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Showing posts with label wage revision for bank employees. Show all posts
Showing posts with label wage revision for bank employees. Show all posts
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.
Banks and unions settled on a 17.5 per cent hike in the salary of 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension. State Bank of India employees association representatives, however, walked out of the wage settlement.
The wage hike would be effective from November, 2007 and would result in an additional outflow of Rs. 4,816 crore annually. This includes a sum of Rs. 2,239 crore for officers and Rs. 2,577 crore for workmen employees for five years. The outflow in case of pension scheme is estimated at Rs. 6000 crore annually.
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