Indian Bank Association (IBA) and bank employee unions have reached an agreement on the 12th bipartite wage hike settlement, which will be effective for the next five years starting from November 1, 2022. According to the Memorandum of Understanding (MOU), bank employees will receive a 17 percent salary increase.
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MOU frames that the new compensation scales still up in the air by blending the Dearness Remittance comparing to 8088 places (the typical Record point appropriate for the quarter of July, August, and September 2021) with the essential compensation as of October 31, 2022. Moreover, a 3 percent stacking will be added, totalling Rs 1795 crore.
