IBA inks agreement with unions; bank staff pay to increase by 17% ...Middle East

Chennai: For the employees of public sector banks (PSBs), 2023 ends on a happy note as the Indian Banks’ Association (IBA) on Thursday inked a 17 per cent annual wage hike agreement with bank unions. The wage revision will be effective from 1.11.2022 for a period of five years. The revision in wages will cost the banks a sum of Rs 12,449 crore for all the public sector banks including the State Bank of India (SBI), as per the agreement. At their meeting, the IBA and the bank unions inked a Memorandum of Agreement for a 17 per cent increase in pay slip cost, additional loading of three per cent after the merger of dearness allowance, improvement in pension for all pensioners from 1986 includ

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Last updated : 08 Dec 2023 clock 05:44 AM

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IBA inks agreement with unions; bank staff pay to increase by 17% ...Middle East

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