Finance Ministry Asks PSBs to Complete Wage Revision in Next 12 Months

The government has issued an important update for the public sector banks (PSBs) to finish the wage revision procedure in the next 12 months. The finance ministry has reportedly instructed the banks to begin the process of negotiations for the 13th Bipartite settlement in a timely manner and conclude it during the specified time frame.

From November 1, 2027, there would be a wage revision for workers and officers of public sector banks. As previously stated, public sector banks should strive to conclude negotiations within a 12 month timeframe. This is what the April 20 correspondence stated.

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According to the reports, the salaries of employees in public sector banks and financial organizations, such as insurance companies, are reviewed every five years. As part of the settlement, the Indian Banks’ Association is anticipated to negotiate a fair wage agreement with the employees’ unions or organizations.

Since the prompt completion of these agreements is critical for preserving industrial peace, the Department of Financial Services sent a letter to the managers of Public Sector Banks advising them to take the required steps to begin discussions for the approaching salary adjustment.

According to reports, the ministry had requested IBA to make sure that all future wage negotiations were completed prior to the conclusion of the previous settlement process, so that the wage revision could be implemented starting on the due date.