Salary reform agreement signed, bank employees to get 17 percent salary hike

THIRUVANANTHAPURAM: The twelfth bilateral agreement to ensure a 17 percent wage hike, pension reforms and service conditions for bank employees and officers in the country was signed in Mumbai. The wage hike will be retroactive to November 1, 2022.

The agreement covers twelve rural sector banks, ten private sector banks and three foreign banks. More than 8 lakh employees will benefit. The term for the same is five years. The government will incur an additional liability of Rs 12,449 crore due to pay revision. The agreement was signed by the Indian Banks Association, five workmen's unions and four officers' unions that are part of the United Forum of Bank Unions. B. Ramprakash participated as organization representative from Kerala.

Clerical Section

Salary 24,050- 64,480 Rs

1. According to the revised contract, the basic salary of clerical employees will be Rs.24,050 initially and Rs.64,480 at the end.

2. For subordinate employees it is Rs.19,500 and Rs.37,815 respectively.

3. One year maternity leave for women employees if they have more than two children in one delivery

4. There was no decision on the proposal to make bank operations five days a week. Final approval is to be given by the Union Finance Department