Bank employees couldn’t have asked for better start for the year 2015.The news of a salary increase is sure to bring smiles on the faces of all the bank employees in India.A long pending tussle between the govt. & officers association seem to have come to an end with this wage hike of 15%.Now there are more reasons for those aspiring to enter the banking sector.
The demand for increase in salary for bank employees started in November 2012 with the workmen associations deciding to press for the 10th Bipartite settlement.
The negotiations had been going on for the past 2 years during which numerous protests & strikes were held against the management for not agreeing to their demands.
15% Salary Increase
As per the settlement reached between the unions & Indian banks association(IBA), it has been decided that the wage increase in salary & allowances to be at 15%.
The workers association had asked for 17.5% increase which was awarded during their previous settlement.But it looks like the IBA has managed to convince them for a slightly lower offer.
This wage revision will be effective from 1.11.2012 which means all bank employees would also get arrears amount from the date mentioned above (more details are awaited on this front)
The new payscale shall remain in force foe the next 5 years following which IBA & trade unions would come back to the negotiation table.
Saturday is a Holiday!!
Should banks follow a 5 day work week or not has been an ongoing debate for long.While public sector banks work for half-a-day on all saturdays currently, that system is to change soon.
In addition to the wage increase, the govt. supported IBA has agreed for the banks to close on 2nd & 4th Saturday in a month.
Here onwards, bank employees will have a holiday on 2nd & 4th Saturday.But they will have to work full days on the 1st & 3rd Saturday.
So govt. bank employees will have 5 day work implemented every alternate week.A good time to rejuvenate themselves.
What's the New Salary for PO & Clerk
This wage revision will apply to over 8 lakh employees working in 27 public sector banks of India.
Since the news is just out, we will have to wait on how the wage increase is to be calculated, from when the new salary structure would come into effect, what is the amount of payout each cadre will get.
But on a rough scale, we were told this:
The salary of PO could be in the range of approx. Rs.36,300 – 38,000 & the salary of clerk could be approx. Rs.18,100 – 19,800 including allowances.
The take home salary (in hand) will vary with each state.As & when we get more details about it, this article will be updated.
This news will make more graduates situp & think about appearing for the upcoming bank exams.What do you say?