In this article we will provide the information related to the Salary Hike for Bank Employees. Big changes are coming for people working in banks, especially those in public sector banks.
12TH BPS SALARY ARREARS CALCULATOR OFFICERS -CLERICALS- SUB STAFF (ESTIMATED)
IMPORTANT DEVELOPMENTS FROM TODAY’S MEETING (07.12.2023)
- Start Date:
The changes will begin on November 1, 2022.
- Pay Increase:
Everyone’s pay will be higher by a total of 17%.
- Combining Pay Components:
Some parts of the pay are being put together, specifically the DA at 8088 points.
After combining, there will be an extra 3% increase.
- Separate Calculations:
The yearly pay increase for workers and officers will be figured out separately.
- Retired Individuals:
For people who have retired, a fixed monthly payment (excluding DA) will be considered.
This won’t affect their request for a pension update, which is taken into account as of October 31, 2022.
- Recommendations for Work Week:
Suggestions have been sent to the Government of India proposing a 5-day work week.
12BPS CALCULATIONS
According to the agreement signed on December 7, 2023, your new Basic Pay will be determined like this:
- Your current Basic Pay is called X.
- We’ll add a percentage of X (30.38%), and that gives us Y.
- Next, we calculate a load factor (3% of the sum of X and Y), resulting in Z.
- Your new Basic Pay is the total of X, Y, and Z.
For instance, if your present Basic Pay (X) is 78,230:
- Y is figured out as 78,230 * 30.38% = 24,157.40, which is the DA amount merging with your basic pay.
- After merging, your total becomes 78,230 + 24,157.40 = 102,387.40.
- Z, the 3% basic load, is calculated as 102,387.40 * 3% = 3,053.62.
- Thus, your new Basic Pay is 102,387.40 + 3,053.62 = 105,459.”
The implementation of 5 Day Banking is in its final stages, with imminent realization.
Despite the Indian Banking Association (IBA) proposing an 17% pay-in slip cost and a 3% load factor, unions have rejected the offer.
The upcoming meeting is scheduled for the conclusion of end of December 2023, signifying ongoing discussions and updates.
As per 12th Bipartite settlement expected salary, can expect their salaries to go up by 17% and that’s not all – there’s a new plan for a five-day work week.
Video Credit : Study Niti
They are discussing important things together, and a lot of people are waiting to see what they decide. This meeting is a big deal because it might help them agree on things that they’ve been talking about for a while.
SALARY HIKE FOR BANK EMPLOYEES
This time, the talks about salary are starting at 15%, which is a first. Insiders say the final increase is 17%. The current salary agreement for public sector bank employees ended on November 1, 2022, so they’ve been talking about a new one.
WHEN AND WHAT’S CHANGING AFTER SALARY HIKE FOR BANK EMPLOYEES
The good news is coming soon. The five-day work week might be announced along with the salary increase or right after.
The government or the bank association will likely make this announcement. This change won’t just affect public sector banks – even rural banks will see similar salary adjustments and workweek changes.
TALKS AND APPROVAL
People who know about the talks say that the banks and unions are almost ready to sign a big agreement. After a final meeting, they will send a plan to the finance ministry for approval.
The expected salary increase is more than 17%, and negotiations have been tough because it affects the banks’ finances.
NEW WORK WEEK: WHAT TO EXPECT
The five-day work week means some adjustments. Weekends will be days off, but employees might have to work longer hours on the other days. The workday will start a bit earlier and end 30-45 minutes later.
HOW IT AFFECTS BANKING AFTER SALARY HIKE FOR BANK EMPLOYEES
Even with these changes, banking services will still be available. You can use ATMs for cash withdrawals and transfers. But, depositing checks might be a bit tricky on the days when the banks are closed.
GOING WITH THE FLOW OF MODERN BANKING
People in the banking world think the impact on check deposits won’t be a big deal. More people are using digital banking, so checks are becoming less common.
This shift to a five-day work week is in line with what’s happening in insurance companies and some government offices, making it a positive change in the world of banking.
SUMMARY ON SALARY HIKE FOR BANK EMPLOYEES
These changes in salaries and work schedules are good news for bank employees. The ongoing talks and upcoming agreements show that everyone is working together to make sure the banking industry keeps up with the changes in how people work.