Bank Employees Salary Increase, 17% Hike Announced for PSB Employees- Check New Salary Chart of all Cadre

 

In a landmark decision, the Indian Banks’ Association (IBA) and workers’ unions recently inked an agreement to enhance the salaries of employees in public sector banks by a substantial 17%, totaling a staggering Rs 12,449 crore. This momentous decision, affecting approximately nine lakh employees, including 3.8 lakh officers in PSU banks like SBI, marks a significant leap in the financial well-being of the banking sector workforce. The agreement, reached on December 7, 2023, through detailed discussions, promises a positive change in the lives of countless bank employees. According to the press release: “The joint note declares all Saturdays as public holidays until the government announces. The revised working hours will come into effect after the announcement. The Indian Bankers Association(IBA) and the Bank Officers’ Associations. The staff and the employees’ unions successfully reached a major wage agreement that will ensure a significant 17 percent increase in wages for officers and employees wage revision and a total of 12.589 billion across 12 public banks participating in the 12th Bipartite Settlement.

This move, subject to necessary approvals from the Centre and the Reserve Bank of India, aims to enhance the work-life balance of bank employees.

 

Bank Employees Salary Revision Latest News:

After a prolonged wait, the IBA and bank unions have settled on a 17% annual salary increase for five years, commencing from the fiscal year 2021-22. This eagerly anticipated wage revision will be effective from November 1, 2022. However, the prospect of a 5-day work week remains uncertain, as unions advocate for the declaration of all Saturdays as public holidays for banks. The distribution of annual wage increases for bank employees will be meticulously calculated, taking into account the fiscal year 2021-22 expenditures.

 

Bank Employees Salary Hike:

Both parties are committed to finalizing a detailed agreement within 180 days from the signing of the Memorandum of Understanding (MoU). The IBA has recommended declaring all Saturdays as holidays for the banking industry under the NI Act, a proposal currently awaiting clarity. The ongoing negotiations encompass various issues, including the implementation of this recommendation before signing the final agreement.

 

Key Points on the 12th Bipartite settlement

1.    * The new pay rates commence from November 1, 2022, and will remain in effect for five years.

2.   * A substantial 17% increase in salary and allowances, amounting to Rs 12,449 crore for all public sector banks, including the State Bank of India.

3.   * The calculation of the new pay involves merging Dearness Allowance points up to 8088 with the basic pay as of October 31, 2022, plus an additional 3%, totaling Rs 1795 crore.

4.   * Annual wage increases for workers and officers will be determined separately based on the fiscal year 2021-22 expenditure breakdown.

5.    * Ongoing discussions regarding pension updates for retirees, with a one-time ex-gratia amount agreed upon for pensioners and family pensioners as of October 31, 2022.

6.    * Applicability of the ex-gratia for retirees of the current settlement period to be discussed later, unaffected by other allowances.

7.    * Recommendation to declare all Saturdays as holidays for the banking industry under the NI Act, with an unclear status.

8.    Resolution of all matters raised during negotiations, including ex-gratia payments for pensioners of private sector banks and foreign banks.

 

Bank Employees Salary Hike Calculator:

With the 12th Bipartite settlement for bank employees finalized, employees are eager to calculate their new pay. The 17% salary hike, including a 3% load factor, will result in a comprehensive increase on the payslip. The Dearness Allowance is merged with the current basic pay, and the Special Allowance is pending as of 7/12/2023.

 

Here’s a breakdown of the 12th BPS salary calculation with a 17% hike:

