Public sector banks will have to shell out nearly Rs 12,500 crore more a year as part of the new wage settlement agreed between the managements of state-owned banks and their employee unions. Nearly 7.56 lakh public sector banks, including State Bank of India, will now get 17 per cent annual increase in salary and allowances for the next five years.
The agreement was finalised after discussions were held between the Indian Banks’ Association (IBA) representing managements of banks and the authorised representatives of workmen unions and officers’ associations on wage revision for officers and workmen in banks, a joint memorandum signed by IBA and unions said. The total wage bill of SBI alone for FY23 was pegged at Rs 57,292 crore.
You have exhausted your monthly limit of free stories.
Register to read more stories
Continue With:-
Google
Facebook
Email
Already have an account? Sign in