Banks 12th BPS Update: Salary Hike meeting was held on 13th Feb, Check decisions taken in meeting

Recently, a meeting between Bank union and IBA was held on 13th February 2024. As per the released by the bank union, the following decisions were taken at the meeting. Click here to Join our WhatsApp group to get updates on 12th BPS.

The draft of the settlement/joint note was discussed and mostly finalized. The formula for ex-gratia to pensioners is being fine tuned and will be finalized shortly. Few more issues are there to be sorted out. It wS urged upon IBA to complete the process at the earliest so that full scale settlement/joint note could be signed. It was also urged upon IBA to expedite the clearance of 5 day banking proposal from government. Click here to Join our WhatsApp group to get updates on 12th BPS.

12th BPS Earlier Agreements

An annual increase in salary and allowances, amounting to 17% of the total annual pay slip expenses for FY 2021-22, has been agreed upon. This totals to Rs. 12,449 crores for all public sector banks, including SBI.

The formulation of new pay scales involves merging the Dearness Allowance corresponding to 8088 points (average Index point for the Quarter of July, August, and September 2021) with the basic pay as of October 31, 2022. Additionally, a loading of 3%, equivalent to Rs 1795 crore, will be added.

The distribution of the annual wage increase between Workmen and Officers will be calculated separately and proportionally based on the breakup of establishment expenses for FY 2021-22.