IBA inks agreement with unions; bank staff pay to increase by 17%

The Indian Banks’ Association (IBA) and bank employee unions have signed a memorandum of understanding (MoU) for a 17 per cent increase in salary and allowances for five years.

The increase would be effective November 2022, said a statement issued on Thursday evening.

“The annual increase in salary and allowances is agreed at 17 per cent, of the annual pay slip expenses for FY22, which works out to Rs 12,449 crore for all public-sector banks (PSBs), including State Bank of India,” the statement said.

The IBA has recommended the government declare all Saturdays as holidays under the Negotiable Instrument Act in line with earlier negotiations with unions/associations

the distribution of annual wage increases between workmen and officers would be worked out separately and proportionately based on the breakup of establishment expenses for FY22

The parties will endeavour to finalise the bipartite settlement within 180 days from the date of this minutes.

In 2023 Akshay Kumar reduced his salary after delivering 4 Flops to 72 Crores. Akshay Kumar got 135 Crores in 2022

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