Bank Employees Salary Hike: Good news for bank employees, 15% increase in salary. There is great news for Bank Employees. Millions of bank employees of the country have received a big deal before Diwali. Salaries of bank employees will increase by 15 percent. Bank employees will start getting the benefit of Salary Hike from November itself.
That is, the bank employees will receive the salary increase for the month of November. The Indian Banks’ Association (IBA) said that the 11th bilateral wage increase talks with employee unions and officer unions have concluded.
IBA Chief Executive Officer Sunil Mehta said, “The Indian Bank Association announces the 11th bilateral increment talks with (employee) unions and (officer) unions with concurrence.” It has been deemed effective from November 1, 2017. The agreement provides for 15% increase in salary. This agreement will be applicable to public sector banks, some old generation private banks and some foreign banks.
Now PLI will be applicable in banking too After this agreement, a new pay scale will be ready for bankers. There will be another change as well. Now the PLI i.e. Performance Linked Incentive System is going to be implemented for bankers also. This will be given on the basis of the operating profit of the incentive bank. It will be paid yearly and it will be given incentive as separate from salary. For the bankers doing good work, it will increase the enthusiasm.
Salary discrepancy is an ongoing issue in the banking sector. Salary inequality between private and public sector bankers is a long term problem, which has now started a conversation and debate among central bankers. Earlier in 2016, the then RBI Governor Raghuram Rajan started talking on this issue. He had raised the point that the salary of senior employees of PSB (Public Sector Bank) including RBI is less than the international standard.