Banks, unions agree to 17% wage increase

The Indian Banks’ Association and unions have agreed to a 17% wage hike for all public sector banks, benefiting around nine lakh employees. The wage revision will be effective from November 2022, with arrears for the previous 12 months. The new pay scales will be constructed by merging dearness allowance and adding a loading of 3%. The agreement also includes a one-time ex-gratia amount for pensioners. A final detailed settlement will be finalized within 180 days.