Bank Employees Salary Hike: Good news for bank employees, 15% increase in salary

There is great news for Bank Employees. Millions of bank employees of the country have received a big deal before Diwali. The salary of bank employees will increase by 15 percent. Bank employees will start getting the benefit of Salary Hike from November itself. That is, the bank employees will receive the salary increase for the month of November. The Indian Banks’ Association (IBA) said that the 11th bilateral wage increase talks with employee unions and officer unions have concluded.

IBA Chief Executive Officer Sunil Mehta said, “The Indian Bank Association announces the 11th bilateral increment negotiations with (employee) unions and (officer) unions with concurrence.” It has been deemed effective from November 1, 2017. The agreement provides for 15% increase in salary. This agreement will be applicable to public sector banks, some old generation private banks and some foreign banks.

The UFBU and the IBA, representing five employee organizations and four organizations of bank officials, signed a 15 per cent wage increase annually on 22 July this year after three years of negotiations. About 37 government, private and international banks had authorized the IBA to negotiate a wage increase. This increase in salary will put an additional burden of Rs 7,898 crore on banks annually.