2023 ends on a happy note for all employees of public sector banks, with Indian Banks’ Association (IBA) on Thursday inking 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 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 including retirees under proposed 12th bipartite settlement.
The copy of the MoU is given below for the benefit of the viewers of www.indianpsu.com –