Banks offer 15% wage hike, 5-day work week
State-run and old private-generation banks are discussing a 15% wage increase for employees, as well as implementing a five-day work week soon.
Indian public sector banks offer 15% wage hike, 5-day work week
The Indian Banks’ Association has proposed a 15% wage hike, but unions are reportedly demanding a higher increase, as well as other changes. Separately, some banks, such as PNB, have begun to make larger provisions for wage increases. Instead of budgeting for a 10% increase, the Delhi-based lender has budgeted for a 15% increase in the September quarter.
Employees and unions argue that banks’ profits have increased in recent years, and that given the efforts employees have made to get the lenders back on track, including working during Covid and pushing government schemes, they are entitled to better compensation. The finance ministry is keeping a close eye on the negotiations.
The wage settlement is expected to be finalized before the general elections next year, as bank employees are a sizable constituency. After three years of negotiations, the last wage settlement was concluded in 2020.
Value our content… contribute towards our growth. Even a small contribution a month would be of great help to us. Since our establishment, we have been serving the industry through daily news and updates.
Our content is free for all, and we plan to keep it that way.
Support People Manager. Pay Here (All it takes is a minute)
- SBI General Insurance announces Naveen Chandra Jha as the new Managing Director & Chief Executive Officer - June 26, 2024
- Karnataka HC declines to Quash FIR against Man for writing Woman’s Mobile Number in toilet as ‘Call Girl’ - June 25, 2024
- Government extends leave benefits to surrogate mothers and adoptive parents employed by them - June 25, 2024
