Big news for bank employees: 17 percent annual pay increase announced; Next 5-day work week?
The Indian Banks’ Association and bank employee unions agreed on Friday to an annual wage hike of 17 percent.
New Delhi: A day after the Modi government announced a 4 per cent Dearness Allowance (DA) hike for central government employees, the Indian Banks’ Association and bank employee unions on Friday agreed to an annual wage hike of 17 per cent. This move will result in an additional annual expenditure of around Rs 8,284 crore for public sector banks.
As many as 8 lakh bank employees will benefit from the pay hike, which will come into effect from November 2022. The All India Bank Officers’ Confederation said in a joint note it was agreed to recognize all Saturdays as public holidays, pending notification from the government .
The revised working hours will come into effect after notification from the government, the report said. “The new pay scales have been constructed after merging the Dearness Allowance equivalent to 8,088 points and an additional tax on top of it,” the report said.
Under the new wage scheme, all female employees would be allowed to take one day of sick leave per month without providing a medical certificate. The accrued privilege leave can be redeemed for a period of up to 255 days at the time of retirement/on death of an employee while in service, the report said.
“Today marks an important milestone for the #banking sector as IBA and #UFBU #AIBOA #AIBASM and #BKSM signed the 9th Joint Memorandum and the 12th #Bipartite Settlement regarding the #salary revision for bank officers and employees, which was launched on 1 come into effect in November. January 1, 2022. @PIB_India #dfs,” IBA CEO Sunil Mehta said in a tweet.
Cabinet approves hike in DA for central government employees, MSP on jute increased
The Modi government on Thursday approved a 4 percent increase in dearness allowance for central government employees. The Union Cabinet has also approved the Minimum Support Price (MSP) for raw jute for the 2024-25 season at Rs 5,335 per quintal, an increase of Rs 285 per quintal over the previous season.
#WATCH | The Union Cabinet has approved an increase in Dearness Allowance for government employees and Dearness Relief for pensioners by 4% from January 1, 2024, Union Minister Piyush Goyal announced. pic.twitter.com/IsWUnwBGHW
— ANI (@ANI) March 7, 2024
Here are some of the key decisions taken by the Union Cabinet:
- The Union Cabinet approves an increase in Dearness Allowance for government employees and Dearness Relief for pensioners by 4 percent from January 1, 2024
- The Union Cabinet has approved the Minimum Support Price (MSP) for raw jute for the 2024-25 season at Rs 5,335 per quintal, an increase of Rs 285 per quintal over the previous season
- The Union Cabinet has approved a comprehensive national-level IndiaAI mission with a budget of over Rs 10,000 crores
- The Cabinet has approved the continuation of Rs 300 subsidy to consumers of Prime Minister Ujjwala Yojana till March 31, 2025. The total expenditure for this will be Rs 12,000 crores