In some good news for bank employees — the economic ‘warriors’ who have been working through the pandemic — those from the public sector and old generation private sector banks will get a 15 per cent pay hike.
The wage revision will be effective from November 1, 2017. The annual increase in salary and allowances works out ₹7,898 crore on payslip components.
Both sides agreed to the introduction of PLI in PSBs, which will be based on the operating profit/net profit of the individual bank.
For private and foreign banks, PLI is optional. The PLI is payable to all employees annually over and above the salary, as per the minutes of the discussion between the unions and IBA.
From calendar 2020, besides encashment of privilege leave (PL) at the time of retirement and during availing of leave fare concession, PL encashment would be permitted at five days every calendar year (seven days in case of employees aged 55 and above) at the time of any festival of their choice.