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.
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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