Salary hike for Bank Employees, 30 month Pay Arrears – New Wage Revision agreement to be signed on the 25th

Salary hike for Bank Employees, 30 month Pay Arrears – New Wage Revision agreement to be signed on the 25th

A 15% salary hike, 30 months pay arrears and other such concessions are part of the new wage agreement(Joint Note / Bipartite Settlement) that the United Forum of Bank Unions and the Indian Banks’ Association are going to sign on the 25th of this month.

The not-so-popular wage agreement came to an end and everybody involved in convinced that the new agreement will benefit more than 7 lakh employees of various banks including the nationalized ones, a few private banking institutions and some foreign banks.

During the talks that were held on February 23, both the sides had agreed to resolve all the issues within 90 days. The new wage agreement is going to be signed on the last Monday of the 90-day resolution period. The new wage agreement brings a 15% hike in salary, holidays on the second and fourth Saturdays of the month, medical insurance and other special allowances. One of the important aspect in the settlement is that the Bank Officers will get health insurance cover of Rs.4 lakh and the clerical and sub-staff will get Rs.3 lakh cover.

The last wage revision expired in October 2012, that means 30 months already exhausted and the new wage settlement with effect from November 2012.