15% hike in salaries for PSBs employees for 2017-22

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:

Final Official Notice PDF

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