1. Load Factor Explained: The load factor, considered in the 12th BPS, benefits bank staff by taking into account both BASIC and DA. This load factor of 3% is applied to both BASIC AND DA.
2. Total Salary Increase: The total salary increase is exactly 17% as per the 12th BPS settlement. For example, the gross salary before the 12th BPS was Rs. 74,125, and after the 12th BPS, it becomes Rs. 89,601, resulting in a 17% increase on the payslip, as stated in the 12BPS final negotiating committee.
3. Calculation for Officers’ Salaries: A salary chart is provided for an employee who joined the bank in 2021 with a basic pay of Rs. 36,000 in the 11th BPS. The employee, having completed JAIIB and CAIIB certification courses, receives 1 increment for each. With two yearly increments in 2022 and 2023, the total increments are 4 (1+1+1+1). Each increment is Rs. 1490 in BASIC PAY for officers. The chart shows the salary calculation for an Officer employee with CAIIB qualification and 2 yearly increments.
4. 1 Lakh Plus Salary in Banks: An officer in banks with CAIIB qualification and 2 years of experience will receive a gross salary of 89k. With additional allowances like rent and petrol, the gross salary of an officer employee in banks can exceed 1 lakh, which is good news for bank staff.
5. Salary Slip Components Load Factor: The components of the payslip for an officer employee in banks are BASIC, DA, SPECIAL ALLOWANCE, and LOAD FACTOR. The chart shows the load factor of 3%, calculated for the new basic pay of the 12th BPS and new DA, i.e., 3% of (56212+10286) = 1994.

 

Bank New Salary After Wage Revision

• Good news for public sector bank employees! A 17% wage hike is on the way, following the agreement between Indian Banks’ Association (IBA) and bank unions on the 12th bipartite settlement.
• The total annual salary for all banks, including the State Bank of India, is set at Rs 12,449 crore.
• The revision will be effective from November 1, 2022, for five years. New pay scales will consider a 17% increase in salary and allowances, with the Dearness Allowance and a 3% loading factor.
•  

IBA recommends a five-day work week, and unions want its implementation before the final agreement, expected in the next 180 days. This follows a 15% hike in July 2020 for around 850,000 bank employees.

 

FAQ

How much salary will increase after the 12th Bipartite Settlement?

The salary increase after the 12th Bipartite Settlement is a substantial 17%, totaling Rs 12,449 crore for all public sector banks, including the State Bank of India.

What is the period of the 12th Bipartite Settlement?

The 12th Bipartite Settlement is effective for five years, starting from November 1, 2022.

What is the salary revision in banks?

The salary revision in banks, as per the 12th Bipartite Settlement, involves a 17% increase in salary and allowances for a period of five years.

What is the load factor in salary?

The load factor in the salary calculation for the 12th Bipartite Settlement is 3%. This factor is applied to both Basic and Dearness Allowance, contributing to the overall salary increase.

Click here : Complete Salary Chart of Officers, Clerks and Sub staffs after 12th Bipartite Settlement

Read More

Latest news of Bipartite Settlement- Meeting on 14.02.2024

 

Read More

Expected DA for Bankers from Feb-24

Expected DA Calculation Updated on 29.12.23 on the basis of CPI for the month of Nov'23 with the assumptions of CPI for the next month as mentioned hereunder. The CPI for the month of Oct'23 announced today as 139.10 (as per revised base year 2016) (The base year was changed from Oct 2020)

To calculate Bankers Dearness Allowance for the month of February 2024, we need know about CPI (Consumer Price Index) for the month October 2023, November 2023 and December 2023. We get this CPI index subsequent month.

October  2023 CPI index we get on 30th  November 2023 and November 2023 CPI index we get on 31st  December 2023 and December 2023 CPI index we receive on 31st January 2024.

This CPI index always we get one month late.

In last year February 2023 CPI Index increased on an 2.24 percent. On this basis we can expect for the month of October 2023 and November 2023 and December 2023 expected CPI Index will be.

October 2023 CPI Index will be 138.40 November 2023 CPI Index will be 139.10 December 2023 CPI Index will be 138.80.

Now we need to add October 2023 to December 2023 CPI Index figures

=138.40+139.10+138.80/ 3 =416.30/3 =138.77 (Average)

Now we need to multiply this figure to Base Year table.

=138.77*2.88*4.93*4.63 =9122.33 =9122/-

We need to subtract from 6352.

Its is because in 11 BPS 6352 points merged in the

DA. =9122-6352 =2770/- (Remaining points left)

Now we need to covert this points to slabs.

To cover this points to slabs we need divide it from 4. =2770/4 =692.50 Slabs

Now we need to convert these slabs to percentage.  

Its because DA calculated in percentage.

To convert this into percentage we need to multiply with 0.07.

