Apart from the decision to increase the salaries of the bank employees, it was also agreed in the IBA and bank unions that performance-based incentives will be given in public sector banks.
New Delhi: In the crisis of Corona, where most of the sector people have faced the risk of salary cut or are worried about the possibility of facing a loss, there is a good news for the employees of the government bank during this period. The path of 15 percent increase in the salary of employees of public banks has been cleared.
The Round of Long Negotiations
Actually , the period of long-running negotiations between the bank unions and the Indian Banks Association ended on Wednesday and an agreement has been reached to increase the salary of bank employees. Yesterday, the 11th round of negotiations between the bank unions and the Indian Banks Association (IBA) was completed in which it was decided that the salary of the employees would be increased by 15 per cent by 31 March 2017.
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The amendments will be applicable from 1 November 2017.
These increases or amendments in the salaries of government bank employees will come into effect from 1 November 2017. The annual increase in salary and allowances works on the payslip components of Rs 7,898 crore.
Performance Based Incentive (PLI) will also be found In
IBA and bank unions, it has been agreed that performance based incentives will be given in public sector banks also. Explain that there is a provision of PLI in private banks and multinational banks, but there is no such system in public sector banks. Now, based on the new decision, employees in government banks will be given PLI in addition to the annual salary. However, the decision to give it will be based on the profits of different banks.
The unions had threatened to strike for
nearly two years and there was a round of meetings and discussions between the IBA and the bank unions for nearly two years and the bank unions threatened to go on strike if their demands were not met.
Other decisions:
It was also decided yesterday that the bank employees will now get an encashment in lieu of five days’ leave of leave. However, in case of employees above 55 years, it will be decided on seven days basis.
