Diwali is around the corner, and the government has a festive gift for its 14 lakh bank employees. According to a report, the Indian Banks' Association (IBA) has asked all the heads of government banks, private banks and foreign banks to credit one month salary into the accounts of employees as an advance before Diwali.
According to a report published Financial Express online, IBA has recommended all banks head to disburse pending the wage revision talks, an ad hoc amount, equivalent to one month’s salary (basic plus dearness allowance) to all permanent workmen, staff, and officers, said a letter signed by VG Kannan, Chief Executive of the Indian Banks’ Association.
“Bank employees may be advised by the concerned banks that the ad hoc payment is being made to them as a gesture of goodwill…and the amount being paid now will be adjusted against the actual arrears payable (to employees),” IBA letter dated October 1, which was reviewed by the Financial Express Online, said.
IBA asks banks to credit 1 month salary into employees account! 14 lakh to be benefited
14 lakh bank employees to get advance salary:
The Indian Banks' Association has asked all the heads of government banks, private banks and foreign banks to provide festival advances to their employees. As per the report, negotiations on the wage revision of the bank employees are also underway. It said, an ad hoc amount equal to an employee's one month salary, should be given. The festival advance will include basic salary + Dearness Allowance (DA).
According to the report, IBA has said that the advance should be given before Diwali to employees who are on the rolls from November 1, 2017 and are presently working in the bank. However, those employees who joined between November 1, 2017 and March 31, 2019 will get half of the salary (15 days salary – basic plus DA) as the festival advance.
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