Bonanza for PSU bank employees

In a significant development in India’s banking sector, the Indian Banks Association (IBA) on Monday inked the long-pending wage settlement with employee unions and officers associations — increasing salaries by as much as 15 per cent for close to 10 lakh bank employees.

Employees and officers from 43 banks, including public sector banks, old private sector banks, and some of the foreign banks benefit from the wage revision.

The current wage revision is effective from November 1, 2012, and will be valid for five years. In the wage revision exercise, 11 all India employees unions and officers’ associations participated.

The scale pay of officers’ has been revised from Rs 14,500 – Rs 52,000 to Rs 23,700 – Rs 85,000. (special allowance for officers ranging from 7.75 per cent to 11 per cent of basic pay along with applicable Dearness allowance has also been introduced)

The scale pay of workmen – non-subordinate has been revised from Rs 7,200 – Rs 19,300 to Rs 11,765 – Rs 31,540, also the scale pay of subordinate staff has been revised from Rs 5,850 – Rs 11,350 to Rs 9,560 – Rs 18,545. (special allowance for workmen at 7.75 per cent of basic pay along with applicable dearness allowance has also been introduced).

Another important feature of the settlement is that a medical insurance scheme is being introduced for families of employees. The 15 per cent wage revision would cost the public sector banks Rs 4,725 crore as incremental salary and allowances in a year. Banks have been making provision for wage revision from November 2012.
DH News Service

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