Wage revision for bank employees

Lakhs of bank employees in the country will get a bonanza in the form of a wage hike, changes in pension plan and arrears. The Indian Banks’ Association has signed a wage revision pact with nine bank unions, which will lead to an additional wage component of Rs5,200 crore for 46 banks which covers all the 26 public sector banks, 12 private sector banks and eight foreign banks.

With this, about 7.5 lakh bank employees and officers will be enjoying 17.5 per cent increase in their wages, effective from Nov 1, 2007.

'We are satisfied with the wage agreement that is effective from 2007. The new settlement apart from increasing the wages for clerical grades and officers would also provide the employees one more option to join the pension scheme,' C.H. Venkatachalam, convenor, United Forum for Bank Unions, told.

 The basic pay of officers at the entry level will be between Rs 14,500 and Rs 52,000 per month as against the floor of Rs 10,000, IBA said in a statement. The basic pay for clerical staff will range between Rs 6,200 and Rs 23,900 while subordinate staff will get between Rs 5,500 and Rs 13,800 per month.

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