The decision to increase the salaries of bank employees by 15%

An agreement has been reached between the Banking Association of India and the Association of Indian Banks (IBA). It has been decided to increase the salaries of bank employees by 15%. Of this, Rs 3,345 crore will be spent on non-official salaries and the remaining funds will be paid to officials. 

The salaries have been negotiated for a period from November 2018 to October 2022, with bank employees expected to receive the arrears before Diwali. The bank's office unions have said that the money will be issued as of November 1 this year. 

Twenty-six banks were involved in the pay deal. Of these, 12 are state-owned banks, 10 are private sector banks and seven are foreign banks. A joint statement issued by the AIBOA, the National Bank of India Officers 'Congress (AIBOC), and the National Bank Officers' Association (NOBO) said that for the first time, a basic salary, expense allowance, house rent allowance, special allowance, and transport allowance would be introduced for all. 

At the national level, the HRA is 10.5 percent. The bank's employees originally made three demands, including a pay rise, five working days a week, and a family pension. The first two claims were not met. The IBA has promised that the family pension claim will be sent to the government. The term will last for two years and will be renewed every two years from November 2019 for retired employees.

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