PSB Officials Wage Hike Decided; One Rank, One Pension To Be Adopted

The revision in wages for PSB employees which had been pending for the last three years has been signed, sealed and delivered. And as per the agreement by the Indian Banks' Asssociation and Workmen Unions, wage increase shall amount to a total of Rs. 3385 crore, which is 15% of pay slip component.

PSB Officials Wage Hike Decided; One Rank, One Pension To Be Adopted

Nonetheless, there was no announcement made in reference to the demand of PSB officials regarding 5-day banking.

Further at the IBA's 73rd Annual General Meet, Nirmala Sitharaman hinted at banks' taking on to 'One Rank, One Pension' scheme, implying irrespective of the retirement date as well as rank, everyone would be entitled to the same pension in quantitative terms.

Further, a 15 percent increase in wage has been given to public sector bank employees that just adds Rs. 1100 to their salary at an individual level. And this combines the dearness allowance of 6352 points.

Family pension shall also now be paid at a uniform rate of 30 percent, subject to approval from the government. And the medical expenses reimbursement as part of the Medical Aid scheme has been capped at a maximum of Rs. 2355 per annum.

GoodReturns.in