Banking

Public Sector Bank employees to get a 15 percent wage hike as agreement finally inked

Long awaited hikeThinkStock Photos
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Long awaited hike
According to a report by IANS, the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) on Wednesday inked an agreement for 15 per cent wage hike for bank employees, said a leader of major bank union.
Effective retrospectivelyAgencies
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Effective retrospectively
The AIBEA is one of the constituents of UFBU. As per the MoU between IBA and the workers and officers unions, the wage revision, which will benefit nearly 10 lakh employees, will be effective from November 1, 2017
Multi-crore disbursalGetty Images
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Multi-crore disbursal
The annual wage increase in salary and allowances is agreed at 15 percent of the wage bill as on March 31, 2017 which works out to Rs 7,898 crore on pay slip components.
Incentivising hard workGetty Images
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Incentivising hard work
The two parties also agreed for the introduction of Performance Linked Incentive in public sector banks, based on operating/net profit of the individual bank.
Other benefitsShutterstock.com
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Other benefits
They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. The bank's contribution to the National Pension Scheme will be raised to 14 percent from the current 10 per cent.
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