Guwahati: Employees of state-owned banks are set to receive a 17% boost in wages after the Indian Banks Association (IBA) and various bank employees' unions signed an agreement on Friday. Dearness allowance (DA), at the same time, is set to correspond to 8088 points.

All India Bank Officers Confederation said that a joint note agreed to recognise all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government.

Meanwhile, the salary hikes will be applicable from November 1, 2022. The new scales of pay range from Rs 48,480 to Rs 1,73,860 covering all the scales from scale I to VII, with effect from November 1.

As per a joint declaration, “the total quantum of wage revision increase (payslip component) is more than Rs 828 crore being the 17% of the cost of payslip component of establishment expenses of public sector banks."

Around 8 lakh bank employees across India are set to benefit from the new hike.

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