15% hike in salaries for PSBs employees for 2017-22
The annual salary of bank employees working in PSBs in India has been hiked 15%.
Indian Banks` Association (IBA) and Workmen Unions have finalized and signed the 11th Bi-partite Settlement (wage revision) for PSBs officers which was awaiting since 2017.
Resulting in the revision, the hike in wage bill stands at ₹7,898 crore/ year for the banking sector.
- The implementation of the same shall be effective from 1 November 2017.
- To encourage bankers, a system of performance-linked incentive (PLI) has also been announced.
- This wage revision will benefit bank personnel employed in 11 State-owned Banks, 12 Private Banks, and 7 Foreign Banks.
- Indian Banks` Association (IBA) and Workmen Unions agreed that the total quantum of wage revision increase (Pay slip component) shall be Rs. 3385 crores being 15% of the Pay slip component.
- Only ₹1,100 has been added by this 15% hike to the salary at an individual level for Grade A officers at PSBs.
- And, it merges the Dearness Allowance (DA) of 6352 points. This means
- most of the increase comprises what bankers are already earning as dearness allowance.
New Basic Salary for Bank Officers (effective from 1 November 2017)
- Bank Scale I: Rs36,000
- Grade A Officer: 56,100 (Central Govt)
Before and after salaries of Grade A PSU bank officers:
|Existing||After the merger of DA of 6352 points||Revised salary with 2.25% loading in Basic Pay|
|Basic pay||₹23,700||Basic pay||₹ 35,029||Basic pay||₹ 35,817|
|DA||₹ 12,229||DA||₹ 932||DA||₹ 953|
|Basic + DA||₹ 35,929||Basic + DA||₹ 35,960||Basic + DA||₹ 36,769|
|Special allowance||₹ 1,837||Special allowance||₹ 2,715||Special allowance||₹ 2,776|
|DA on special allowance||₹ 984||DA on special allowance||₹ 72||DA on special allowance||₹ 74|
|Basic + DA + Special allowance||₹ 38,714||Basic + DA + Special allowance||₹ 38,747||Basic + DA + Special allowance||₹ 39,619|
|NPS||₹ 3,871||NPS||₹ 3,875||NPS||₹ 3,962|
|Net salary||₹ 34,842||Net salary||₹ 34,873||Net salary||₹ 35,657|
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