Bank employees to get several benefits as per IBA notification

The concluding negotiations between the Indian Banks Association and the All India Bank Officers’ Confederation have culminated in the signing of the 9th Joint Note on 8th March 2024.

Bank employees to get several benefits as per IBA notification

New Delhi: The new wage settlement entails several benefits aimed at enhancing the overall compensation package for the officers. The salient features included some crucial notes like Paving the way for a 5-day work week and recognizing all Saturdays as holidays and the revised working hours will be effective after notification by the government.

Additionally, there is a substantial salary increase, and the total quantum of wage revision increase [Payslip component ] is more than Rs 8284 crores being 17% of the cost of the Payslip component of establishment expenses of PSBs.

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The new pay scale has been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon. Under the new wage settlement, all women employees would be allowed to take one-day sick leave per month without giving a medical certificate.

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Accumulated privilege leave may be encashed up to 255 days at the time of retirement or upon the death of an employee while in service. Similarly, for the retired employees, it is stated that the monthly ex-gratia amount shall be paid in addition to the pension or Family pension paid by the PSBs including SBI, to pensioners, who become eligible to draw pension on or before October 31, 2022, including those who retired on the said date.

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