Bank Employees to Get Saturdays as Holidays, 17% Pay Hike

New Delhi: The Indian Banks’ Association (IBA) and bank employee unions agreed on an annual wage hike of 17%, and agreed to recognise all Saturdays as holidays, reported The Statesman.

But its implementation waits for government notification.

The pay hike move will amount to an additional yearly expenditure of around Rs 8,284 crore for the public sector banks. It will benefit around 8 lakh bank employees, which is expected to be effective from November 2022.

IBA Chief Executive Officer Sunil Mehta highlighted the significance of the agreement, stating that it marks a milestone for the banking industry, reported The Statesman.

Retired employees are also set to benefit, with the agreement stipulating that a monthly ex-gratia amount will be paid in addition to the pension or family pension provided by Public Sector Banks, including SBI, for those eligible to draw pension on or before October 31, 2022.

Under the new wage settlement, all women employees would be allowed to take one day sick leave per month without giving a medical certificate.

Accumulated privilege leave may be encashed up to 255 days at the time of retirement/upon death of an employee while in service, the joint statement said.