Salaries in PSU Banks increased by 15%, also get 2 Saturdays Off every month

Dear readers, there is a good news for all current bankers and aspiring bankers. Indian Bank's Association has agreed to increase the wages by 15% with effect from November 2012.

The bank unions had threatened to go on 4-day nation-wide strike from February 25 demanding 19 per cent hike in wages. The wage hike was due from November 2012.

At a meeting in Mumbai, PSU banks employee unions and bank management, Indian Banks' Association (IBA), agreed on 15 per cent wage hike and entered into an agreement for it.

Minutes of the discussions held on 23rd February 2015

• The wage revision will be effective from 1.11.2012 
• The annual wage increase in salary and allowances @ 15% which works out to Rs.4725 crores on salary slip components.
• The new scales will be constructed after merging dearness allowance corresponding 4440 points as on November 2011, which works out to 60.15% and adding a load factor of 2% on Basic pay plus Dearness Allowance as on 31st March 2012 amounting to around Rs.597 crores.
• Distribution of annual wage increase between workmen unions and Officers Associations will be worked separately based on breakup of establishment expenses as on 31-3-2012.
• Every second and fourth Saturday of the month will be a holiday and the other Saturdays will be full working days.

All other issues of the Managements and Unions/Associations discussed during the process of negotiation will be settled to the mutual satisfaction.

The parties will meet on mutually convenient dated to draw out a detailed Bipartite Settlement/Joint Note on the various issues on which consensus positions have been reached. The parties will endeavour to finalise the Bipartite Settlement/Joint Note within a period of ninety days from the date of this minutes.