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PSU banks' staff to get salary hike

Last updated: 28 November, 2009
Mumbai, Nov 28, Deccan Herald News Service : 15:23 IST

Over 7 lakh public sector bank personnel, both officers and employees, will collectively get an annual wage increase of Rs 4,816 crore as a result of a wage revision pact signed on Friday by the Indian Banks Association with the United Forum of Bank Unions (UBFU).

About 2.44 lakh bank employees will see their salary  increased.
Both parties have agreed to a 17.5 per cent increment, but the bone of contention earlier was over the calculation of pension, which has been broadly sorted out now, it is learnt.

Accordingly, 2.44 lakh officers and 4.68 lakh employees of public sector banks have been accorded a wage revision with retrospective effect from November 1, 2007. Discussions were held on that day between the IBA representing the managements of banks and the authorised representatives of four officers’ associations.

Even as the minutes envisaging befitting service conditions of bank employees have been signed, full and final settlements will be finalised in the next 90 days, the IBA said here.

Pension scheme

Apart from the wage increase of Rs 4,816 crore — Rs 2,239 crore for officers and Rs 2,576 crore for employees — the minutes the UFBU signed with the IBA also envisages one more option for bank personnel to join the existing pension scheme. Simply put, even those personnel who are currently in the PF scheme are also eligible to opt for the pension scheme.

That apart, it also envisages that those who have retired after the date of Pension Regulations till date will also be given an option to join the pension scheme.

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