There is some good news for the employees of public sector banks this festival season. The Indian Banks' Association (IBA) has announced that due to the delay in wage revision of bank employees and keeping in view upcoming festival season, they will be given amount equal to one month's salary (basic pay and dearness allowance) as goodwill gesture. The employees who are working in these banks on or before 1 November 2017 will get one month's salary (basic pay and dearness allowance), while the employees who joined the banks after that date will get 15 days salary (basic pay and dearness allowance).
This will not be a bonus but an advance which will be settled in the arrears after the wage revision. The wage revision for PSB employees has been due from 1 November 2017 but the bank and employees have failed to reach an agreement so far.
Wage revision in public sector banks take place every five years. The 11th bipartite settlement is due from November 1, 2017. IBA appears to be in favour of dealing with the pay hike, variable pay and the mandate issue simultaneously while bank unions led by UFBU are looking to settle the pay hike issue first.