PSB Employees Get 17% Salary Hike with 5 Days Banking

PSB Employees Get 17% Salary Hike with 5 Days Banking in recently signed 12th Bipartite Salary Revision Joint Note between IBA and UFBU (A joint union of Public Sector Bank Employees). The new salary will be paid since 1st Nov 2022, the due date for the implementation of the 12th Bipartite Wage Revision.

Also Read – Calculate 12th BPS Salary Arrears Calculator

The Key Highlights of the 12th Bipartite Salary Hike :

• Implementation of 5 days work week – The Joint Note recognizes all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government probably within 6 months.
• 17% hike in wage component
• 3% load factor in basic
• Increase in special Dearness Allowance by 2.25%
• Hike in LTC encashment by 25%
• Uniform HRA code for all employees irrespective of scales Increase in medicine allowance for employees
• RFA/Leased accommodation to be revised at par with central government employees
• 5 day banking to be implemented within 6 months as mandated by IBA
• LFC encashment to be provided once in every 1.5 years
• Special incidental allowance to be introduced which will be 1% of da
• Uniform allowance to all officers as well as award staffs once in every year
• Post study scholarship for employees for persuing higher study
• News paper allowance to be increased by 50% per quarter
• Special allowance for refreshments to be provided to officers at 2% of basic in payslip
• Retiree pension to be updated who retired after 2004