Apex Trade Union All India Bank Officers’ Confederation (AIBOC), on Friday, signed the ninth joint note with Indian Bank Associations (IBA) for officers, which concluded in favour of a five-day work week as well as better pay, benefits, and working conditions for bank employees.
AIBOC said the five-day work week will alter the existing working days of first and third Saturdays operational to recognize all Saturdays as holidays. Also, the confederation stated the revised working hours would be effective after notification from the government.
The goal of new wage settlements was to improve the total remuneration package for banking industry officials, said AIBOC.
The significant pay rise amounts to over ₹8284 Crore ($100 million), or a 17% hike in the establishment expenditures of public sector banks. This is the pay slip component of the wage revision increase, added AIBOC.
AIBOC also said the new pay scales were created following the merger of dearness allowance (DA). Officers who are serving or have retired can now receive dearness allowance (DA), which has been reworked and increased to 0.06%, added the association.
DA is the cost-of-living adjustment allowance that the government provides to both current and retired members of the public sector.
The Union Cabinet announced a hike in DA and dearness relief (DR) for central government employees onMarch 7, from 46% to 50%, with retrospective effect from January 1. The government stated this hike will benefit 67.95 lakh pensioners and 49.18 lakh central government employees.
At the point of conversion, $1= ₹82.72
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