Salaries of about five lakh employees of 29 banks will witness a 15% increase, following the wage pact that the IBA signed with unions and officers’ associations.
This would impose an annual burden of up to ₹3,385 crore on banks. Applicable from November 2017 to October 2022, the revision will benefit employees and officers in 12 public sector banks, 10 private banks and 7 foreign banks. For the first time, uniform basic, DA, HRA, special allowance and transport allowance were being offered, major unions said.
