Wage Revision Update: Along with the employees of the central government, the salary of the employees of many state governments has also increased with the increase in dearness allowance this year. Now it’s their turn…
Employees working in various government banks of the country are going to get good news soon. Soon those employees can get the gift of increase in salary. For this, preparations have been made by the Finance Ministry.
Do final by december
According to a report in Business Today, the Finance Ministry has instructed the Indian Banks’ Association (IBA) to revise the pay for employees of public sector banks. The ministry has asked the IBA to finalize the wage revision for public sector bank employees by December 1, 2023.
Expired only last year
The existing wage agreement of the employees of public sector banks has expired on 1 November 2022. Since then talks are going on regarding wage revision, but the solution has not been found yet. The IBA and the unions representing bank employees are continuously negotiating for a wage hike and a new wage agreement.
Finance Ministry has this trust
The Finance Ministry has written a letter to the IBA saying that the government is committed to ensure that the interests of the employees of the banks are protected. The government also expressed confidence that the IBA and the bank unions would arrive at a suitable solution at the earliest. The Finance Ministry has also told the IBA that any further wage negotiations should be completed before the old agreement expires.
This causes delay
In fact, in the case of employees of public sector banks also, due to many factors, it takes time to reach an agreement on salary hike. These factors include topics ranging from the financial condition of the banks to the cost of living of the employees. This is the reason that every time it takes a long time to finalize the agreement.
