New Delhi: In the midst of the Corona crisis (Covid-19), Modi government has increased the salaries of public bank employees. Employees will also be given performance based incentives (PLIs). This increase will be effective from 1 November 2017.
15 percent increase in salary
On Wednesday, the Indian Bank Association (IBA) and United Forum of Bank Unions (UFBU) at the headquarters of the State Bank of India (SBI) in Mumbai signed an agreement that the salary of bank employees should be increased by 15 percent. After long discussions, these two organisations came to the conclusion that the salary of the bank employees should be increased by 15 percent.
Burden on banking sector
The increment decision will increase the burden of Rs 7,900 crore annually on the banking sector. UFBU Governor C.H. Venkatachalam said that 8 lakh employees of 35 banks will benefit from the revision in salary.