It is because according to 11 BPS 1 slab is equal to 0.07 =693*0.07 =48.51 %.

Check DA for bankers from November-2023

Read More

Work life Balance - Advice to all Employees/Bankers

 

1. Build a home earlier. Be it a rural home or an urban home. Building a house at 50 is not an achievement. Don't get used to government houses. This comfort is so dangerous. Let all your family have a good time in your house.

 

2. Go home. Don't stick at work all the year. You are not the pillar of your department. If you drop dead today, you will be replaced immediately and operations will continue. Make your family a priority.

3. Don't chase promotions. Master your skills and be excellent at what you do. If they want to promote you, that's fine if they don't, stay positive to your personal development.

4. Avoid office or work gossip. Avoid things that tarnish your name or reputation. Don't join the bandwagon that backbites your bosses and colleagues. Stay away from negative gatherings that have only people as their agenda.

5. Don't ever compete with your bosses. You will burn your fingers. Don't compete with your colleagues, you will fry your brain.

6. Ensure you have a side business. Your salary will not sustain your needs in the long run.

7. Save some money. Let it be deducted automatically from your payslip. 

8. Borrow a loan to invest in a business or to change a situation not to buy luxury. Buy luxury from your profit.

9. Keep your life, marriage, and family private. Let them stay away from your work. This is very important.  

10. Be loyal to yourself and believe in your work. Hanging around your boss will alienate you from your colleagues and your boss may finally dump you when he leaves. 

11. Retire early. The best way to plan for your exit was when you received the employment letter. The other best time is today. By 40 to 50 be out. 

12. Join work welfare and be an active member always. It will help you a lot when any eventuality occurs.

13. Take leave days and utilize them by developing your future home or projects..usually what you do during your leave days is a reflection of how you'll live after retirement. If it means you spend it all holding a remote control watching series on Zee World, expect nothing different after retirement.

14. Start a project whilst still serving or working. Let your project run whilst at work and if it doesn't do well, start another one till it's running viably. When your project is viably running then retire to manage your business. Most people or pensioners fail in life because they retire to start a project instead of retiring to run a project. 

15. Pension money is not for starting a project buying a stand or building a house but it's money for your upkeep or to maintain yourself in good health. Pension money is not for paying school fees or marrying a young wife but for looking after yourself.

16. Always remember, when you retire never be a case study for living a miserable life after retirement but be a role model for colleagues to think of retiring too. 

17. Don't retire just because you are finished or you are now a burden to the company and just wait for your day to die. Retire young or energetic to enjoy waking up for a cup of coffee, enjoying the sun, receiving money from your business, visiting nice places that you missed, and spending a good time with family. Those who retire late, spend about 95% of their time at work than with their family and that's why they see it difficult to spend time with their family when they retire but end up looking for another job till they die. If they don't get another job, they die early.

18. Retire at your house than at government accommodation so that when you retire you can easily fit into the society that raised you. It's not easy to adjust to living in a location after spending more years at a company house or at a government house.

19. Never let your employment benefits make you forget about your retirement. Employment benefits are just meant to make you relax, and get finished whilst time is moving. Remember when you retire no one will call you boss if you don't have a viable business.

20. Don't hate to retire because one day you will retire either voluntarily or involuntarily. 

Hope this will help you look at life positively

Read More

How to Calculate 17% Hike Announced in salary of Public Sector Bank Employees

Exciting news for public sector bank employees! 17% salary increase announced for Public Sector Bank Employees. In this article stay updated on the latest wage revisions and how this hike impacts banking professionals.

Bank Employees Salary Increase

Bank Employees Salary Increase: The Indian Banks’ Association and workers’ unions agreed to increase the salaries of employees in public sector banks by 17%, amounting to Rs 12,449 crore. This decision will benefit about nine lakh employees, including 3.8 lakh officers, in PSU banks like SBI and some older private banks. The agreement was reached after talks on December 7, 2023, and a Memorandum of Understanding (MoU) was signed. The final details of the salary increase will be worked out within the next 180 days. The parties will meet to discuss and agree on various issues, aiming to finalize the agreement within this timeframe.

