16% increase in DA of these employees, big announcement after formation of Govt

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Increase DA: Bank employees are gifted on Dearness Allowance i.e. DA. This allowance will be 15.97% for May, June and July. The Indian Banks Association (IBA) has given this information by issuing a notification on June 10, 2024. Let us tell you that in the month of March this year, the IBA and the bank employee unions had agreed on an annual salary hike of 17%. This will be applicable from November 2022. Due to this, the public sector banks will incur approximately Rs. 8,284 crore will increase the additional burden. At the same time, around 8 lakh employees will benefit from the pay hike.

Leave for women employees

All women employees will be allowed to take one day sick leave every month even without providing a medical certificate. Whereas, in case of retired employees, it has been agreed that a monthly ex-gratia amount will be paid in addition to the pension/family pension paid by the public sector banks. This amount will be given to those retired employees who became eligible for pension on or before October 31, 2022. People retiring on that date will also be covered.

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5 working days

Bank employees have long been demanding 5 working days i.e. five days work week. The Indian Banks Association (IBA) and bank unions have agreed to the proposal and are awaiting the government’s approval. A joint announcement in March 2024 said that this would pave the way for PSU bank employees to work 5 days a week. The proposal recognizes all Saturdays as bank holidays. However, this proposal will become effective only after notification by the government.

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Central employees are waiting

Meanwhile, central employees are waiting for the DA in the second half of the year. Currently DA is 50 percent. 4 percent growth is expected for the next half year. In such a situation DA of employees is estimated to be 54 percent.

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