DA hike of 15.97% announced for bank employees from May to July 2024

In March 2024, the Indian Banks' Association (IBA) and bank employee unions agreed on a 17% annual wage hike, increasing public sector banks' yearly expenses by Rs 8,284 crore. This wage hike, benefiting 8 lakh employees, is effective from November 2022. Additionally, the dearness allowance (DA) for May, June, and July 2024 is set at 15.97%. \r

Employees completing CAIIB Part-II will receive two increments from November 2022. The new pay scales range from Rs. 48,480 to Rs. 1,73,860. A proposed five-day workweek awaits government approval, with all Saturdays recognized as holidays.\r

The Reserve Bank of India’s guidance will determine the implementation of the revised working hours.