IBA, bank unions sign 5-year bipartite settlement up to 2022- Agreed on 15% salary increase for employees

The Indian Banks’ Association on Wednesday reached a settlement with Bank Employee Unions in which they agreed to an annual wage hike of 15%. The two parties completed the 10th Bipartite Agreement in May 2015 which resulted in an additional outgo of Rs.4,725 crores every year. This negotiation finally turned into an agreement after (almost) three years, with the signing of the 5-Year Bipartite Wage Agreement upto 2022.

The Chief Executive of the Indian Banks Association said “ this agreement will provide a 15% increase in the payslip. To inculcate a sense of competition and also to reward the performance, the concept of performance-linked pay has been introduced for the first time”

With the signing of the Bipartite Wage Agreement, The bank employees were given a 15% hike, and also the wage bill was pushed up by Rs.7,900 crore per year. Out of this Rs.3,385 crores is for non-officers and the rest is for officers. This 15% wage bill hike will be for a five-year period between November 2017 and October 2022. This wage negotiation cover 29 banks and 500,000 employees in the banking sector.

The employees demanded three major things – wages on a par Central pay commission, working week of only five days, and revised family pension scheme. IBA considered the family pension scheme demand and has recommended it to the government. The government will decide whether that facility must be extended to the bank employees or not. We will surely inform you about the same if any notification is released.

Download SBI Clerk Prelims 2021 Memory Based Mock PDF

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?