IBA and Bank unions agree on wage settlement

The Indian Bank Association (IBA) has agreed to the 12th bipartite settlement that will be effective for the next five years, beginning November 1, 2022, Rupam Roy, General Secretary, All India Bank Officers’ Confederation (AIBOC), said on August 31.

“It was also agreed that DA (dearness allowance) up to 8088 points of price index would be merged with the basic pay,” said Roy who was part of the meeting.

This agreement was reached following a meeting between IBA and bank unions in Mumbai. The wage revision for employees and officers of the public sector banks is due from November 1, 2022.

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