Government Approves Ad-Hoc Salaries To PSU Bank Employees Under 12th Bipartite Settlement

The Government of India has approved ad hoc payment of salaries under the 12th bipartite settlement.

These payments would be made to public sector bank employees and the government has conveyed a no-objection as per agreed-upon provisions.

Accordingly, the following regulations have been approved:

• Includes arrears, revised salary and allowances to serving officers w.e.f. Nov. 1, 2022.

• Revised pension and arrears to existing pension optees—those who retired w.e.f Nov 1, 2022.

• Monthly ex-gratia w.e.f Nov. 1, 2022, to pensioners and family pensioners as a one-time measure.

The intimation about the government's approval has been made by the Indian Banks' Association. It has also asked all member banks to take appropriate steps in their respective banks for its implementation.

On March 8, the association and bank employee unions agreed on an annual wage hike of 17%. The wage hike is expected to benefit around 8 lakh employees.