IBA (Indian Banks’ Association) will conduct next meeting with Bank Unions on 13 February 2024. The meeting is being conducted with relation to 12th Bipartite Settlement of Banks which deals with salary increase and other benefits.
The 12th BPS (Bipartite Settlement) wage revision will be effective from 1.11.2022 for a period of five years. Annual increase in salary and allowances is agreed at 17 %, of the annual pay slip expenses for FY 2021-22, which works out to Rs. 12,449 crores for all public sector banks including SBI.
Five Day Week Banking: IBA has already recommended to the Government for declaration of all Saturdays as holidays under NI Act for Banking industry in line with earlier negotiations with unions /associations and the same will be pursued. The unions/associations urged for implementation of the same before signing of the final bipartite agreement/ joint note.
