Bank employees can expect a substantial increase in their salaries with the implementation of the new PRC 2022 as per 12th bipartite settlement. This is thanks to the recent agreement reached between the Indian Banks Association (IBA) and bank employee unions on March 8th, 2025, to increase the annual salary by a confident 17 percent.
The hike in salaries for the 8 lakh employees of public sector banks will cost the banks a total of Rs. 8,284 crore. The All India Bank Officers Confederation has confirmed that this increase will be effective from November 2022.
The new pay agreement includes merging 8088 points of DA with the new pay scales to determine the employees’ salaries. This will ensure that Bank employees salary receive fair compensation for their hard work and dedication.
- Female employees are entitled to take a day off every month without the need to provide a medical certificate.
- Privilege leaves can be encashed upto 255 days in case of retirement or death while in service.
- Retired employees are paid monthly exgratia amount in addition to pension/family pension.
- Agreed to recognize both five working days and all Saturdays as holidays, and are awaiting the government’s approval as per 12th bipartite settlement d days working.
The Confederation has confidently announced an upcoming revision of working hours, which will come into effect following the government’s notification. The CEO of the Indian Banks’ Association (IBA), Sunil Mehta, took to Twitter to confirm that all involved parties, including the PSU Bank Employers’ Association, IBA, and the Employee Unions UFBU, AIBOA, AIBASM, and BKSM, have confidently signed the wage agreement, paving the way for a successful implementation.