The Government of India has given its approval to the ad-hoc payment of salaries under the 12th bipartite settlement, to employees of public-sector banks. A no-objection has been obtained from the government.
As per the approved regulations, revised salary, allowances and arrears will be payable to serving officers with effect from 1 November, 2022. Existing pension optees, who have retired with effect from 1 November, 2022, will receive revised pension and arrears. Pensioners and family pensioners will get monthly ex-gratia with effect from 1 November, 2022 as a one-time measure.
Meanwhile, as part of the implementation of the 12th Bipartite Settlement (BP), Bank Union wishes to charge four per cent levy from employees on net salary arrears.
That means, employees who will be receiving pending arrears in their salary will witness a four per cent deduction from those arrears. This deducted amount will go to the Bank Union, as union fee or contribution, as per a CNBC report mentioning a Hellobanker report.
This deduction will take into account contributions to the Provident Fund (PF)/National Pension System (NPS) and income tax.
Additionally, as per the agreement between the Indian Banks Association (IBA) and the All India Bank Officers Confederation, employees of public-sector banks will get a 17 per cent increment in annual salary.This hike will benefit eight lakh bank employees. That means, an extra expenditure of about Rs 8,284 crore on public-sector bank employees.
That is not all. All Saturdays will be holidays for banks. As per the All India Bank Officers’ Confederation, this move will ensure a better work-life balance for employees. Once the government’s notification is obtained, the working hours will also be revised.
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