15% pay hike for PSU, old private bank staff wef 2017

Around nine lakh employees from public sector banks and old private sector banks are in for a bonanza as the Indian Banks’ Association and unions finally agreed to a 15% hike in their salaries — a move that will increase the annual wage bill by Rs 7,900 crore. It will also result in an increase in the pension contribution to 14% of basic pay and DA, instead of current 10%.

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