There is good news for bank employees. Soon there will be a big increase in their salary. Along with this, there can be a big increase in their salary. From December 2023, they can be given the benefit of increased salary.
Employees Salary Hike, Salary Hike: There is good news for bank employees. In fact, soon an increase in their salary will be seen. Preparations have started for this. A big increase in their salary can be seen from the month of December.
According to officials, the government has started the process of negotiating a possible way for the 12th bilateral agreement of the Indian Banks’ Association. Instructions have been given to finalize it by December 1, 2023. The pay revision for the staff officer of the public sector bank is due from November 1, 2022. The early wage revision will improve the working conditions and help in motivating the employees in the banking sector.
The Finance Ministry asked the IBA to ensure that all future wage negotiations are finalized before the start of the next term so that the wage revision is implemented in due course. Wage hike of Public Sector Bank employees has been a complex issue. As such, the IBA along with the union is determined to reach an agreement that is fair to both the bank and the employee. The union has said that they are hopeful that the IBA will be able to offer a reasonable wage hike and that the employees will benefit from it.
Instructions for timely completion of negotiations regarding salary hike
According to officials, the Finance Ministry has instructed the banking association to complete the negotiations on salary hike on time. Along with this, the salary of the employees will be increased. However, there will be talks with the banking association organization before the salary. After which the result of salary will be reached only on the basis of the agreement made on this issue.
The 11th Bilateral Wage Negotiations were held in 2020
Earlier, the last 11th Bilateral Wage Negotiations were concluded in 2020 after 3 years of negotiations. In which 15% pay revision was agreed upon for PSB employees. The benefit of increment was given from 1 November 2017. Along with this, about 3.79 lakh officers and 5 lakh employees of PSB old generation private bank and abroad got its benefit. It is believed that soon a big increase in the salary of bank employees can be seen, as well as a big increase in their salary will be seen. They can be given its benefit from December. The previous agreement was signed by 12 public sector banks, 10 old generation private sector banks and seven foreign banks.
The financial condition of public sector banks is very strong.
Let us tell you that this decision has come at a time when the financial condition of public sector banks is very strong and compared to ₹ 36270 earned in FY 2024, the net profit of banks has increased almost 3 times in FY 2023. It has increased to 1.04 lakh crores. Along with this, the return on assets in PSBs has increased from 0.51% in FY14 to 0.78% now while the net margin interest has also seen an increase. In FY2023, it has increased to 3.23% as against 2.73%.
