The salary review agreement reached on Wednesday will come into effect from November 1, 2017 and provides for a 15 percent increase in the pay slip, IBA boss Sunil Mehta said in a statement. Of which Rs 3,385 crore for non-officers; The rest for officers. The collective agreement covers the period from November 2017 to October 2022. Wage negotiations included 29 banks – 12 public sector banks, 10 private banks and seven foreign banks – and 500,000 employees in the banking sector. In a joint statement by the four unions representing the workers, it was said for the first time that there would be a basic allowance, love, house rental allowance (HRA), special allowance and transport allowance. The HRA rate will be 10.5% throughout the country. The workers demanded three main things: wages on an equal footing with the central wage commission, the five-day week and the abolition of the family pension. It is therefore to be expected that some improvement in pension plans will be on the part of the government, although the pension of retired workers has improved under the current wage pact. “Non-financial issues such as the five-day week, the pension update following the recent announcement of the FM for seniors, network holidays, D&A regulations and the introduction of the northeast allowance for all officers have been discussed,” the officers` union statement reads. As part of the program, the banking organization offered to pay an additional 14 days of salary for employees of lenders whose operating profit increases by 10-15% and 21 days for banks that report an increase of more than 15% in operating profit.

IBA was previously in favour of operating income and RoA being considered as key indicators for defining organisational performance. The associations were all India Bank Officers` Confederation (AIBOC), All India Bank Officers` Association (AIBOA), Indian National Bank Officers` Congress (INBOC) and National Organisation of Bank Officers (NOBO) The new basic salary was reached after the merger of 47.8 per cent of the love allowance. With 6,352 points and a charge of 2.5 percent, the new salary structure is 36,000 to 1,29,000 rupees covering the seven scales, with effect from November 1, 2017, the statement said. . .