Bank employees who have working amidst Covid-19 outbreak are likely to get 15 percent pay hike. A performance linked incentive (PLI) will also be offered to Public Sector Banks (PSBs) as decided during the protracted 11th bipartite wage settlement negotiations between bank unions and the Indian Banks’ Association (IBA).
During the meet both sides agreed to an annual wage increase and allowances of 15 percent of the wage bill as on March 31, 2017.
As per the development, the revised wage will be effective from November 1, 2017. The annual increase in salary and allowances will be Rs 7,898 crore on payslip components.
The wage settlement negotiations had been going on for over two years, with unions calling strikes on and off to force their demand.
Both sides have now agreed to the introduction of PLI in PSBs, which will rely on the operating profit/net profit of the individual bank.
For private and foreign banks, PLI will be optional. The PLI is payable to all employees annually over and above their salaries, as per the minutes of the discussion between the unions and IBA.