Bank employees Salary : Bank employees in India are set to receive a significant boost in their wages! The Indian Banks’ Association and bank employee unions have reached an agreement on an annual wage hike of 17%. This move will result in an additional yearly outlay of approximately Rs 8,284 crore for public sector banks.
Bank Employees will get benefits:
1. Wage Hike: As many as 8 lakh bank employees will benefit from this wage increase. The revised wages will be effective from November 2022.
2. 5-Day Work Week: While the annual wage hike has been agreed upon, the implementation of a 5-day work week is still pending approval from the central government. If approved, this change would significantly impact the work-life balance of bank employees.
3. Sick Leave for Women: Under the new wage settlement, all women employees will be allowed to take one day of sick leave per month without providing any additional documentation.
The revised working hours will come into effect after the government’s official notification. This development is a positive step for bank employees, and it remains to be seen how the 5-day work week proposal progresses with government approval.
What are the demands of bank employees?
Bank employees have put forth several demands through their unions. Here are some of the key demands:
1.Wage Revision: Bank employees are seeking an improved basic pay that is commensurate with Central Government Officers, RBI officers, and LICI Officers. They emphasize that the wage revision should consider risk, responsibility, accountability, and transferability of officers.
2. Base Date for Calculation: They propose that the base date for calculating the quantum hike in the ensuing settlement should be based on establishment expenditure as of September 30, 2022, rather than the current practice of using March 31 of the year of wage revision.
3. Merger of DA: The demand includes the revision of pay scales by merging dearness allowance (DA) up to August 1, 2022. Additionally, they advocate for merging the existing special allowance with DA as of October 31, 2022, into the basic pay.
4. Stagnation Increments: Bank employees want all existing stagnation increments up to Scale V to be converted to regular increments after one year from reaching the maximum of the respective present scales. This would address the current anomaly in fitment during promotions.
5. Annual Increments: They propose that the date of sanction for annual increments should be on January 1 and July 1 each year.
6. Removal of Embargo: The present policy of imposing an embargo on stagnation increments, automatic movement, and increments in the next higher scale for officers who have refused promotion or opted out should be removed. They consider this policy against natural justice and akin to imposing a major penalty.
7. HRA and Location Allowance: Bank employees seek an upward revision of house rent allowance (HRA) to match market rent. They also advocate for substantial increases in city compensatory allowance (CCA) and location allowance for non-CCA centers.
8. Learning Allowance: They want the learning allowance to be substantially enhanced.
9. Transfer Compensation: The demand includes improving the lump sum amount as compensation on transfer and providing two months’ salary to cover incidental expenses related to transfers.
10. Rationalization of Expenses: They call for a review and rationalization of halting, boarding, traveling expenses, hill area allowance, and other related allowances.
These demands reflect the aspirations of bank employees for better compensation, work conditions, and overall well-being. However, negotiations are ongoing, and the final settlement will depend on mutual agreement between the unions and the Indian Banks’ Association (IBA).
Please note that these details are based on the latest information available and are subject to any further updates or changes.
Krishna Mahto
My Name is Krishna Mahto and I am the Blogger, Youtuber and Trader, Founder of TaazaNewsinfo Website.
