Good News for Bank Employees: Salary may increase by 15%

There is good news for bank employees. The UFBU (United Forum of Bank Unions) and the IBA (Indian Bank Association) have agreed to increase their salaries. The meeting decided to increase the salaries of bank employees by 15 percent.

The arrears will be available from November 2017. The amount will be around  7898 crore. The case has been pending since 2017. Bank unions have been pushing for it, but no agreement has been reached. But on July 22, the issue was agreed upon. The decision was taken after a meeting at the SBI (State Bank of India) headquarters in Mumbai.

Bankers ‘ contribution to NPS will now be 14% from salary. It is now 10 percent. This includes 10 percent of basic salary and dearness allowance (DA). It has now been decided to increase it to 14 percent.