Bank Employees Salary Revision Latest News

Finally, after a long wait, the Indian Banks Association (IBA) and bank unions have agreed on a 17% increase in salaries each year for five years, starting from the fiscal year 2021-22. The wage revision will take effect from November 1, 2022. Although public sector bank employees have received a salary hike, it’s uncertain if their request for a 5-day work week will be accepted.

The unions have been asking for all Saturdays to be declared public holidays for banks before they agree to the wage agreement. The distribution of annual wage increases for bank employees will be calculated separately based on the breakdown of expenses for the fiscal year 2021-22.

Both parties will meet at mutually convenient times to finalize a detailed agreement on the issues where they have reached a consensus. They aim to complete this agreement within 180 days from the date of the memorandum of understanding (MoU). The IBA has already suggested to the government to declare all Saturdays as holidays for the banking industry under the NI Act, as discussed in previous negotiations with unions/associations. The unions/associations are pushing for the implementation of this recommendation before signing the final agreement.

Key Points on the Bank Employees Salary Increase Agreement

The new pay rates will start from November 1, 2022, and last for five years.According to the deal, there will be a 17% increase in salary and allowances, totaling Rs 12,449 crore for all public sector banks, including the State Bank of India.To calculate the new pay, the Dearness Allowance points up to 8088 will be combined with the basic pay as of October 31, 2022. Also, an additional 3% will be added, amounting to Rs 1795 crore.The annual wage increase for workers and officers will be decided separately based on the breakup of expenses in the fiscal year 2021-22.The discussion about updating pensions for retirees is ongoing, but a one-time ex-gratia amount is agreed upon for pensioners and family pensioners who were receiving pension as of October 31, 2022.The applicability of this ex-gratia for retirees of the current settlement period will be discussed later. It’s important to note that this amount won’t be affected by other allowances.The Indian Banks’ Association has suggested declaring all Saturdays as holidays for the banking industry under the NI Act. The status of this proposal is unclear.All other matters brought up during negotiations, including ex-gratia payments for pensioners of private sector banks and foreign banks, will be resolved to everyone’s satisfaction.

Bank Employees Salary Hike Calculator

The 12th Bipartite settlement for bank employees has been finalized, and now everyone is eager to calculate their new pay based on this increase. The salary hike in banks is set at 17%, which includes a 3% load factor. This means that your overall pay on the payslip will show a 17% increase. The Dearness Allowance (DA) is merged with the current basic pay. The Special Allowance, calculated on basic pay and DA, which was 16.4% in the 11th Bipartite settlement, is still pending as of 7/12/2023.

Here’s a breakdown of the 12th BPS salary calculation with a 17% hike:

Load Factor Explained: 

The load factor, considered in the 12th BPS, benefits bank staff by taking into account both BASIC and DA. This load factor of 3% is applied to both BASIC AND DA.

Total Salary Increase: 

The total salary increase is exactly 17% as per the 12th BPS settlement. For example, the gross salary before the 12th BPS was Rs. 74,125, and after the 12th BPS, it becomes Rs. 89,601, resulting in a 17% increase on the payslip, as stated in the 12BPS final negotiating committee.

Calculation for Officers’ Salaries: 

A salary chart is provided for an employee who joined the bank in 2021 with a basic pay of Rs. 36,000 in the 11th BPS. The employee, having completed JAIIB and CAIIB certification courses, receives 1 increment for each. With two yearly increments in 2022 and 2023, the total increments are 4 (1+1+1+1). Each increment is Rs. 1490 in BASIC PAY for officers. The chart shows the salary calculation for an Officer employee with CAIIB qualification and 2 yearly increments.1 Lakh Plus Salary in Banks: An officer in banks with CAIIB qualification and 2 years of experience will receive a gross salary of 89k. With additional allowances like rent and petrol, the gross salary of an officer employee in banks can exceed 1 lakh, which is good news for bank staff.

Salary Slip Components Load Factor: 

The components of the payslip for an officer employee in banks are BASIC, DA, SPECIAL ALLOWANCE, and LOAD FACTOR. The chart shows the load factor of 3%, calculated for the new basic pay of the 12th BPS and new DA, i.e., 3% of (56212+10286) = 1994.

