Banks’ association, unions sign agreement to revise wages

Bank unions and the IBA formally signed an agreement to increase employees’ salary and allowances by 15%.

Bank unions and the Indian Banks’ Association (IBA) on Monday formally signed an agreement to increase bank employees’ salary and allowances by 15%.

The wage revision, which will benefit 1 million bank employees, including some from foreign and private banks, is effective retrospectively from 1 November 2012.

Following the wage revisions, the scale of pay of officer-level employees has been revised from Rs.14,500 – Rs.52,000 to Rs.23,700–Rs.85,000, including special allowance and dearness allowance.

The scale of pay of workmen-non-subordinate has been revised from Rs.7,200–Rs.19,300 to Rs.11,765–Rs.31,540, while the scale of subordinate staff has been revised from Rs.5,850–Rs.11,350 to Rs.9,560–Rs.18,545, including allowances, IBA said in a statement.

The wage settlement also includes a  for the families of employees.

Courtesy: Bank News 

Search Tags: Bank, Bank News, Medical, IBA, employees, Wage, Wages, Allowances, Bank Association, Foreign Banks, Global, Medical Insurance Scheme, Bank Employees Salary, Hike, Hike 2015, Breaking News