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17% hike for 9 lakh bank employees

Banks sakary hike news.The Indian Banks' Association (IBA) and bank unions have allegedly reached a consensus on a 17% salary increase for employees in all public sector banks in India. This substantial amount totals Rs 12,449 crore and will positively impact approximately 9 lakh bank employees, including 3.8 lakh officers.

As per a Times of India (TOI) report, the wage adjustment is set to span five years, retroactively effective from November 2022. Bank employees are expected to receive arrears covering the preceding 12 months since November 2022.

The reported package is said to extend its applicability to all public sector banks in India, encompassing not only the State Bank of India (SBI) but also other older-generation private banks.

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