Bank New Salary After Wage Revision

Good news for public sector bank employees! 

A 17% wage hike is on the way, following the agreement between Indian Banks’ Association (IBA) and bank unions on the 12th bipartite settlement.The total annual salary for all banks, including the State Bank of India, is set at Rs 12,449 crore.The revision will be effective from November 1, 2022, for five years. New pay scales will consider a 17% increase in salary and allowances, with the Dearness Allowance and a 3% loading factor.IBA recommends a five-day work week, and unions want its implementation before the final agreement, expected in the next 180 days. This follows a 15% hike in July 2020 for around 850,000 bank employees.

Read More

Bipartite Settlement Latest Update

Today there was one more round of negotiations with IBA. We are happy to inform that MoU has been signed just now with the following understandings: 17% increase in payslip cost, additional loading of 3% after merger of DA, improvement in pension for all pensioners from 1986 including retirees under proposed 12th BPS. 5 days banking has been recommended to govt for favorable consideration and will be expedited. Congratulations to all of you. It is all due to the unity of bank employees and officers under the banner of UFBU. 

Rupam Roy 

GS, AIBOC

Read More

DA Increase of Bankers from Nov-2023

 

Read More

Karnataka likely to make Kannada mandatory for bank employees

The Karnataka government may soon make it mandatory for bank employees to learn Kannada and communicate with the locals in that language.

The move is considered as an attempt to address the long-standing demand for making the Kannada language compulsory. Many residents of the state find it difficult to communicate with bank employees in languages other than Kannada.

Speaking to the Economic Times, Kannada Development Authority (KDA) secretary Santhosh Hangal indicated that the state government may release an official notification in the matter soon.

The previous Bharatiya Janata Party (BJP) government had passed the Kannada Language Comprehensive Development Bill, 2022, in March this year, which was aimed to promote Kannada in government offices.

However, the bill was not implemented.

Speaking to the Economic Times, Santosh Hangal said, "We expect a notification from the government in the next couple of days."

The Kannada Language Comprehensive Development Bill, 2022, cleared by the Karnataka Assembly, mandated that any person seeking employment in the Karnataka government or employment in any local authorities, boards, corporations, statutory or non-statutory bodies or registered co-operative societies and other societies in the state to compulsory pass "Kannada language examination".

The bill also mandated banks with more than 100 employees to establish 'Kannada Cell' headed by senior employees having knowledge of the language for the purpose of use of the language in day-to-day work functions.

In August 2017, the KDA passed an order where it instructed non-Kannadiga employees working in government and rural banks to learn Kannada in six months or leave their jobs.

Read More

Good news for Bankers! 5-day work week soon

 

The bank employees’ unions have constantly raised their demand for five-day working in the bank, stating to increase the number of week offs.  After repeated petitions for almost a year, now the time is probably near when banks will work only for five days a week. Apart from Sunday, there was a constant demand from the Indian Banking Association to keep it closed on Saturday as well, which has now been approved.

According to the report of The Hindu, the demand pressed by bank employees’ unions for five-day working and to declare all Saturdays as a bank holiday has been accepted by India’s Bank Association in the meeting which was held on July 28.

Now, the bank employees’ Unions body has forwarded the petition to the Finance Ministry for further approval.

If the petition would be approved by the Finance Minister then banks will be working on five days a week, and employees will get all Saturdays off. Besides, the daily working hours of all banks could be extended by 45 minutes, according to the Business Line report.

Decision awaiting

Bankers are hopeful that their proposal will soon get approval from the Finance Department. “Based on some informal conversations with the ministry, it appears that the government may not have any problem in accepting this request of the bankers’ union,” it said.

At present all banks in India work on the first, third and fifth Saturdays of the month. There are holidays on the second and fourth Saturdays. However, as of 2015, banks operate six days a week, including all Saturdays of the month.

Read More

DA Increase of Bankers from August,2023

Dearness Allowance Increase of Bankers from August,2023 : 

Increase of  36 slab i.e. 2.52%.

Total slab: @ 632 i.e. 44.24% w.e.f. August, 2023.

