Diwali Gift to bank employees

Vastavam Web: After a 3 years wait, the wage revision for public sector bank (PSU) officers will be signed and delivered. The pending revision of wages since 2017 will finally be implemented.

As per the Indian Banks’ Association (IBA) and Workmen Unions agreement total quantum of wage increase is Rs 3,385 crore. In other words, it is 15% of the salary.

At the IBA’s 73rd annual general meeting on November 10 Finance Minister Nirmala Sitharam stated that the PSUs shouldn’t discriminate against employees who wish to retire earlier. This may mean that many more changes might be underway as the minister hinted at embracing the One Rank, One Pension (OROP) scheme which states the same quantitative pension for employees with any date of retirement or rank.

As per subject to the approval of the Centre, family pension shall also now be paid out a uniform rate of 30%. IBA’s notification read, “It is agreed that family pension shall be payable at the uniform rate of 30 percent of the Pay of the deceased employee and that there shall be no ceiling on family pension. It is agreed that these provisions, when approved by the Government shall apply to SBI also.”