The Indian Banks’ Association and bank employee unions have announced a 5-day work week for bank employees, with Saturdays and Sundays designated as holidays. The revised working hours will be implemented after government notification. Additionally, employees will receive a 17% salary increase, amounting to over Rs. 8284 crores. The new pay scales have been determined by merging Dearness Allowance corresponding to 8088 points and additional load.
Female employees will be allowed one sick day per month without a medical certificate, and accumulated privilege leave may be paid for up to 255 days upon retirement or death while still employed. Retired employees eligible for pension before October 31, 2022, will receive a monthly ex-gratia payment alongside their pension or family pension.