Read More

5 Days Banking Latest Update

 

Banks in India are likely to be open only five days a week, with proposed two day weekly offs, a decision will be made on this on 28 July. The Indian Banking Association (IBA) will likely take the decision in a meeting with United Forum of Bank Unions (UFBU) next week on Friday, according to a report.

The United Forum of Bank Unions on 19 July said that they took up the issue of introduction of five banking days in earlier discussion. "IBA informed that the issue is under active consideration of the various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that five banking days per week is introduced without further delay," it said.

According to a report by CNBC, both organisations are set to discuss five-day work week, salary hike and requirement of group medical insurance policies for retirees during the 28 July meet.

Now banks are open on two Saturdays a month- the first and third Saturday banks are open in India. The UBFU has sought that working days for banks remain five days a week only, also that employees get 2 days weekly off.

The need for a five day work week came into limelight after government implemented the rule of five working days in the Life Insurance Corporation of India (LIC).

The Finance ministry of India had earlier informed that they have no objection to the UBFU's demand to a five day work week for bank employees. The Indian Banking Association had sent a proposal to the government regarding this. According to the proposal, daily working time for bank employees will be increased by 40 minutes, the CNBC report stated.

Regarding the medical insurance of retired bank employees, the UBFU had said that they have agreed to offer a base policy for Rs.2 lakh for retirees with certain ceilings and caps on bed charges/package treatments etc. This was done to ensure that the premium amount is reduced.

"Over and above this, top up scheme up to Rs.10 lakh will be made available on optional basis," CNBC quoted the UBFU. It is to be noted that banks are slated to remain closed for several days in the month of August this year. However, the online banking services and ATMs will remain open to public despite holidays.

The day offs in August include the Saturdays and Sundays in August 2023. Apart from the days mentioned in the table below, banks will remain closed on usual second and fourth Saturday.

Read More

Expected DA for Bank Employees from August 2023

The Dearness allowance to bank employees and dearness relief to bank pensioners is paid under the 11th bipartite settlement between bank unions and IBA (Indian Bank’s Association) signed on 11th November 2020. The settlement is effective from November 1, 2017. The dearness allowance is paid based on the Consumer Price Index (CPI) number published by the Labor Bureau of India.

The Dearness Allowance (DA) for bankers for the period from August 2023 shall be based on CPI(IW) numbers from April 2023 to June 2023. The latest CPI(IW) data with the base year 2016 is as under.

Month            AICPIN/CPI(IW)

April 2023       134.20

May 2023        134.70

June 2023         yet to be declared 

If CPI(IW) remains at the same level during June 2023 as in May 2023, the DA to bank employees shall be payable for 623 DA slabs as against the existing 596 DA slabs i.e. an increase of 27 DA slabs.

Hence, the Expected DA for bank employees from August 2023 is 43.61%. The existing DA rate for the period of May 2023 to July 2023 is 41.72%. Hence there shall be an increase of 1.89% in dearness allowance for the period from August 2023 to October 2023.

Read More

Bank employees keen on early start to wage talks, says BEFI leader

Bank employees numbering several lakh, across public, regional rural and old generation private banks in the country, are keen on an early start to the next round of wage negotiations between the unions that represent the workforce and Indian Banks’ Association (IBA).

“Wage revision is due since November 2022. Since the last, 11th bipartite settlement effective November 2017 (reached in November 2020), we observe banks are not smoothly authorising IBA to start negotiations,” General Secretary of the Bank Employees’ Federation of India (BEFI) Debasish Basu Chaudhury said in an interaction.

While some banks delay their mandate to IBA, a few authorise the association to negotiate only up to a particular payscale as beyond that, they desire to have their own arrangements with the officers, he said, adding this time too when the unions insisted on launch of discussions, IBA said most banks were yet to give their mandate. “A few days ago, the United Forum of Bank Unions had urged IBA to start negotiations pending whatever mandate. This is where we are standing,” he said. In the last settlement, a 15% pay increase formed the core of the agreement.

Five-day week

Mr. Chaudhury, who was in Hyderabad for BEFI Telangana unit’s second conference recently, said the delay in wage talks is not the only concern as the bank workforce is also awaiting implementation of a five-day week in banks agreed at the last bipartite settlement.

