Public Sector Banks.” the Press Release said.

“The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon,” it said. Under the proposed wage settlement, all female employees would be able to take one sick day per month without needing to present a medical certificate.

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The declaration states that accumulated privilege leave may be paid for a maximum of 255 days in the event of an employee’s retirement or death while they were still working.

The agreement states that retired employees of Public Sector Banks, including SBI, who were eligible to draw pension on or before October 31, 2022, including those who retired on that day, will receive a monthly ex-gratia payment in addition to their pension or family pension.