Bank Staff Await 5-Day Work Week Amidst 17% Annual Wage Hike

In a significant development, the Indian Banks’ Association and bank employee unions have agreed on a 5-day work week for all PSU bank employees. The Department of Financial Services (DFS) under the Ministry of Finance has given its nod to it, as per sources in the know. The government will issue a formal notification in this regard. Besides this, both the IBA and banks’ unions have also reached consensus on a 17% hike in the annual wage hike, effective from November 1, 2022.

“Today marks a significant milestone for the banking industry as IBA and UFBU, AIBOA, AIBASM, and BKSM have signed the 9th Joint Note and 12th Bipartite Settlement regarding Wage Revision for Bank Officers and Employees, which will take effect on November 1, 2022. @PIB_India #dfs,” IBA chief executive officer Sunil Mehta said in a tweet.

As many as 8 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2022. All India Bank Officers’ Confederation said that a joint note agreed to recognize all Saturdays as holidays, pending government notification.

The revised working hours will be effective after notification by the government, it said. “The new pay scales have been constructed, after merging Dearness Allowance corresponding to 8088 points and additional load thereon,” it said.

Under the new wage settlement, all women employees would be allowed to take one day sick leave per month without giving a medical certificate. Accumulated privilege leave may be encashed up to 255 days at the time of retirement/upon the death of an employee while in service, it said.

“Today marks a significant milestone for the banking industry as IBA and UFBU, AIBOA, AIBASM, and BKSM have signed the 9th Joint Note and 12th Bipartite Settlement regarding Wage Revision for Bank Officers and Employees, which will take effect on Nov. 1, 2022. @PIB_India #dfs,” IBA Chief Executive Officer Sunil Mehta said in a tweet.

Cabinet Approves Hike in DA for Central Government Employees, MSP On Jute Raised The Modi government on Thursday approved a hike in Dearness Allowance for Central Government Employees by 4 percent. The Union Cabinet has also approved the Minimum Support Price (MSP) for Raw Jute for the 2024-25 season at Rs 5,335 per quintal, an increase of Rs 285 per quintal over the previous season.

Here Are Some Of The Key Decisions Taken By Union Cabinet:

• Union Cabinet approves a hike in Dearness Allowance to government employees and Dearness Relief to pensioners by 4 percent from January 1, 2024.
• The Union Cabinet has approved the Minimum Support Price (MSP) for Raw Jute for the 2024-25 season at Rs 5,335 per quintal, an increase of Rs 285 per quintal over the previous season.
• Union Cabinet has approved a comprehensive national-level IndiaAI mission with a budget outlay of over Rs 10,000 crores.
• Cabinet has approved the continuation of the Rs 300 subsidy to PM Ujjwala Yojana consumers till March 31, 2025. The total expenditure for this will be Rs 12,000 crores.