The five-day week — with all Saturdays being holidays as against the second and fourth now — was a long-standing demand of unions and came in the backdrop of the employees and officers hard-pressed amid changes in government policies. Their numbers have reduced drastically and non-banking business such as mutual funds, insurance have increased and targets for the same set for employees. A reduction in number of banks has also meant closure of thousands of branches 2019 onwards. With the workforce logging more hours daily, work-life balance has become more important than before, he said, pointing out to how Central, many State governments as well as stock exchanges follow a five-day week.

The bank unions have already authorised IBA to increase work hours by 40 minutes a day to compensate for the time reduced on account of all Saturday holidays. The proposal is before the Centre with an understanding that the Finance Ministry will discuss it with other stakeholders. He expressed confidence that all concerned will consent, especially alternative banking delivery channels becoming popular.

Besides better wages and other demands of employees, BEFI is fighting for strengthening of banks, including RRBs and those private, measures to safeguard public money and opposed to privatisation of banks, he said.

Read More

Bank employees to get 5-day work week — Finance Ministry may soon release notification

 

Government banks will soon be allowed to work for only five days in a week, sources told CNBC Awaaz. Finance Ministry is likely to give an approval on this soon, sources said. Earlier, it was reported that Indian Banks Association (IBA) and the United Forum of Bank Employees (UFBEs) have agreed in principle to a 5-day work week, but for which the total working hours have to be increased by 40 minutes per day.

Currently, bank employees work on alternate Saturdays. Banks remain open on the first and third Saturdays of every month.

According to report, the IBA had sent a proposal to the government regarding this demand and notification can soon be issued with wage board revision.

Meanwhile, banks across India will remain closed for 11 days in the month of May. Several holidays are scheduled in May due to various festivals including Buddha Purnima and Maharana Pratap Jayanti, among others. Customers planning to visit their banks in May should consult the bank holiday calendar to avoid any inconvenience.

Read More

DA increased for Bankers from May 2023

 

Read More

DA increased for Bankers from Nov 2022

DA for Bankers has increased for the quarter November 2022 to January 2022.

CPI data for the month of July, August and September 2022 has been released, which is as under:

July 2022	129.90
August 2022	130.20
September 2022	131.30

 DA for bank employees is linked to CPI data. Based on the CPI data for last 3 months (July 2022 to September 2022), DA payable to bankers will be 556 slabs for the quarter Nov 22 to Jan 23. This is 30 slabs from the previous quarter, which was 526.

As such, the Dearness Allowance for bankers will be 38.92% from the next quarter starting from November 2022. DA for the last quarter was 36.82%. Accordingly, there is an increase of 2.10% in the DA for the upcoming quarter.

Read More

DA increased for bankers & bank pensioners from August-2022

The Dearness Allowance of Bank employees announced quarterly based on All India Consumer Price Index Numbers (AICPIN) and effective from February, May, August and November months of every year.

Bank employee Dearness Allowance in salary is a calculation of allowance paid to employees based on their work scale to compensate for the inflation, and this is calculated from a percentage of basic salary to mitigate the inflation on people.

As per current updates, the new total Dearness Allowance for Bank employees is 36.8% which calculated on the basis of Bank employee basic salary, wherein this quarter, the DA for public sector bank employees do hold an expecting increase by 3.76% Dearness Allowance in their salary from Aug 22 to October 2022 which increase their total salary.

Let’s check the Dearness Allowance for workmen and officer employees in public sector banks and some private banks are considered as per the below DA rate.

The allowance added in the salary is apart from basic salary and it is calculated on a defined percentage, where every bank has their pay grade defined for employees based on their location and type of work they are assigned.

Thus this increases the basic salary and the Dearness Allowance is a percentage from basic salary, and anyone who has got a higher basic salary will surely have a higher slab of Dearness Allowance, which does give them a good total NET salary.

This part of the salary is always increased and in Banks, it is estimated to have an increase in DA for every one year based on their performance, and we can update the new DA rates of bank employees for the next quarter from November 2022 after announcing price index numbers from July to Sep 2022.

Read More