Salary Hike: Salary Of Government Bank Employees Will Increase Again! Finance Ministry Gave Special Instructions To IBA

Bank Employees Salary Hike: If you are a government bank employee then there is good news for you. The Finance Ministry has directed the Indian Banks Association (IBA) to initiate dialogue. This will pave the way for increase in salary of bank employees. The Finance Ministry has asked to complete these talks by December 1, 2023. Notably, the current wage agreement of public sector banks has expired on November 1, 2022. In such a situation, the government is continuously in talks with the unions representing the bank employees. According to PTI news, a senior Finance Ministry official has informed that the Finance Ministry has ordered to resolve the matter before December.

The government wants to address the issue of long pending salaries at the earliest so that the employees can be given incentives. Along with this, the official said that the finance ministry has also asked the IBA to ensure that discussions on future wage hikes take place at the right time.

The Finance Ministry said this

In a letter issued to the IBA, the finance ministry said the government is fully committed to protect the interests of bank employees. With this, the government is confident that the IBA will soon be able to reach an agreement in talks with the various bank unions. Along with this, the government has also said in its letter that while increasing the salary, care will be taken to ensure that the salary of government bank employees is fixed in line with the rest of the banking industry.

Employees will be taken care of

Speaking to PTI, the official said that the banking sector is a very important part of the Indian economy. In such a situation, the government aims to provide good salary and working environment to the bank employees. Along with this, the official said that the issue of salary of employees of public sector banks is a complex process. In this, many things like the financial condition of the bank have to be taken into consideration. According to a report published in Business Today, the IBA has said in this matter that they want to reach an agreement as soon as possible which involves the interest of both the bank employees and the bank.

Banks have a long history of delaying salary hikes

Significantly, banks have a long history of delaying increments. Wage settlement has been a difficult and lengthy process for banks. Even earlier such agreements took 2 to 3 years, leading to several years of arrears. On the other hand, if we talk about the last salary agreement, it was completed 3 years ago in the year 2020. In which 15 percent salary increase was agreed upon.