New Delhi: Bank employees are going to get a big gift on the occasion of Diwali. It has been agreed with the Indian Banks' Union Unions and (Officer) Unions to increase the salary of bank employees by 15 percent. There was intense discussion about this for the last three years.
The UFBU, which represents four bank officer unions and five workman unions, and the IBA on July 22 signed an MoU for an annual wage increase of 15 percent. The UFBU and the Indian Banks Association (IBA), representing four organizations of bank officials and five employee organizations, signed a 15-year salary increase agreement on July 22 this year after three years of lengthy negotiations.
About 37 banks, including government, private and international businesses from India and from here, had authorized the IBA to negotiate wage increases. This decision will put a burden of Rs 7,898 crore on the banks. IBA CEO Sunil Mehta said in a statement. The 15 percent increase in salary will be valid from November 1, 2017, which will run for five consecutive years.
According to the statement, a detailed bipartisan agreement or joint note has been signed with the UFBU and BKSM (Bank Staff Force Federation), who are in favor of the agreement. About 37 banks including public, private and foreign banks have authorized the IBA to negotiate with the unions on wage increases for employees.
In public sector banks the scheme will be based on the operating profit or net profit of the individual bank. It is optional for private and foreign banks. As per the agreement, PLI will be payable to all employees over and above the normal salary payable annually.
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