Bank employees in 26 public and 12 private sector institutions will see their salaries increase by 17.5 per cent, with the Indian Banks' Association (IBA) and bank unions today signing an agreement on pay revision.
The agreement also gives an opportunity to those who had not opted for the pension scheme in 1995 to join the scheme again.
Almost eight lakh employees in 26 public sector banks, 12 private sector banks and eight foreign banks will be benefited from this new wage agreement.
In all, there are over 10 lakh people working in the country's 26 public sector banks and 23 private sector banks in the country, besides 31 foreign banks.
The revision will cost banks Rs 4,816 crore, including arrears payment from November 2007.
There is good news also for employees who did not opt for the pension scheme in 1995.
The new agreement gives an opportunity to those who had not opted for the pension scheme in 1995, but contributed to Provident Fund (PF), to join the scheme again. Those who are interested can contribute to the arrears directly to the pension fund with an amount to bridge the gap in the fund. Those who already retired from the service can also join the scheme.
+1.jpg)
0 comments
Post a Comment